ONGC, the largest domestic oil exploration company, posted a decline of 8.2% in Q1FY11 Net Sales to Rs 13665.6 crore. Decline in revenues was primarily on the account of higher amount of subsidies paid and lower net realizations for the current quarter. In addition the losses on currency fluctuations resulted in the EBIDTA margins declining by 520 bps to 59.3%. Meanwhile, Net margin for Q1FY11 declined by 550 bps to 26.5%.