Today, the Reserve Bank released the results of its 61st round of the quarterly Order Books, Inventories and Capacity Utilisation Survey (OBICUS) conducted during Q1:2023-24 covering 752 manufacturing companies. The survey1 provides a snapshot of demand conditions in India’s manufacturing sector during January-March 2023. Highlights: - At the aggregate level, capacity utilisation (CU) in the manufacturing sector increased for the third successive quarter to 76.3 per cent in Q4:2022-23 from 74.3 per cent recorded in the previous quarter (Chart 1 and Table 1). The seasonally adjusted CU for Q4:2022-23 remained stable at 74.1 per cent.
- Manufacturing companies received more new orders in Q4:2022-23 as compared with the level in the previous quarter as well as in the corresponding quarter a year ago (Chart 2 and Table 2A).
- The ratios of both the raw material inventory (RMI) to sales and the finished goods inventory (FGI) to sales increased marginally from their levels in the previous quarter (Chart 3 and Table 3A).
Note- Please see the excel file for time series data.
ANNEX 1: Data Tables | Table 1: IIP*-Manufacturing and Capacity Utilisation (CU) | | Quarter | Number of responding companies | Capacity Utilisation | IIP-Manufacturing
(Quarterly Average) | De-trended Quarterly IIP-Manufacturing | | Q4:2021-22 | 727 | 75.3 | 138.1 | 5.4 | | Q1:2022-23 | 692 | 72.4 | 134.3 | 0.8 | | Q2:2022-23 | 745 | 74.0 | 133.6 | -0.8 | | Q3:2022-23 | 727 | 74.3 | 137.0 | 1.7 | | Q4:2022-23 | 705 | 76.3 | 143.3 | 7.1 | | *: Index of Industrial Production (Base: 2011-12) |
| Table 2A: Order Books Growth (Q4:2021-22 to Q4:2022-23) | | Quarter | Number of companies | Q-o-Q Growth # (per cent) ** | Y-o-Y Growth # (per cent) | | Backlog Orders | New Order Book | Pending Orders | Backlog Orders | New Order Book | Pending Orders | | Q4:2021-22 | 207 | 4.7 | 5.6 | 4.6 | 14.2 | 28.4 | 25.1 | | Q1:2022-23 | 233 | 0.3 | 3.4 | 4.2 | 15.2 | 38.7 | 10.3 | | Q2:2022-23 | 265 | 4.6 | -0.1 | 10.8 | 11.4 | 25.9 | 20.1 | | Q3:2022-23 | 277 | 1.8 | 0.5 | 3.9 | 14.7 | 8.4 | 18.4 | | Q4:2022-23 | 261 | 3.9 | 7.4 | 2.9 | 15.8 | 6.0 | 15.3 | #: Growth rates are calculated using three rounds common set of companies, namely, companies responded in the current quarter, one quarter ago and the same quarter a year ago.
**: Not seasonally adjusted. |
| Table 2B: Average Size of Order Books (Q4:2021-22 to Q4:2022-23) | | Quarter | Number of companies | Average Amount (₹ Crores) | | Backlog Orders | New Order Book | Pending Orders | | Q4:2021-22 | 207 | 176.3 | 222.4 | 184.2 | | Q1:2022-23 | 233 | 221.7 | 244.8 | 231.5 | | Q2:2022-23 | 265 | 208.8 | 307.9 | 232.4 | | Q3:2022-23 | 277 | 205.0 | 212.2 | 213.1 | | Q4:2022-23 | 261 | 215.6 | 225.4 | 221.9 |
| Table 3A: Inventory to Sales Ratios (Q4:2021-22 to Q4:2022-23) | | Quarter | Number of Companies | Ratio (per cent) # | | Total Inventory / Sales | Finished Goods Inventory / Sales | Raw Material Inventory / Sales | | Q4:2021-22 | 651 | 65.2 | 24.7 | 30.5 | | Q1:2022-23 | 630 | 69.6 | 24.6 | 33.5 | | Q2:2022-23 | 721 | 61.8 | 22.6 | 29.6 | | Q3:2022-23 | 675 | 60.6 | 21.9 | 30.0 | | Q4:2022-23 | 658 | 64.1 | 23.2 | 32.5 | | #: Weighted average of industry level ratios using GVA as weights |
| Table 3B: Average Sales and Inventories (Q4:2021-22 to Q4:2022-23) | | Quarter | Number of Companies | Average Amount (₹ Crores) | | Sales | Total Inventory | Finished Goods Inventory | Work in progress Inventory | Raw Material Inventory | | Q4:2021-22 | 651 | 1123.2 | 530.2 | 219.2 | 79.8 | 231.2 | | Q1:2022-23 | 630 | 1238.3 | 591.8 | 238.3 | 87.3 | 266.2 | | Q2:2022-23 | 721 | 1285.8 | 508.2 | 217.6 | 73.2 | 217.4 | | Q3:2022-23 | 675 | 1106.7 | 519.9 | 195.5 | 67.1 | 257.4 | | Q4:2022-23 | 658 | 1172.2 | 546.6 | 225.4 | 62.7 | 258.5 | Note: The computations of order book growths and inventory to sales ratios are based on methodology given in the RBI press release dated October 8, 2021 (link: https://www.rbi.org.in/Scripts/PublicationsView.aspx?id=20650) and not on the basis of averages given in the above tables.
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