Today, the Reserve Bank released the results of the 90th round of the Industrial Outlook Survey (IOS) conducted during April-June, 2020. The survey encapsulates qualitative assessment of the business climate by Indian manufacturing companies for Q1:2020-21 and their expectations for Q2:2020-211. In all, 802 companies responded in this round of the survey. Owing to uncertainty driven by the Covid-19 pandemic, an additional block was included in this round of the survey for assessing the outlook on key parameters for two quarters ahead as well as one year ahead. Highlights: A. Assessment for Q1: 2020-21
-
Manufacturing companies assessed faltering of major demand indicators like production, order books and employment conditions in Q1:2020-21; the perception of external demand conditions was also pessimistic.
-
Sentiment for overall financial situation was negative, largely driven by downfall in internal accruals.
-
Cost pressures stemming from interest payments on borrowings and purchase of inputs were assessed to soften; salary expenses also eased.
-
Respondents polled reduction in selling prices and plunge in profit margins.
-
The Business Assessment Index (BAI)2 fell sharply to all-time low at 55.3 in Q1:2020-21 from 102.2 in the previous quarter.
B. Expectations for Q2: 2020-21
-
Manufacturers expected improvements in production and order books in Q2:2020-21; the sentiments on job landscape and external demand, however, remained weak.
-
Outlook on overall financial situation portrayed some optimism.
-
Respondents tempered their expectations on selling prices on the back of lower cost burdens from inputs and salary outgo.
-
Sentiments on profit margins remain highly negative during Q2:2020-21 also.
-
The business expectations index (BEI) dipped into contraction zone and stood at 99.5 for Q2:2020-21.
Table A: Summary of Net responses3 on Survey Parameters |
(per cent) |
Parameters |
Assessment period |
Expectations period |
Q4:2019-20 |
Q1:2020-21 |
Q1:2020-21 |
Q2:2020-21 |
Production |
13.8 |
-63.9 |
23.7 |
11.2 |
Order Books |
10.0 |
-54.9 |
18.4 |
8.0 |
Pending Orders |
14.4 |
41.2 |
11.6 |
26.0 |
Capacity Utilisation |
2.0 |
-61.6 |
11.3 |
7.6 |
Inventory of Raw Materials |
-5.1 |
-7.8 |
-2.9 |
-5.9 |
Inventory of Finished Goods |
-6.5 |
-12.6 |
-4.3 |
-7.6 |
Exports |
5.8 |
-41.7 |
11.0 |
-3.8 |
Imports |
4.7 |
-32.9 |
6.6 |
-1.0 |
Employment |
2.0 |
-28.6 |
5.2 |
-7.7 |
Financial Situation (Overall) |
12.8 |
-48.9 |
24.3 |
11.4 |
Availability of Finance (from internal accruals) |
13.7 |
-30.8 |
17.0 |
6.4 |
Availability of Finance (from banks & other sources) |
10.8 |
-3.0 |
11.7 |
10.6 |
Availability of Finance (from overseas, if applicable) |
2.8 |
-10.3 |
4.0 |
-2.0 |
Cost of Finance |
-6.6 |
-0.4 |
-6.1 |
-6.7 |
Cost of Raw Material |
-34.1 |
-29.3 |
-33.6 |
-32.0 |
Salary/ Other Remuneration |
-24.8 |
9.6 |
-33.1 |
-4.0 |
Selling Price |
2.5 |
-17.1 |
8.3 |
-6.0 |
Profit Margin |
-11.6 |
-56.8 |
-2.9 |
-26.8 |
Overall Business Situation |
15.7 |
-60.2 |
28.2 |
15.7 |
Note: Please see the excel file for time series data |
C. Expectations for Q3:2020-21 and Q1:2021-22
Table B: Business Expectations of Select Parameters for extended period – Net response |
(per cent) |
Parameters |
Round 89 |
Round 90 |
Q1:2020-21 |
Q2:2020-21 |
Q3:2020-21 |
Q1:2021-22 |
Overall Business Situation |
28.2 |
15.7 |
17.3 |
22.4 |
Production |
23.7 |
11.2 |
19.1 |
24.6 |
Order Books |
18.4 |
8.0 |
17.6 |
22.9 |
Capacity Utilisation |
11.3 |
7.6 |
20.0 |
20.6 |
Employment |
5.2 |
-7.7 |
5.0 |
10.7 |
Table 1: Assessment and Expectations for Production |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
38.6 |
15.6 |
45.8 |
23.0 |
42.1 |
9.3 |
48.5 |
32.8 |
Q2:2019-20 |
481 |
26.5 |
28.4 |
45.2 |
-1.9 |
40.1 |
11.0 |
48.9 |
29.1 |
Q3:2019-20 |
775 |
28.7 |
28.3 |
43.1 |
0.4 |
34.8 |
21.0 |
44.2 |
13.9 |
Q4:2019-20 |
860 |
33.6 |
19.8 |
46.6 |
13.8 |
35.4 |
18.2 |
46.4 |
17.2 |
Q1:2020-21 |
802 |
8.3 |
72.2 |
19.5 |
-63.9 |
37.8 |
14.1 |
48.1 |
23.7 |
Q2:2020-21 |
|
|
|
|
|
41.4 |
30.2 |
28.5 |
11.2 |
‘Increase’ in production is optimistic. Note: The sum of components may not add up to total due to rounding off (This is applicable for all tables). |
Table 2: Assessment and Expectations for Order Books |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
34.1 |
15.4 |
50.5 |
18.8 |
38.5 |
8.6 |
52.8 |
29.9 |
Q2:2019-20 |
481 |
27.4 |
30.2 |
42.5 |
-2.8 |
31.6 |
11.1 |
57.3 |
20.5 |
Q3:2019-20 |
775 |
26.9 |
26.6 |
46.5 |
0.3 |
34.3 |
20.4 |
45.3 |
13.9 |
Q4:2019-20 |
860 |
30.1 |
20.1 |
49.9 |
10.0 |
33.6 |
17.0 |
49.3 |
16.6 |
Q1:2020-21 |
802 |
8.9 |
63.8 |
27.3 |
-54.9 |
33.5 |
15.1 |
51.4 |
18.4 |
Q2:2020-21 |
|
|
|
|
|
36.4 |
28.4 |
35.3 |
8.0 |
‘Increase’ in order books is optimistic. |
Table 3: Assessment and Expectations for Pending Orders |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Above Normal |
Below Normal |
Normal |
Net response |
Above Normal |
Below Normal |
Normal |
Net response |
Q1:2019-20 |
1,231 |
6.0 |
15.7 |
78.3 |
9.6 |
6.1 |
10.4 |
83.5 |
4.3 |
Q2:2019-20 |
481 |
4.5 |
25.5 |
70.0 |
21.0 |
16.1 |
9.4 |
74.5 |
-6.7 |
Q3:2019-20 |
775 |
3.4 |
25.5 |
71.1 |
22.1 |
3.9 |
18.3 |
77.8 |
14.4 |
Q4:2019-20 |
860 |
4.1 |
18.5 |
77.4 |
14.4 |
3.7 |
19.5 |
76.8 |
15.9 |
Q1:2020-21 |
802 |
6.1 |
47.3 |
46.6 |
41.2 |
4.6 |
16.2 |
79.1 |
11.6 |
Q2:2020-21 |
|
|
|
|
|
5.8 |
31.8 |
62.4 |
26.0 |
Pending orders ‘Below Normal’ is optimistic. |
Table 4: Assessment and Expectations for Capacity Utilisation (Main Product) |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
22.8 |
13.4 |
63.8 |
9.4 |
27.2 |
7.7 |
65.1 |
19.6 |
Q2:2019-20 |
481 |
15.9 |
24.9 |
59.2 |
-9.0 |
23.1 |
9.2 |
67.7 |
13.9 |
Q3:2019-20 |
775 |
17.5 |
25.8 |
56.7 |
-8.3 |
24.4 |
20.0 |
55.6 |
4.4 |
Q4:2019-20 |
860 |
21.0 |
19.0 |
60.0 |
2.0 |
23.1 |
15.2 |
61.6 |
7.9 |
Q1:2020-21 |
802 |
6.0 |
67.6 |
26.3 |
-61.6 |
25.5 |
14.2 |
60.3 |
11.3 |
Q2:2020-21 |
|
|
|
|
|
36.2 |
28.6 |
35.2 |
7.6 |
‘Increase’ in capacity utilisation is optimistic. |
Table 5: Assessment and Expectations for Level of CU (compared to the average in last 4 quarters) |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Above Normal |
Below Normal |
Normal |
Net response |
Above Normal |
Below Normal |
Normal |
Net response |
Q1:2019-20 |
1,231 |
9.6 |
14.8 |
75.7 |
-5.2 |
12.2 |
8.2 |
79.6 |
4.0 |
Q2:2019-20 |
481 |
8.1 |
26.6 |
65.3 |
-18.6 |
9.2 |
8.8 |
82.0 |
0.3 |
Q3:2019-20 |
775 |
6.6 |
26.9 |
66.5 |
-20.3 |
9.3 |
21.7 |
69.0 |
-12.4 |
Q4:2019-20 |
860 |
7.6 |
21.6 |
70.7 |
-14.0 |
7.9 |
18.5 |
73.6 |
-10.6 |
Q1:2020-21 |
802 |
2.7 |
63.6 |
33.7 |
-60.9 |
9.1 |
16.4 |
74.5 |
-7.3 |
Q2:2020-21 |
|
|
|
|
|
5.8 |
39.2 |
55.0 |
-33.5 |
‘Above Normal’ in Level of capacity utilisation is optimistic. |
Table 6: Assessment and Expectations for Assessment of Production Capacity (with regard to expected demand in next 6 months) |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
More than adequate |
Less than adequate |
Adequate |
Net response |
More than adequate |
Less than adequate |
Adequate |
Net response |
Q1:2019-20 |
1,231 |
11.0 |
6.7 |
82.2 |
4.3 |
12.2 |
6.2 |
81.6 |
6.0 |
Q2:2019-20 |
481 |
15.1 |
14.2 |
70.7 |
0.9 |
13.5 |
6.9 |
79.6 |
6.6 |
Q3:2019-20 |
775 |
15.8 |
11.7 |
72.5 |
4.2 |
15.3 |
12.4 |
72.2 |
2.9 |
Q4:2019-20 |
860 |
14.3 |
9.5 |
76.2 |
4.8 |
14.6 |
11.4 |
74.0 |
3.2 |
Q1:2020-21 |
802 |
19.0 |
24.5 |
56.5 |
-5.6 |
13.7 |
8.8 |
77.5 |
4.9 |
Q2:2020-21 |
|
|
|
|
|
18.7 |
17.3 |
64.0 |
1.3 |
‘More than adequate’ in Assessment of Production Capacity is optimistic. |
Table 7: Assessment and Expectations for Exports |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
24.6 |
11.5 |
64.0 |
13.1 |
25.7 |
8.0 |
66.2 |
17.7 |
Q2:2019-20 |
481 |
21.3 |
21.3 |
57.5 |
0.0 |
24.0 |
8.2 |
67.8 |
15.8 |
Q3:2019-20 |
775 |
18.3 |
19.2 |
62.5 |
-0.9 |
24.3 |
17.0 |
58.7 |
7.3 |
Q4:2019-20 |
860 |
20.1 |
14.3 |
65.5 |
5.8 |
22.4 |
13.8 |
63.9 |
8.6 |
Q1:2020-21 |
802 |
8.7 |
50.4 |
40.9 |
-41.7 |
22.5 |
11.5 |
66.0 |
11.0 |
Q2:2020-21 |
|
|
|
|
|
23.1 |
26.9 |
50.0 |
-3.8 |
‘Increase’ in exports is optimistic. |
Table 8: Assessment and Expectations for Imports |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
18.2 |
8.3 |
73.4 |
9.9 |
19.2 |
6.2 |
74.6 |
13.0 |
Q2:2019-20 |
481 |
16.0 |
14.5 |
69.6 |
1.5 |
18.4 |
7.4 |
74.2 |
11.1 |
Q3:2019-20 |
775 |
13.2 |
12.3 |
74.5 |
0.9 |
18.1 |
11.7 |
70.2 |
6.4 |
Q4:2019-20 |
860 |
16.0 |
11.3 |
72.7 |
4.7 |
15.7 |
10.2 |
74.1 |
5.4 |
Q1:2020-21 |
802 |
7.6 |
40.5 |
51.8 |
-32.9 |
16.9 |
10.3 |
72.8 |
6.6 |
Q2:2020-21 |
|
|
|
|
|
19.9 |
21.0 |
59.1 |
-1.0 |
‘Increase’ in imports is optimistic. |
Table 9: Assessment and Expectations for level of Raw Materials Inventory |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Above average |
Below average |
Average |
Net response |
Above average |
Below average |
Average |
Net response |
Q1:2019-20 |
1,231 |
13.9 |
5.7 |
80.4 |
-8.3 |
12.0 |
3.7 |
84.3 |
-8.3 |
Q2:2019-20 |
481 |
17.1 |
8.4 |
74.5 |
-8.6 |
11.8 |
4.2 |
84.0 |
-7.7 |
Q3:2019-20 |
775 |
13.9 |
7.7 |
78.4 |
-6.2 |
13.2 |
6.6 |
80.3 |
-6.6 |
Q4:2019-20 |
860 |
12.9 |
7.8 |
79.3 |
-5.1 |
10.6 |
7.0 |
82.4 |
-3.6 |
Q1:2020-21 |
802 |
21.3 |
13.5 |
65.2 |
-7.8 |
9.8 |
6.9 |
83.3 |
-2.9 |
Q2:2020-21 |
|
|
|
|
|
15.5 |
9.7 |
74.8 |
-5.9 |
‘Below average’ Inventory of raw materials is optimistic. |
Table 10: Assessment and Expectations for level of Finished Goods Inventory |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Above average |
Below average |
Average |
Net response |
Above average |
Below average |
Average |
Net response |
Q1:2019-20 |
1,231 |
13.5 |
6.7 |
79.8 |
-6.8 |
10.5 |
4.9 |
84.6 |
-5.6 |
Q2:2019-20 |
481 |
22.5 |
8.0 |
69.5 |
-14.5 |
13.0 |
6.0 |
81.0 |
-7.0 |
Q3:2019-20 |
775 |
18.3 |
7.3 |
74.4 |
-11.0 |
15.7 |
5.0 |
79.3 |
-10.7 |
Q4:2019-20 |
860 |
13.3 |
6.7 |
80.0 |
-6.5 |
12.9 |
6.2 |
80.9 |
-6.7 |
Q1:2020-21 |
802 |
27.0 |
14.3 |
58.7 |
-12.6 |
10.4 |
6.2 |
83.4 |
-4.3 |
Q2:2020-21 |
|
|
|
|
|
17.2 |
9.5 |
73.3 |
-7.6 |
‘Below average’ Inventory of finished goods is optimistic. |
Table 11: Assessment and Expectations for Employment |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
15.9 |
7.3 |
76.8 |
8.6 |
17.1 |
4.8 |
78.1 |
12.3 |
Q2:2019-20 |
481 |
13.4 |
14.2 |
72.4 |
-0.9 |
16.6 |
5.7 |
77.7 |
10.9 |
Q3:2019-20 |
775 |
12.2 |
13.8 |
74.0 |
-1.6 |
12.1 |
11.4 |
76.5 |
0.7 |
Q4:2019-20 |
860 |
13.4 |
11.3 |
75.3 |
2.0 |
12.5 |
10.7 |
76.8 |
1.8 |
Q1:2020-21 |
802 |
3.9 |
32.5 |
63.7 |
-28.6 |
14.3 |
9.0 |
76.7 |
5.2 |
Q2:2020-21 |
|
|
|
|
|
11.0 |
18.7 |
70.3 |
-7.7 |
‘Increase’ in employment is optimistic. |
Table 12: Assessment and Expectations for Overall Financial Situation |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Better |
Worsen |
No change |
Net response |
Better |
Worsen |
No change |
Net response |
Q1:2019-20 |
1,231 |
29.7 |
8.6 |
61.7 |
21.1 |
35.0 |
5.7 |
59.3 |
29.3 |
Q2:2019-20 |
481 |
21.2 |
22.2 |
56.6 |
-1.1 |
34.3 |
6.1 |
59.6 |
28.3 |
Q3:2019-20 |
775 |
24.6 |
19.3 |
56.1 |
5.3 |
30.6 |
14.8 |
54.7 |
15.8 |
Q4:2019-20 |
860 |
26.5 |
13.6 |
59.9 |
12.8 |
31.2 |
11.7 |
57.1 |
19.5 |
Q1:2020-21 |
802 |
8.7 |
57.6 |
33.6 |
-48.9 |
33.1 |
8.8 |
58.0 |
24.3 |
Q2:2020-21 |
|
|
|
|
|
34.6 |
23.2 |
42.2 |
11.4 |
‘Better’ overall financial situation is optimistic. |
Table 13: Assessment and Expectations for Working Capital Finance Requirement |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
28.5 |
5.4 |
66.1 |
23.2 |
29.6 |
4.1 |
66.3 |
25.6 |
Q2:2019-20 |
481 |
28.4 |
10.7 |
60.9 |
17.7 |
27.7 |
5.5 |
66.8 |
22.1 |
Q3:2019-20 |
775 |
27.4 |
8.7 |
63.9 |
18.7 |
29.3 |
5.5 |
65.3 |
23.8 |
Q4:2019-20 |
860 |
28.3 |
6.4 |
65.4 |
21.9 |
27.3 |
5.7 |
66.9 |
21.6 |
Q1:2020-21 |
802 |
36.9 |
18.8 |
44.4 |
18.1 |
28.8 |
5.7 |
65.5 |
23.1 |
Q2:2020-21 |
|
|
|
|
|
37.2 |
11.5 |
51.3 |
25.7 |
‘Increase’ in working capital finance is optimistic. |
Table 14: Assessment and Expectations for Availability of Finance (from Internal Accruals) |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Improve |
Worsen |
No change |
Net response |
Improve |
Worsen |
No change |
Net response |
Q1:2019-20 |
1,231 |
23.2 |
7.2 |
69.6 |
16.0 |
25.5 |
5.0 |
69.5 |
20.5 |
Q2:2019-20 |
481 |
19.6 |
12.7 |
67.7 |
6.9 |
23.0 |
5.7 |
71.3 |
17.3 |
Q3:2019-20 |
775 |
19.0 |
12.4 |
68.6 |
6.6 |
21.4 |
8.1 |
70.5 |
13.2 |
Q4:2019-20 |
860 |
23.1 |
9.5 |
67.4 |
13.7 |
22.1 |
8.8 |
69.1 |
13.4 |
Q1:2020-21 |
802 |
7.2 |
38.0 |
54.8 |
-30.8 |
23.1 |
6.0 |
70.9 |
17.0 |
Q2:2020-21 |
|
|
|
|
|
22.5 |
16.1 |
61.3 |
6.4 |
‘Improvement’ in availability of finance is optimistic. |
Table 15: Assessment and Expectations for Availability of Finance (from banks and other sources) |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Improve |
Worsen |
No change |
Net response |
Improve |
Worsen |
No change |
Net response |
Q1:2019-20 |
1,231 |
17.9 |
6.0 |
76.1 |
11.9 |
19.3 |
5.0 |
75.7 |
14.2 |
Q2:2019-20 |
481 |
14.3 |
10.0 |
75.8 |
4.3 |
17.4 |
4.4 |
78.2 |
13.0 |
Q3:2019-20 |
775 |
14.6 |
7.4 |
78.1 |
7.2 |
18.7 |
6.0 |
75.3 |
12.7 |
Q4:2019-20 |
860 |
16.9 |
6.1 |
76.9 |
10.8 |
17.7 |
5.9 |
76.4 |
11.7 |
Q1:2020-21 |
802 |
12.9 |
15.8 |
71.3 |
-3.0 |
18.1 |
6.4 |
75.4 |
11.7 |
Q2:2020-21 |
|
|
|
|
|
20.4 |
9.8 |
69.8 |
10.6 |
‘Improvement’ in availability of finance is optimistic. |
Table 16: Assessment and Expectations for Availability of Finance (from overseas, if applicable) |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Improve |
Worsen |
No change |
Net response |
Improve |
Worsen |
No change |
Net response |
Q1:2019-20 |
1,231 |
8.2 |
4.0 |
87.8 |
4.3 |
9.5 |
3.5 |
87.0 |
6.0 |
Q2:2019-20 |
481 |
6.9 |
4.1 |
89.1 |
2.8 |
13.1 |
3.5 |
83.5 |
9.6 |
Q3:2019-20 |
775 |
7.5 |
5.0 |
87.6 |
2.5 |
9.2 |
4.1 |
86.7 |
5.1 |
Q4:2019-20 |
860 |
7.2 |
4.4 |
88.4 |
2.8 |
7.3 |
4.3 |
88.4 |
3.0 |
Q1:2020-21 |
802 |
3.2 |
13.5 |
83.3 |
-10.3 |
7.9 |
4.0 |
88.1 |
4.0 |
Q2:2020-21 |
|
|
|
|
|
7.9 |
9.9 |
82.2 |
-2.0 |
‘Improvement’ in availability of finance is optimistic. |
Table 17: Assessment and Expectations for Cost of Finance |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
22.4 |
4.9 |
72.7 |
-17.6 |
20.2 |
5.8 |
74.0 |
-14.4 |
Q2:2019-20 |
481 |
21.3 |
8.1 |
70.6 |
-13.1 |
22.5 |
7.1 |
70.4 |
-15.4 |
Q3:2019-20 |
775 |
16.9 |
8.2 |
74.9 |
-8.7 |
18.5 |
8.4 |
73.1 |
-10.0 |
Q4:2019-20 |
860 |
15.0 |
8.4 |
76.6 |
-6.6 |
15.0 |
7.1 |
77.9 |
-7.9 |
Q1:2020-21 |
802 |
16.3 |
15.9 |
67.8 |
-0.4 |
12.7 |
6.6 |
80.6 |
-6.1 |
Q2:2020-21 |
|
|
|
|
|
17.6 |
10.9 |
71.5 |
-6.7 |
‘Decrease’ in cost of finance is optimistic. |
Table 18: Assessment and Expectations for Cost of Raw Materials |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
46.4 |
3.1 |
50.5 |
-43.3 |
37.2 |
3.5 |
59.2 |
-33.7 |
Q2:2019-20 |
481 |
42.4 |
7.1 |
50.5 |
-35.3 |
31.4 |
3.8 |
64.8 |
-27.6 |
Q3:2019-20 |
775 |
37.2 |
11.1 |
51.7 |
-26.1 |
37.0 |
6.2 |
56.8 |
-30.8 |
Q4:2019-20 |
860 |
41.1 |
7.1 |
51.8 |
-34.1 |
35.6 |
5.6 |
58.8 |
-30.0 |
Q1:2020-21 |
802 |
39.9 |
10.7 |
49.4 |
-29.3 |
38.9 |
5.3 |
55.7 |
-33.6 |
Q2:2020-21 |
|
|
|
|
|
37.8 |
5.7 |
56.5 |
-32.0 |
‘Decrease’ in cost of raw materials is optimistic. |
Table 19: Assessment and Expectations for Salary/Other Remuneration |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
38.8 |
1.6 |
59.6 |
-37.2 |
34.0 |
1.1 |
64.9 |
-32.9 |
Q2:2019-20 |
481 |
38.6 |
2.6 |
58.8 |
-36.0 |
34.5 |
0.9 |
64.6 |
-33.7 |
Q3:2019-20 |
775 |
30.6 |
3.6 |
65.8 |
-27.0 |
25.0 |
1.8 |
73.2 |
-23.2 |
Q4:2019-20 |
860 |
27.1 |
2.3 |
70.6 |
-24.8 |
25.1 |
3.0 |
71.9 |
-22.1 |
Q1:2020-21 |
802 |
12.4 |
22.0 |
65.5 |
9.6 |
35.8 |
2.7 |
61.5 |
-33.1 |
Q2:2020-21 |
|
|
|
|
|
16.5 |
12.5 |
70.9 |
-4.0 |
‘Decrease’ in Salary / other remuneration is optimistic. |
Table 20: Assessment and Expectations for Selling Price |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
17.1 |
10.5 |
72.4 |
6.6 |
19.5 |
8.5 |
72.0 |
11.0 |
Q2:2019-20 |
481 |
13.8 |
21.4 |
64.8 |
-7.6 |
15.5 |
8.4 |
76.1 |
7.1 |
Q3:2019-20 |
775 |
12.0 |
21.6 |
66.4 |
-9.6 |
18.6 |
14.0 |
67.3 |
4.6 |
Q4:2019-20 |
860 |
16.4 |
13.9 |
69.7 |
2.5 |
15.2 |
13.0 |
71.9 |
2.2 |
Q1:2020-21 |
802 |
9.5 |
26.6 |
64.0 |
-17.1 |
18.0 |
9.7 |
72.3 |
8.3 |
Q2:2020-21 |
|
|
|
|
|
12.9 |
18.9 |
68.1 |
-6.0 |
‘Increase’ in selling price is optimistic. |
Table 21: Assessment and Expectations for Profit Margin |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Increase |
Decrease |
No change |
Net response |
Increase |
Decrease |
No change |
Net response |
Q1:2019-20 |
1,231 |
16.1 |
24.1 |
59.8 |
-8.0 |
17.8 |
17.0 |
65.1 |
0.8 |
Q2:2019-20 |
481 |
13.5 |
36.1 |
50.4 |
-22.6 |
21.9 |
14.5 |
63.6 |
7.4 |
Q3:2019-20 |
775 |
12.3 |
34.4 |
53.3 |
-22.1 |
17.6 |
26.1 |
56.3 |
-8.5 |
Q4:2019-20 |
860 |
15.8 |
27.4 |
56.8 |
-11.6 |
16.3 |
26.4 |
57.3 |
-10.2 |
Q1:2020-21 |
802 |
5.0 |
61.8 |
33.2 |
-56.8 |
17.5 |
20.4 |
62.1 |
-2.9 |
Q2:2020-21 |
|
|
|
|
|
13.7 |
40.5 |
45.8 |
-26.8 |
‘Increase’ in profit margin is optimistic. |
Table 22: Assessment and Expectations for Overall Business Situation |
(Percentage responses) |
Quarter |
Total response |
Assessment |
Expectations |
Better |
Worsen |
No change |
Net response |
Better |
Worsen |
No change |
Net response |
Q1:2019-20 |
1,231 |
35.1 |
10.5 |
54.4 |
24.6 |
42.5 |
5.6 |
51.9 |
36.9 |
Q2:2019-20 |
481 |
24.5 |
25.4 |
50.1 |
-0.8 |
41.1 |
6.0 |
52.9 |
35.2 |
Q3:2019-20 |
775 |
26.4 |
22.9 |
50.8 |
3.5 |
37.3 |
15.6 |
47.1 |
21.7 |
Q4:2019-20 |
860 |
31.6 |
15.8 |
52.6 |
15.7 |
35.8 |
13.2 |
50.9 |
22.6 |
Q1:2020-21 |
802 |
8.3 |
68.5 |
23.2 |
-60.2 |
38.6 |
10.4 |
50.9 |
28.2 |
Q2:2020-21 |
|
|
|
|
|
41.0 |
25.3 |
33.6 |
15.7 |
‘Better’ Overall Business Situation is optimistic. |
Table 23: Business Sentiments |
Quarter |
Business Assessment Index (BAI) |
Business Expectations Index (BEI) |
Q1:2019-20 |
108.4 |
113.5 |
Q2:2019-20 |
92.5 |
112.8 |
Q3:2019-20 |
93.0 |
102.2 |
Q4:2019-20 |
102.2 |
105.0 |
Q1:2020-21 |
55.3 |
108.8 |
Q2:2020-21 |
|
99.5 |
|