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previous year as against a decline of 13.8 per cent during 2009-10 (April-
December).
• Merchandise imports at USD 246.7 billion registered an increase of 19.0 per
cent (as against a decline of 18.3 per cent a year ago).
• On a monthly basis, exports maintained the growth momentum in the recent
months while imports experienced deceleration and eventually declined
during December 2010, partly on account of base effect.
• The oil and non-oil imports registered growth rates of 17.7 per cent and 19.6
per cent in 2010-11 (April-December) as against declines of 24.0 per cent and
15.7 per cent, respectively, during the corresponding period of last year.
• The disaggregated data on commodity-wise merchandise export reveals that
during the first half of 2010-11 items such as engineering goods, oil and gems
and jewellery contributed the most to the overall growth in exports.
• Destination-wise, there has been diversification of exports towards developing
countries.
Quarterly Industrial Outlook Survey: October-December 2010 (52nd Round)
The article presents the findings of Industrial Outlook Survey conducted for
the October-December 2010 quarter, 52nd round in the series. It gives an
assessment of the business situation of companies in manufacturing sector, for the
quarter October-December 2010, and their expectations for the ensuing quarter
January-March 2011.
Main Findings
• The survey results signal a further improvement of business conditions in the
Indian manufacturing sector for assessed quarter (October-December 2010).
• The Business Expectation Index – a measure that gives a single snapshot of
the industrial outlook in each quarter – registered an increase up to 122.8
from 119.0; however, the manufacturers expect growth to moderate in
January-March 2011.
• The expectation index, which is seen to decline marginally from 126.5 to
125.9 for January-March 2011 quarter is still higher than 100 which is the
threshold that separates contraction from expansion.
Finances of Non-Government Non-Financial Large Public Limited Companies:
2009-10
The article presents the financial performance of select 1,752 non-
government non-financial large (with paid-up capital of `1 crore or more) public
limited companies during the financial year 2009-10, based on their audited annual
accounts.
Main Findings
• The aggregate results of the select companies had shown signs of recovery in
2009-10 after the global financial crisis experienced during 2008-09. The
growth rates in major parameters such as sales, value of production,
manufacturing expenses, net worth, etc. improved in 2009-10.
3
• Profitability parameters, viz., gross profits and profits after tax also improved
with positive growth in 2009-10 after recording decline in 2008-09.
• The profitability and profit allocation ratios, e.g., profit margin, return on equity
and dividends to net worth were higher due to higher profits in 2009-10
compared to that in 2008-09. However, the pace of expansion of business of
the select companies was slower in 2009-10. This led to significant cut-down
in the borrowing requirement.
• For the first time in recent past, stock of capital work-in-progress declined at
end 2009-10 as compared with that of the previous year. However, significant
increase in acquiring plant and machinery during the year led to the growth in
gross fixed assets.
Finances of Foreign Direct Investment Companies: 2008-09
The article assesses the financial performance of select non-government non-
financial foreign direct investment (FDI) companies during 2008-09 based on their
audited annual accounts. The data are presented at the aggregate level for the
select companies and also for select industries and countries of origin.
Main Findings
• The aggregate results of the select FDI companies in 2008-09 revealed that
the global financial crisis during the year had a significant impact on the
performance of the non-government, non-financial, FDI companies.
• While financial performance as indicated by growth rate of sales, value of
production and income moderated, gross profit, profit after tax and profit
retained declined in 2008-09 when compared to those in 2007-08.
• However, the FDI companies performed better than non-FDI companies in
2008-09. The FDI companies experienced a higher growth in sales and lower
decline in gross profit and profit after tax as compared to those of non-FDI
companies. While profit margins of both the groups of companies were at the
same level, return on shareholders' equity of FDI companies was higher as
compared with those of non-FDI companies during 2008-09.
• The FDI companies relied more on borrowings for their financing needs. The
share of incremental bank borrowings in total sources of funds increased in
2008-09. ‘Fixed Assets Formation’ and ‘Loans and Advances and Other
Debtor Balances’ were the major uses of funds during 2008-09.
J.D. Desai
Press Release : 2010-2011/1295 Assistant Manager