Today, the Reserve Bank released the results of the 47th round of the Order Books, Inventories and Capacity Utilisation Survey (OBICUS) for the quarter July-September 2019 covering 866 manufacturing companies. The survey provides a snapshot of demand conditions in India’s manufacturing sector1. Highlights: 1) Capacity Utilisation (CU): At the aggregate level, CU declined to 69.1 per cent in Q2:2019-20 from 73.6 per cent in the previous quarter, broadly tracking the de-trended index of industrial production (IIP) (Chart 1). Seasonally adjusted CU also declined by 4.5 percentage points to 70.0 per cent in Q2:2019-20. 2) Order Books: Orders received in Q2:2019-20 were lower compared with level a year ago, though they were higher as compared with the new orders in the previous quarter (Chart 2). 3) Finished Goods Inventory (FGI) to Sales Ratio: The FGI to sales ratio declined marginally in Q2:2019-20 as FGI fell at a faster pace than sales (Chart 3). 4) Raw Material Inventory (RMI) to Sales Ratio: The RMI to sales ratio fell sharply in Q2:2019-20, mainly reflecting moderation in RMI (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 | | Q2:2018-19 | 818 | 74.8 | 129.9 | 0.3 | | Q3: 2018-19 | 860 | 75.9 | 132.2 | 1.5 | | Q4: 2018-19 | 802 | 76.1 | 136.5 | 4.7 | | Q1:2019-20 | 781 | 73.6 | 130.3 | -2.5 | | Q2:2019-20 | 819 | 69.1 | 129.5 | -4.4 | | *: Index of Industrial Production (Base: 2011-12) |
Table 1.2: Order Books (Q2:2018-19 to Q2:2019-20)
(Based on common set of 93 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 | | Q2:2018-19 | 107.9 | 149.8 | 119.0 | -3.5 | 18.2 | 10.4 | 34.8 | 13.1 | 13.6 | | Q3: 2018-19 | 119.1 | 139.8 | 116.8 | 10.4 | -6.7 | -1.9 | 13.6 | 10.3 | 2.2 | | Q4: 2018-19 | 116.6 | 153.8 | 121.3 | -2.1 | 10.0 | 3.9 | 1.8 | 12.2 | 8.5 | | Q1:2019-20 | 121.3 | 139.8 | 122.1 | 4.0 | -9.1 | 0.7 | 8.5 | 10.3 | 13.3 | | Q2:2019-20 | 121.9 | 143.0 | 132.5 | 0.6 | 2.3 | 8.5 | 13.0 | -4.5 | 11.3 | **: As required for calculating growth rates in recent 5 quarters.
***: Not seasonally adjusted |
Table 1.3: Average Sales and Inventories (Q2:2018-19 to Q2:2019-20)
(Based on common set of 347 companies in 5 quarters) | | Quarter | Amount (₹ Crores) | Ratio (per cent) | | Average Sales | Average
Total Inv | Average
FG Inv | Average
WiP Inv | Average RM Inv | Total Inv /Sales | FG Inv /Sales | RM Inv /Sales | | Q2:2018-19 | 727.5 | 382.4 | 119.5 | 50.9 | 212.0 | 52.6 | 16.4 | 29.1 | | Q3:2018-19 | 742.0 | 357.8 | 106.7 | 38.8 | 212.2 | 48.2 | 14.4 | 28.6 | | Q4: 2018-19 | 692.8 | 368.5 | 113.4 | 41.9 | 213.2 | 53.2 | 16.4 | 30.8 | | Q1:2019-20 | 695.3 | 378.3 | 113.3 | 43.2 | 221.7 | 54.4 | 16.3 | 31.9 | | Q2: 2019-20 | 689.1 | 340.4 | 107.5 | 41.7 | 191.2 | 49.4 | 15.6 | 27.7 | | RM - Raw Material; WiP - Work in progress; FG - Finished Goods; Inv – Inventory. |
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