At the aggregate level, sales growth of listed nongovernment non-financial companies witnessed a slight moderation as compared to the previous quarter, with listed private manufacturing companies experiencing an easing in sales performance amidst subdued demand conditions.

Amid macroeconomic and global uncertainties, sales growth improved for IT companies, whereas non-IT services companies experienced a slowdown during the same period.

Although major industries continued to record double-digit sales growth, weaker performance of petroleum industry weighed on the overall performance of the manufacturing sector. Excluding petroleum, sales growth in the manufacturing sector remained steady at 9.0 per cent.

Available high-frequency indicators for May point to resilient industrial activity, with steady expansion in PMI manufacturing and strong growth in capital goods and steel output.

Automobile production rebounded in May, with two-wheeler output recovering from last month's contraction and threewheeler production recording a sharp acceleration. However, conventional electricity generation showed intermittent weakness for the second consecutive month.

Supply chain pressures eased further to below their historical average levels due to improvements in both suppliers' delivery time and semiconductor supplies and a decline in new orders.

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