Today, the Reserve Bank released the results of the 53rd round of the Order Books, Inventories and Capacity Utilisation Survey (OBICUS) for the January-March 2021 quarter covering 584 manufacturing companies. The survey provides a snapshot of demand conditions in India’s manufacturing sector1. Highlights: -
The aggregate capacity utilisation (CU) level increased to 69.4 per cent in Q4:2020-21 from 66.6 per cent recorded in the previous quarter, supported by gradual improvements in demand conditions after further easing of restrictions related to the COVID-19 pandemic, before the onset of its second wave in mid-March 2021 (Chart 1). -
Manufacturing companies received more new orders during Q4:2020-21, when compared to that in the previous quarter as well as in the corresponding quarter a year ago (Chart 2). -
New order growth (Y-o-Y) remained positive from Q2 to Q4:2020-21 after remaining in the negative terrain for the preceding two quarters, which were partially affected by the nation-wide lockdown conditions after the onset of the pandemic. Note - Please see the excel file for time series data.
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 | | Q4:2019-20 | 349 | 69.9 | 127.9 | 2.4 | | Q1:2020-21 | 406 | 47.3 | 77.9 | -46.6 | | Q2:2020-21 | 563 | 63.3 | 121.2 | -4.6 | | Q3:2020-21 | 610 | 66.6 | 133.2 | 3.9 | | Q4:2020-21 | 557 | 69.4 | 136.5 | 3.1 | | *: Index of Industrial Production (Base: 2011-12) |
Table 1.2: Order Books (Q4:2019-20 to Q4:2020-21)
(Based on common set of 45 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 | | Q4:2019-20 | 184.0 | 146.6 | 178.8 | -1.6 | -0.9 | -2.8 | 4.5 | -16.8 | -1.8 | | Q1:2020-21 | 178.6 | 79.7 | 182.4 | -2.9 | -45.6 | 2.1 | -1.2 | -49.5 | -1.4 | | Q2:2020-21 | 182.9 | 150.7 | 159.5 | 2.4 | 89.1 | -12.6 | -2.2 | 6.4 | -14.7 | | Q3:2020-21 | 158.7 | 175.2 | 177.6 | -13.2 | 16.3 | 11.3 | -15.2 | 18.4 | -3.5 | | Q4:2020-21 | 177.9 | 189.2 | 176.6 | 12.1 | 7.9 | -0.6 | -3.3 | 29.0 | -1.2 | **: As required for calculating growth rates in recent 5 quarters.
***: Not seasonally adjusted |
Table 1.3: Average Sales and Inventories (Q4:2019-20 to Q4:2020-21)
(Based on common set of 145 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 | | Q4:2019-20 | 1113.4 | 609.9 | 193.8 | 47.3 | 369.1 | 54.8 | 17.4 | 33.1 | | Q1:2020-21 | 651.7 | 562.3 | 171.6 | 82.3 | 308.5 | 86.3 | 26.3 | 47.3 | | Q2:2020-21 | 887.4 | 557.9 | 172.7 | 87.9 | 297.3 | 62.9 | 19.5 | 33.5 | | Q3:2020-21 | 997.2 | 618.1 | 184.7 | 78.8 | 354.6 | 62.0 | 18.5 | 35.6 | | Q4:2020-21 | 1227.9 | 633.2 | 188.6 | 83.8 | 360.7 | 51.6 | 15.4 | 29.4 | | RM - Raw Material; WiP - Work in progress; FG - Finished Goods; Inv – Inventory. |
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