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Today, the Reserve Bank released the results of 39th round of its quarterly Services and Infrastructure Outlook Survey (SIOS) conducted during Q3:2023-24. This forward-looking survey[1] captures qualitative assessment and expectations of Indian companies engaged in the services and infrastructure sectors on a set of business parameters relating to demand conditions, price situation and other business conditions. In the latest round of the survey, 528 companies provided their assessment for Q3:2023-24 and expectations for Q4:2023-24 as well as outlook on key parameters for the subsequent two quarters.
Highlights:
1. Services Sector
Assessment for Q3:2023-24
- Services sector enterprises gauged improvement in the overall business situation, employment conditions, finance availability and their turnover during Q3:2023-24 (Chart 1 and Table A).
- On the expenditure side, pressures stemming from input prices, cost of finance and staff expenses were assessed to have continued.
- Assessment for profit margin improved, benefitting from rise in turnover and selling prices.
Expectations for Q4:2023-24
- Demand for services is likely to rise further on the back of improved business situation; firms remained highly optimistic on turnover, availability of finance and job landscape (Table A).
- Cost pressures are likely to persist in Q4:2023-24; respondents displayed higher optimism on selling prices, profit margins and physical investment, when compared to the previous survey round.
Expectations for Q1:2024-25 and Q2:2024-25
- Respondents remain optimistic on business conditions for the first half of 2024-25 with sequential improvement in successive quarters. In tandem, job scenario is also expected to improve (Table C).
- Input cost pressures are likely to continue, and firms also expect rise in selling prices.
2. Infrastructure Sector
Assessment for Q3:2023-24
- Infrastructure companies assessed better overall business situation as well as their turnover during Q3:2023-24 (Chart 2 and Table B).
- Respondents were positive on both full-time and part-time employment.
- Enterprises assessed rise in selling prices in the phase of increasing cost pressures in the sector during Q3:2023-24.
Expectations for Q4:2023-24
- Infrastructure companies remain highly optimistic about overall business situation, their turnover and employment conditions (Table B).
- Cost pressures are likely to rise further and firms expected higher selling prices and profit margins.
- Optimism on physical investment in the infrastructure sector has surged in the latest survey round.
Expectations for Q1:2024-25 and Q2:2024-25
- Respondents expect sequential improvement on demand and employment conditions during H1:2024-25 (Table D).
- Both input costs and selling prices are likely to increase till Q2:2024-25.
Summary of Net Responses on Survey Parameters
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|
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(per cent)
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Parameters
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Assessment period
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Expectations period
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|
Q2:2023-24
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Q3:2023-24
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Q3:2023-24
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Q4:2023-24
|
|
Overall Business Situation
|
34.4
|
35.6
|
43.1
|
54.8
|
|
Turnover
|
28.9
|
32.3
|
30.5
|
53.4
|
|
Full-time Employees
|
17.3
|
21.4
|
16.5
|
28.8
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|
Part-time Employees
|
6.2
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13.2
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14.4
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23.1
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|
Availability of Finance
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18.0
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24.9
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24.2
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37.4
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|
Cost of Finance
|
-30.1
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-32.3
|
-26.6
|
-34.4
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Salary & Wages
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-39.2
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-38.4
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-29.5
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-36.8
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|
Cost of Inputs
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-28.1
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-37.9
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-22.2
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-45.7
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|
Selling Price
|
6.5
|
15.1
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14.2
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30.7
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|
Profit Margin
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4.3
|
9.7
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13.8
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27.5
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Inventories
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16.5
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22.2
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22.9
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28.3
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Technical/Service Capacity
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25.3
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21
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40.0
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34.1
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Physical Investment
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27.6
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20.1
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22.3
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32.2
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Table B: Infrastructure Sector
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(per cent)
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Parameters
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Assessment period
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Expectations period
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Q2:2023-24
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Q3:2023-24
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Q3:2023-24
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Q4:2023-24
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Overall Business Situation
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29.8
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34.2
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64.4
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68.1
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Turnover
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31.7
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36.1
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50.0
|
73.9
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|
Full-time Employees
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16.3
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22.2
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39.4
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60.7
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|
Part-time Employees
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31.0
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29.2
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55.2
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68.3
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Availability of Finance
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26.0
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30.8
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42.7
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61.3
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Cost of Finance
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-44.8
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-31.8
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-54.2
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-60.7
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Salary & Wages
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-35.9
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-40.7
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-39.2
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-59.0
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Cost of Inputs
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-45.1
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-47.9
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-45.0
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-55.7
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Selling Price
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20.7
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28.0
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38.0
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60.0
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Profit Margin
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7.8
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25.0
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31.4
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48.7
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|
Inventories
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36.8
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36.9
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57.9
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74.3
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Technical/Service Capacity
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36.2
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35.5
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66.7
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75.0
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Physical Investment
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34.2
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31.6
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46.8
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75.3
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Expectations of Select Parameters for extended period – Net response (in per cent)
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Table C: Services Sector
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Parameter
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Round 38
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Round 39
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Q3:2023-24
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Q4:2023-24
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Q1:2024-25
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Q2:2024-25
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Overall Business Situation
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43.1
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54.8
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57.8
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60.6
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Turnover
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30.5
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53.4
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60.9
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61.8
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Full-time Employees
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16.5
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28.8
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44.7
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43.6
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Part-time Employees
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14.4
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23.1
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33.0
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33.1
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Cost of Inputs
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-22.2
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-45.7
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-47.6
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-46.7
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Selling Price
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14.2
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30.7
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37.8
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39.4
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Table D: Infrastructure Sector
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Parameter
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Round 38
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Round 39
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Q3:2023-24
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Q4:2023-24
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Q1:2024-25
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Q2:2024-25
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Overall Business Situation
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64.4
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68.1
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76.3
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83.8
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Turnover
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50.0
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73.9
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80.5
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82.1
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Full-time Employees
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39.4
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60.7
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67.8
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72.2
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Part-time Employees
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55.2
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68.3
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69.3
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74.0
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Cost of Inputs
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-45.0
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-55.7
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-73.9
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-73.6
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Selling Price
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38.0
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60.0
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78.8
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77.6
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Note: Please see the excel file for time series data
Services Sector
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Table S1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
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Quarter
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Assessment
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Expectation
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Better
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No Change
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Worse
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Net response#
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Better
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No Change
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Worse
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Net response
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Q3:22-23
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52.4
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43.3
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4.3
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48.1
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57.4
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38.1
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4.4
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53.0
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Q4:22-23
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59.8
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30.0
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10.3
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49.5
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55.0
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40.0
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5.0
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50.1
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Q1:23-24
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55.0
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32.0
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13.0
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42.0
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64.2
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27.4
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8.4
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55.8
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Q2:23-24
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48.4
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37.7
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14.0
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34.4
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62.3
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31.3
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6.4
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56.0
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Q3:23-24
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47.6
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40.4
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12.0
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35.6
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51.0
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41.2
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7.8
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43.1
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Q4:23-24
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59.4
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36.0
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4.6
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54.8
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‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.
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Table S2: Assessment and Expectation for Turnover
(Percentage responses)
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Quarter
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Assessment
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Expectation
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Increase
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No Change
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Decrease
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Net response
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Increase
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No Change
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Decrease
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Net response
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Q3:22-23
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49.2
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45.2
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5.5
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43.7
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61.6
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34.0
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4.4
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57.1
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Q4:22-23
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57.4
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34.0
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8.5
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48.9
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51.5
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42.5
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6.0
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45.5
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Q1:23-24
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59.4
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30.2
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10.4
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49.0
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60.0
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33.1
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6.9
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53.1
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Q2:23-24
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43.8
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41.3
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14.9
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28.9
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59.3
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36.3
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4.4
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54.9
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Q3:23-24
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48.2
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35.9
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15.9
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32.3
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40.3
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49.9
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9.8
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30.5
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Q4:23-24
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59.8
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33.8
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6.4
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53.4
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‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.
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Table S3: Assessment and Expectation for Full-time Employees
(Percentage responses)
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Quarter
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Assessment
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Expectation
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Increase
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No Change
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Decrease
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Net response
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Increase
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No Change
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Decrease
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Net response
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|
Q3:22-23
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42.9
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52.5
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4.6
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38.4
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38.4
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55.9
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5.8
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32.6
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Q4:22-23
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45.1
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48.0
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7.0
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38.1
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47.1
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48.0
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4.8
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42.3
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Q1:23-24
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40.1
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47.8
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12.1
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27.9
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47.8
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45.9
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6.3
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41.6
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Q2:23-24
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34.3
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48.7
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17.0
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17.3
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44.7
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52.6
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2.7
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42.0
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Q3:23-24
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29.9
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61.6
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8.5
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21.4
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26.4
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63.7
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9.9
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16.5
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Q4:23-24
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32.4
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64.0
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3.6
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28.8
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‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.
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Table S4: Assessment and Expectation for Part-time Employees
(Percentage responses)
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Quarter
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Assessment
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Expectation
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Increase
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No Change
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Decrease
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Net response
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Increase
|
No Change
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Decrease
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Net response
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|
Q3:22-23
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40.1
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54.8
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5.1
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34.9
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27.8
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67.3
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5.0
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22.8
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Q4:22-23
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36.2
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58.5
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5.3
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30.9
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41.8
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53.1
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5.1
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36.7
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Q1:23-24
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30.9
|
59.1
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9.9
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21.0
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35.3
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60.6
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4.2
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31.1
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Q2:23-24
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24.4
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57.5
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18.1
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6.2
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36.7
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57.9
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5.3
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31.4
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Q3:23-24
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21.5
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70.3
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8.2
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13.2
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31.0
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52.3
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16.7
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14.4
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Q4:23-24
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28.8
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65.4
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5.8
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23.1
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‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.
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Table S5: Assessment and Expectation for Availability of Finance
(Percentage responses)
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Quarter
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Assessment
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Expectation
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Improve
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No Change
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Worsen
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Net response
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Improve
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No Change
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Worsen
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Net response
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Q3:22-23
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42.1
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53.4
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4.6
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37.5
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32.9
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61.0
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6.2
|
26.7
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|
Q4:22-23
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34.9
|
61.6
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3.6
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31.3
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42.3
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52.4
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5.4
|
36.9
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|
Q1:23-24
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29.3
|
61.2
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9.5
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19.7
|
36.0
|
61.4
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2.6
|
33.4
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Q2:23-24
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30.6
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56.8
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12.6
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18.0
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39.5
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57.0
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3.5
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36.0
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Q3:23-24
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32.3
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60.3
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7.4
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24.9
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31.5
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61.1
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7.3
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24.2
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Q4:23-24
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|
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|
40.4
|
56.7
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2.9
|
37.4
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‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.
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Table S6: Assessment and Expectation for Cost of Finance
(Percentage responses)
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Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
40.7
|
54.7
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4.6
|
-36.1
|
39.7
|
57.1
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3.2
|
-36.5
|
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Q4:22-23
|
36.7
|
60.1
|
3.2
|
-33.5
|
41.6
|
53.2
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5.2
|
-36.5
|
|
Q1:23-24
|
42.1
|
49.6
|
8.3
|
-33.7
|
35.4
|
62.0
|
2.6
|
-32.8
|
|
Q2:23-24
|
39.0
|
52.1
|
8.9
|
-30.1
|
38.1
|
57.6
|
4.3
|
-33.7
|
|
Q3:23-24
|
36.5
|
59.3
|
4.2
|
-32.3
|
32.8
|
61.0
|
6.2
|
-26.6
|
|
Q4:23-24
|
|
|
|
|
38.1
|
58.2
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3.7
|
-34.4
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|
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
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Table S7: Assessment and Expectation for Salary/Wages
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
47.9
|
48.4
|
3.7
|
-44.2
|
42.4
|
56.0
|
1.6
|
-40.9
|
|
Q4:22-23
|
47.6
|
48.4
|
3.9
|
-43.7
|
43.3
|
52.1
|
4.6
|
-38.7
|
|
Q1:23-24
|
48.8
|
45.6
|
5.6
|
-43.2
|
45.9
|
46.7
|
7.5
|
-38.4
|
|
Q2:23-24
|
44.5
|
50.3
|
5.3
|
-39.2
|
46.4
|
52.0
|
1.6
|
-44.8
|
|
Q3:23-24
|
42.4
|
53.5
|
4.0
|
-38.4
|
33.6
|
62.3
|
4.1
|
-29.5
|
|
Q4:23-24
|
|
|
|
|
38.6
|
59.6
|
1.8
|
-36.8
|
|
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table S8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
46.1
|
49.2
|
4.7
|
-41.4
|
49.4
|
45.6
|
4.9
|
-44.5
|
|
Q4:22-23
|
41.9
|
53.4
|
4.7
|
-37.2
|
50.1
|
44.5
|
5.3
|
-44.8
|
|
Q1:23-24
|
45.2
|
45.4
|
9.5
|
-35.7
|
43.8
|
53.6
|
2.7
|
-41.1
|
|
Q2:23-24
|
39.1
|
49.9
|
11.0
|
-28.1
|
47.0
|
46.8
|
6.1
|
-40.9
|
|
Q3:23-24
|
44.6
|
48.6
|
6.8
|
-37.9
|
32.1
|
57.9
|
9.9
|
-22.2
|
|
Q4:23-24
|
|
|
|
|
47.4
|
50.9
|
1.7
|
-45.7
|
|
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table S9: Assessment and Expectation for Selling Price
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
40.8
|
54.4
|
4.8
|
36.0
|
25.7
|
68.3
|
6.1
|
19.6
|
|
Q4:22-23
|
34.4
|
62.2
|
3.5
|
30.9
|
38.9
|
55.6
|
5.5
|
33.4
|
|
Q1:23-24
|
28.8
|
59.8
|
11.4
|
17.4
|
35.7
|
60.0
|
4.3
|
31.3
|
|
Q2:23-24
|
21.9
|
62.7
|
15.4
|
6.5
|
39.5
|
53.7
|
6.8
|
32.7
|
|
Q3:23-24
|
24.3
|
66.6
|
9.2
|
15.1
|
26.4
|
61.5
|
12.1
|
14.2
|
|
Q4:23-24
|
|
|
|
|
35.3
|
60.0
|
4.7
|
30.7
|
|
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table S10: Assessment and Expectation for Profit Margin
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
41.9
|
52.0
|
6.1
|
35.8
|
36.3
|
54.3
|
9.5
|
26.8
|
|
Q4:22-23
|
43.6
|
46.7
|
9.7
|
33.9
|
44.8
|
49.7
|
5.4
|
39.4
|
|
Q1:23-24
|
26.3
|
52.3
|
21.4
|
4.9
|
48.4
|
42.3
|
9.3
|
39.1
|
|
Q2:23-24
|
26.3
|
51.8
|
22.0
|
4.3
|
50.3
|
40.6
|
9.1
|
41.2
|
|
Q3:23-24
|
27.1
|
55.5
|
17.4
|
9.7
|
27.3
|
59.2
|
13.5
|
13.8
|
|
Q4:23-24
|
|
|
|
|
36.1
|
55.2
|
8.6
|
27.5
|
|
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table S11: Assessment and Expectation for Inventories
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
48.3
|
46.9
|
4.8
|
43.5
|
40.5
|
56.8
|
2.7
|
37.8
|
|
Q4:22-23
|
38.1
|
58.1
|
3.8
|
34.2
|
48.8
|
46.0
|
5.2
|
43.5
|
|
Q1:23-24
|
30.4
|
58.8
|
10.8
|
19.6
|
38.6
|
57.7
|
3.7
|
34.8
|
|
Q2:23-24
|
30.2
|
56.2
|
13.6
|
16.5
|
40.3
|
54.3
|
5.4
|
34.8
|
|
Q3:23-24
|
29.6
|
62.9
|
7.5
|
22.2
|
34.5
|
53.9
|
11.6
|
22.9
|
|
Q4:23-24
|
|
|
|
|
34.2
|
60.0
|
5.8
|
28.3
|
|
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table S12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
41.7
|
53.6
|
4.7
|
37.1
|
29.5
|
68.8
|
1.7
|
27.7
|
|
Q4:22-23
|
36.4
|
60.9
|
2.7
|
33.7
|
41.5
|
53.9
|
4.6
|
37.0
|
|
Q1:23-24
|
30.0
|
65.1
|
4.9
|
25.1
|
36.4
|
61.1
|
2.5
|
34.0
|
|
Q2:23-24
|
28.1
|
69.2
|
2.7
|
25.3
|
51.2
|
47.5
|
1.3
|
49.8
|
|
Q3:23-24
|
22.6
|
75.8
|
1.6
|
21.0
|
41.9
|
56.3
|
1.9
|
40.0
|
|
Q4:23-24
|
|
|
|
|
34.1
|
65.9
|
0.0
|
34.1
|
|
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table S13: Assessment and Expectation for Physical Investment
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
41.3
|
54.4
|
4.3
|
37.0
|
22.8
|
75.8
|
1.5
|
21.3
|
|
Q4:22-23
|
32.2
|
65.5
|
2.3
|
30.0
|
41.4
|
53.9
|
4.7
|
36.7
|
|
Q1:23-24
|
26.9
|
66.8
|
6.3
|
20.7
|
33.0
|
64.3
|
2.7
|
30.3
|
|
Q2:23-24
|
30.7
|
66.1
|
3.1
|
27.6
|
43.4
|
54.8
|
1.8
|
41.5
|
|
Q3:23-24
|
21.7
|
76.6
|
1.6
|
20.1
|
23.3
|
75.8
|
0.9
|
22.3
|
|
Q4:23-24
|
|
|
|
|
32.2
|
67.8
|
0.0
|
32.2
|
|
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
Infrastructure Sector
|
Table I1: Assessment and Expectation for Overall Business Situation
(Percentage responses)@
|
|
Quarter
|
Assessment
|
Expectation
|
|
Better
|
No Change
|
Worse
|
Net response#
|
Better
|
No Change
|
Worse
|
Net response
|
|
Q3:22-23
|
55.5
|
38.0
|
6.5
|
49.0
|
49.2
|
46.7
|
4.1
|
45.1
|
|
Q4:22-23
|
60.9
|
28.7
|
10.4
|
50.4
|
56.8
|
37.2
|
6.0
|
50.9
|
|
Q1:23-24
|
62.6
|
23.1
|
14.3
|
48.4
|
60.5
|
34.2
|
5.3
|
55.3
|
|
Q2:23-24
|
44.2
|
41.3
|
14.4
|
29.8
|
62.6
|
30.8
|
6.6
|
56.0
|
|
Q3:23-24
|
44.2
|
45.8
|
10.0
|
34.2
|
67.3
|
29.8
|
2.9
|
64.4
|
|
Q4:23-24
|
|
|
|
|
73.1
|
21.8
|
5.0
|
68.1
|
|
‘Increase’ in Overall business situation is optimistic.
@: Due to rounding off percentage may not add up to 100.
#: Net Response (NR) is the difference of percentage of the respondents reporting optimism and that reporting pessimism. The range is -100 to 100. Any value greater than zero indicates expansion/ optimism and any value less than zero indicates contraction/ pessimism.
|
|
Table I2: Assessment and Expectation for Turnover
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
52.6
|
40.2
|
7.2
|
45.4
|
56.1
|
35.0
|
8.9
|
47.2
|
|
Q4:22-23
|
60.9
|
27.0
|
12.2
|
48.7
|
55.8
|
37.2
|
7.0
|
48.8
|
|
Q1:23-24
|
64.8
|
19.8
|
15.4
|
49.5
|
61.4
|
32.5
|
6.1
|
55.3
|
|
Q2:23-24
|
46.2
|
39.4
|
14.4
|
31.7
|
61.1
|
33.3
|
5.6
|
55.6
|
|
Q3:23-24
|
47.9
|
40.3
|
11.8
|
36.1
|
53.8
|
42.3
|
3.8
|
50.0
|
|
Q4:23-24
|
|
|
|
|
75.6
|
22.7
|
1.7
|
73.9
|
|
‘Increase’ in Turnover is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I3: Assessment and Expectation for Full-time Employees
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
51.2
|
42.3
|
6.5
|
44.7
|
36.4
|
57.0
|
6.6
|
29.8
|
|
Q4:22-23
|
47.0
|
47.8
|
5.2
|
41.7
|
52.4
|
40.7
|
6.9
|
45.5
|
|
Q1:23-24
|
46.7
|
40.0
|
13.3
|
33.3
|
50.9
|
44.7
|
4.4
|
46.5
|
|
Q2:23-24
|
28.8
|
58.7
|
12.5
|
16.3
|
48.9
|
48.9
|
2.2
|
46.7
|
|
Q3:23-24
|
32.5
|
57.3
|
10.3
|
22.2
|
42.3
|
54.8
|
2.9
|
39.4
|
|
Q4:23-24
|
|
|
|
|
63.2
|
34.2
|
2.6
|
60.7
|
|
‘Increase’ in Full-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I4: Assessment and Expectation for Part-time Employees
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
50.3
|
43.2
|
6.5
|
43.8
|
24.6
|
68.6
|
6.8
|
17.8
|
|
Q4:22-23
|
46.4
|
50.0
|
3.6
|
42.9
|
52.1
|
41.7
|
6.2
|
45.9
|
|
Q1:23-24
|
48.1
|
40.7
|
11.1
|
37.0
|
43.8
|
55.4
|
0.9
|
42.9
|
|
Q2:23-24
|
37.9
|
55.2
|
6.9
|
31.0
|
50.9
|
45.3
|
3.8
|
47.2
|
|
Q3:23-24
|
35.8
|
57.5
|
6.6
|
29.2
|
60.3
|
34.5
|
5.2
|
55.2
|
|
Q4:23-24
|
|
|
|
|
68.3
|
31.7
|
0.0
|
68.3
|
|
‘Increase’ in Part-time Employees is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I5: Assessment and Expectation for Availability of Finance
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Improve
|
No Change
|
Worsen
|
Net response
|
Improve
|
No Change
|
Worsen
|
Net response
|
|
Q3:22-23
|
50.5
|
43.7
|
5.8
|
44.7
|
43.4
|
50.8
|
5.7
|
37.7
|
|
Q4:22-23
|
45.1
|
49.6
|
5.3
|
39.8
|
52.2
|
41.9
|
5.8
|
46.4
|
|
Q1:23-24
|
28.9
|
54.4
|
16.7
|
12.2
|
46.8
|
50.5
|
2.7
|
44.1
|
|
Q2:23-24
|
36.5
|
52.9
|
10.6
|
26.0
|
51.1
|
43.3
|
5.6
|
45.6
|
|
Q3:23-24
|
36.7
|
57.5
|
5.8
|
30.8
|
46.6
|
49.5
|
3.9
|
42.7
|
|
Q4:23-24
|
|
|
|
|
63.0
|
35.3
|
1.7
|
61.3
|
|
‘Improve’ in Availability of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I6: Assessment and Expectation for Cost of Finance
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
51.0
|
42.8
|
6.2
|
-44.9
|
47.5
|
46.7
|
5.8
|
-41.7
|
|
Q4:22-23
|
43.4
|
49.6
|
7.1
|
-36.3
|
49.7
|
44.5
|
5.8
|
-43.8
|
|
Q1:23-24
|
50.6
|
41.2
|
8.2
|
-42.4
|
43.8
|
53.6
|
2.7
|
-41.1
|
|
Q2:23-24
|
51.0
|
42.7
|
6.3
|
-44.8
|
44.0
|
53.6
|
2.4
|
-41.7
|
|
Q3:23-24
|
38.2
|
55.5
|
6.4
|
-31.8
|
54.2
|
45.8
|
0.0
|
-54.2
|
|
Q4:23-24
|
|
|
|
|
61.7
|
37.4
|
0.9
|
-60.7
|
|
‘Decrease’ in Cost of Finance is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I7: Assessment and Expectation for Salary/Wages
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
56.3
|
39.2
|
4.4
|
-51.9
|
35.0
|
62.4
|
2.6
|
-32.5
|
|
Q4:22-23
|
47.0
|
49.6
|
3.5
|
-43.5
|
50.5
|
43.6
|
5.8
|
-44.7
|
|
Q1:23-24
|
40.7
|
56.0
|
3.3
|
-37.4
|
46.5
|
50.9
|
2.6
|
-43.9
|
|
Q2:23-24
|
42.7
|
50.5
|
6.8
|
-35.9
|
47.8
|
52.2
|
0.0
|
-47.8
|
|
Q3:23-24
|
44.9
|
50.8
|
4.2
|
-40.7
|
41.2
|
56.9
|
2.0
|
-39.2
|
|
Q4:23-24
|
|
|
|
|
59.8
|
39.3
|
0.9
|
-59.0
|
|
‘Decrease’ in Salary/Wages is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I8: Assessment and Expectation for Cost of Inputs
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
52.2
|
41.6
|
6.2
|
-46.0
|
53.0
|
42.7
|
4.3
|
-48.7
|
|
Q4:22-23
|
46.9
|
50.4
|
2.7
|
-44.2
|
55.3
|
37.8
|
6.9
|
-48.5
|
|
Q1:23-24
|
47.7
|
47.7
|
4.5
|
-43.2
|
49.6
|
48.7
|
1.8
|
-47.8
|
|
Q2:23-24
|
50.0
|
45.1
|
4.9
|
-45.1
|
51.1
|
44.3
|
4.5
|
-46.6
|
|
Q3:23-24
|
52.1
|
43.6
|
4.3
|
-47.9
|
52.0
|
41.0
|
7.0
|
-45.0
|
|
Q4:23-24
|
|
|
|
|
59.1
|
37.4
|
3.5
|
-55.7
|
|
‘Decrease’ in Cost of Inputs is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I9: Assessment and Expectation for Selling Price
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
51.4
|
41.8
|
6.8
|
44.5
|
32.2
|
62.6
|
5.2
|
27.0
|
|
Q4:22-23
|
46.8
|
48.6
|
4.5
|
42.3
|
50.3
|
43.1
|
6.6
|
43.8
|
|
Q1:23-24
|
29.3
|
63.4
|
7.3
|
22.0
|
43.5
|
53.7
|
2.8
|
40.7
|
|
Q2:23-24
|
33.7
|
53.3
|
13.0
|
20.7
|
43.4
|
54.2
|
2.4
|
41.0
|
|
Q3:23-24
|
37.0
|
54.0
|
9.0
|
28.0
|
42.4
|
53.3
|
4.3
|
38.0
|
|
Q4:23-24
|
|
|
|
|
62.0
|
36.0
|
2.0
|
60.0
|
|
‘Increase’ in Selling Price is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I10: Assessment and Expectation for Profit Margin
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
52.2
|
40.1
|
7.6
|
44.6
|
34.7
|
47.1
|
18.2
|
16.5
|
|
Q4:22-23
|
46.0
|
44.2
|
9.7
|
36.3
|
52.8
|
39.6
|
7.6
|
45.1
|
|
Q1:23-24
|
36.7
|
38.9
|
24.4
|
12.2
|
47.3
|
45.5
|
7.1
|
40.2
|
|
Q2:23-24
|
24.5
|
58.8
|
16.7
|
7.8
|
46.1
|
48.3
|
5.6
|
40.4
|
|
Q3:23-24
|
35.0
|
55.0
|
10.0
|
25.0
|
37.3
|
56.9
|
5.9
|
31.4
|
|
Q4:23-24
|
|
|
|
|
56.3
|
36.1
|
7.6
|
48.7
|
|
‘Increase’ in Profit Margin is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I11: Assessment and Expectation for Inventories
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
52.4
|
41.0
|
6.6
|
45.9
|
45.8
|
47.5
|
6.8
|
39.0
|
|
Q4:22-23
|
48.7
|
46.0
|
5.3
|
43.4
|
53.6
|
39.2
|
7.2
|
46.4
|
|
Q1:23-24
|
28.3
|
58.3
|
13.3
|
15.0
|
48.2
|
50.0
|
1.8
|
46.4
|
|
Q2:23-24
|
42.1
|
52.6
|
5.3
|
36.8
|
36.7
|
60.0
|
3.3
|
33.3
|
|
Q3:23-24
|
41.7
|
53.4
|
4.9
|
36.9
|
60.5
|
36.8
|
2.6
|
57.9
|
|
Q4:23-24
|
|
|
|
|
75.2
|
23.8
|
1.0
|
74.3
|
|
‘Increase’ in Inventories is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I12: Assessment and Expectation for Technical/Service Capacity
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
50.2
|
43.9
|
6.0
|
44.2
|
27.7
|
70.5
|
1.8
|
25.9
|
|
Q4:22-23
|
45.9
|
50.5
|
3.7
|
42.2
|
50.5
|
43.5
|
6.0
|
44.6
|
|
Q1:23-24
|
35.7
|
59.5
|
4.8
|
31.0
|
45.0
|
53.2
|
1.8
|
43.1
|
|
Q2:23-24
|
38.3
|
59.6
|
2.1
|
36.2
|
51.2
|
48.8
|
0.0
|
51.2
|
|
Q3:23-24
|
39.8
|
55.9
|
4.3
|
35.5
|
66.7
|
33.3
|
0.0
|
66.7
|
|
Q4:23-24
|
|
|
|
|
75.0
|
25.0
|
0.0
|
75.0
|
|
‘Increase’ in Technical/Service Capacity is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
Table I13: Assessment and Expectation for Physical Investment
(Percentage responses)
|
|
Quarter
|
Assessment
|
Expectation
|
|
Increase
|
No Change
|
Decrease
|
Net response
|
Increase
|
No Change
|
Decrease
|
Net response
|
|
Q3:22-23
|
49.7
|
44.1
|
6.3
|
43.4
|
26.9
|
70.4
|
2.8
|
24.1
|
|
Q4:22-23
|
45.9
|
50.5
|
3.7
|
42.2
|
49.8
|
43.6
|
6.6
|
43.2
|
|
Q1:23-24
|
37.1
|
52.9
|
10.0
|
27.1
|
43.9
|
52.3
|
3.7
|
40.2
|
|
Q2:23-24
|
38.0
|
58.2
|
3.8
|
34.2
|
36.8
|
60.3
|
2.9
|
33.8
|
|
Q3:23-24
|
35.8
|
60.0
|
4.2
|
31.6
|
46.8
|
53.2
|
0.0
|
46.8
|
|
Q4:23-24
|
|
|
|
|
75.3
|
24.7
|
0.0
|
75.3
|
|
‘Increase’ in Physical Investment is optimistic. Footnotes @ and # given in Table 1 are applicable here.
|
|
