The Order Books, Inventories and Capacity Utilisation Survey (OBICUS) captures actual data from the companies in the manufacturing sector. This round of OBICUS, which is the 32nd round in the series, captures data for Q3:2015-16. In all, 1,058 manufacturing sector companies responded in this round of the survey. The analysis is based on the data on order books, inventory levels for raw materials & finished goods, and capacity utilisation, received from common set of companies. Highlights: Capacity Utilisation (CU): At the aggregate level, CU recorded increase in Q3:2015-16 over the previous quarter and stood at 72.5 per cent. There is a broad co-movement between capacity utilisation and de-trended IIP manufacturing, except for some quarters including Q3:15-16 (Chart 1). Order Books: The average new orders dropped in Q3:2015-16 from its level of previous quarter. However, it grew marginally from its level a year ago (Chart 2). Inventory to Sales Ratio: The finished goods inventory to sales ratio (FGI/S) continued to remain steady in Q3:2015-16. The raw material inventory to sales ratio (RMI/S) declined in Q3:2015-16; however, it stood at a higher level as compared to Q3:2014-15 (Chart 3).
ANNEX Table 1: IIP-Manufacturing and Capacity Utilisation (CU) –
(Based on common set of 941 companies in 5 quarters) | | Quarter | IIP – Mfg (Qtly avg Base 2004-05) | De-trended Qtly IIP-Mfg | CU (in latest survey round) | CU* (Range from previous four survey rounds) | | Q3:2014-15 | 182.2 | -5.6 | 71.7 | 70.7 – 72.0 | | Q4:2014-15 | 201.2 | 12.9 | 73.5 | 73.6 – 75.2 | | Q1:2015-16 | 188.4 | -0.4 | 71.5 | 71.3 – 71.5 | | Q2:2015-16 | 187.4 | -2.0 | 71.4 | 70.6 – 70.6 | | Q3:2015-16 | 184.0 | -5.9 | 72.5 | NA # | *: Since CU is being computed based on 5 quarter common set of companies, the CU for each round gets revised for subsequent four rounds.
#: CU is calculated first time for Q3:2015-16. |
Table 2: Order Books (Q3:2014-15 to Q3:2015-16) –
(Based on common set of 366 companies in 9 quarters) | | Quarter | Amount in ₹ Billion | Q-o-Q growth (%) –
Seasonally not adjusted | Y-o-Y Growth (%) | | Avg Backlog order | Avg New Order book | Avg Pending order | Avg Backlog order | Avg New Order book | Avg Pending order | Avg Backlog order | Avg New Order book | Avg Pending order | | Q3:2014-15 | 1.660 | 1.110 | 1.618 | 2.1 | -9.1 | -2.4 | 7.8 | -8.9 | -0.7 | | Q4:2014-15 | 1.617 | 1.171 | 1.519 | -2.6 | 5.5 | -6.1 | -1.0 | -1.8 | -6.6 | | Q1:2015-16 | 1.521 | 1.186 | 1.577 | -5.9 | 1.3 | 3.8 | -2.9 | 4.7 | -3.1 | | Q2:2015-16 | 1.583 | 1.226 | 1.649 | 4.1 | 3.4 | 4.5 | -2.6 | 0.4 | -0.6 | | Q3:2015-16 | 1.649 | 1.161 | 1.724 | 4.2 | -5.3 | 4.5 | -0.7 | 4.6 | 6.5 |
Table 3: Average Sales and Inventories and their ratios (Q3:2014-15 to Q3:2015-16) –
(Based on common set of 743 companies in 5 quarters) | | Quarter | Amount in ₹ Billion | Ratio in per cent | | Avg Sales | Avg Total Inv | Avg FG Inv | Avg WiP Inv | Avg RM Inv | Total Inv/Sales | FG Inv/Sales | RM Inv/Sales | | Q3:2014-15 | 6.029 | 2.741 | 1.082 | 0.411 | 1.248 | 45.5 | 17.9 | 20.7 | | Q4:2014-15 | 5.513 | 2.677 | 1.065 | 0.391 | 1.221 | 48.6 | 19.3 | 22.1 | | Q1:2015-16 | 5.671 | 2.782 | 1.155 | 0.430 | 1.198 | 49.1 | 20.4 | 21.1 | | Q2:2015-16 | 5.351 | 2.812 | 1.097 | 0.450 | 1.264 | 52.5 | 20.5 | 23.6 | | Q3:2015-16 | 5.244 | 2.593 | 1.058 | 0.406 | 1.129 | 49.5 | 20.2 | 21.5 | | RM - Raw Material; WiP - Work in progress; FG - Finished Goods; Inv – Inventory. |
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