Today, the Reserve Bank released the results of the 50th round of the Order Books, Inventories and Capacity Utilisation Survey (OBICUS) for the quarter April-June 2020 covering 462 manufacturing companies. The survey provides a snapshot of demand conditions in India’s manufacturing sector1. Highlights: -
At the aggregate level, capacity utilisation (CU) fell sharply from 69.9 per cent in Q4:2019-20 to 47.3 per cent in Q1:2020-21, as domestic economic activity was impacted severely by lockdown imposed during the quarter to contain the spread of the COVID-19 pandemic. Seasonally adjusted CU also declined to 48.2 per cent in Q1:2020-21 from 68.2 per cent in the previous quarter. -
Sales, raw material inventory (RMI) and finished goods inventory (FGI) declined during Q1:2020-21; the fall in sales was, however, sharper than that in RMI and FGI. As a result, the ratios of FGI and RMI to sales increased during the quarter (Chart 3). Historical time series have been made available in excel format.
ANNEX 1: Data Tables | Table 1.1: IIP*-Manufacturing and Capacity Utilisation (CU) | | Quarter | Number of responding companies | Capacity Utilisation | IIP-Manufacturing
(Quarterly Average) | De-trended Quarterly
IIP-Manufacturing | | Q1:2019-20 | 781 | 73.6 | 130.3 | 5.6 | | Q2:2019-20 | 819 | 69.1 | 129.4 | 5.0 | | Q3:2019-20 | 700 | 68.6 | 130.8 | 6.8 | | Q4:2019-20 | 349 | 69.9 | 127.9 | 4.3 | | Q1:2020-21 | 406 | 47.3 | 78.0 | -45.1 | | *: Index of Industrial Production (Base: 2011-12) |
Table 1.2: Order Books (Q1:2019-20 to Q1:2020-21)
(Based on common set of 63 companies in 9 quarters)** | | Quarter | Amount (₹ Crores) | Q-o-Q Growth (%)*** | Y-o-Y Growth (%) | | Average Backlog Orders | Average New Order Book | Average Pending Orders | Average Backlog Orders | Average New Order Book | Average Pending Orders | Average Backlog Orders | Average New Order Book | Average Pending Orders | | Q1:2019-20 | 165.0 | 172.8 | 169.6 | 0.5 | -6.0 | 2.6 | 0.6 | 7.5 | 9.1 | | Q2:2019-20 | 170.9 | 164.4 | 179.4 | 3.6 | -4.9 | 5.8 | 10.0 | -6.1 | 9.1 | | Q3:2019-20 | 179.4 | 168.8 | 186.5 | 5.0 | 2.7 | 4.0 | 9.0 | 0.7 | 13.7 | | Q4:2019-20 | 185.7 | 167.5 | 192.3 | 3.5 | -0.8 | 3.1 | 13.1 | -8.9 | 16.3 | | Q1:2020-21 | 192.2 | 101.9 | 99.1 | 3.5 | -39.2 | -48.4 | 16.5 | -41.1 | -41.5 | **: As required for calculating growth rates in recent 5 quarters.
***: Not seasonally adjusted |
Table 1.3: Average Sales and Inventories (Q1:2019-20 to Q1:2020-21)
(Based on common set of 177 companies in 5 quarters) | | Quarter | Amount (₹ Crores) | Ratio (per cent) | | Average Sales | Average Total Inv | Average FG Inv | Average WiPInv | Average RM Inv | Total Inv/Sales | FG Inv/Sales | RMInv/Sales | | Q1:2019-20 | 908.8 | 531.2 | 157.8 | 68.8 | 304.6 | 58.5 | 17.4 | 33.5 | | Q2:2019-20 | 919.8 | 464.2 | 139.8 | 65.2 | 259.2 | 50.5 | 15.2 | 28.2 | | Q3:2019-20 | 941.9 | 493.5 | 149.4 | 65.3 | 278.8 | 52.4 | 15.9 | 29.6 | | Q4:2019-20 | 882.5 | 482.4 | 133.0 | 42.4 | 307.1 | 54.7 | 15.1 | 34.8 | | Q1:2020-21 | 502.5 | 445.3 | 118.4 | 71.2 | 255.7 | 88.6 | 23.6 | 50.9 | | RM - Raw Material; WiP - Work in progress; FG - Finished Goods; Inv – Inventory. |
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