DENSO CORPORATION, The Current Fiscal Year Net Income Revised Downward by 17%

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Thu Oct 31, 2024 11:10 am JST Earnings

6902 DENSO CORPORATION 【IFRS】

Earnings Report

DENSO CORPORATION <6902> [TSE-P] announced its financial results (based on IFRS) in the morning on October 31st (11:10). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 13.0% from the same period last year, reaching 190 billion yen.

However, the full-year consolidated net income has downwardly by 16.8%, from the previous forecast of 525 billion yen to 437 billion yen (compared to 312 billion yen in the previous period), leading to a reduction in the profit growth rate from 67.8% to 39.7%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 71.1% from the same period last year, reaching 246 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 15.5% from the same period last year, reaching 96.3 billion yen. The operating profit margin improved from 6.5% in the same period last year to 7.6%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2022	3,020,114	155,413	170,644	105,798	34.7	37.4	Oct 28, 2022	IFRS
Apr - Sep, 2023	3,513,498	211,820	247,663	168,923	56.4	56.8	Oct 31, 2023	IFRS
Apr - Sep, 2024	3,474,852	251,227	281,734	190,837	65.6	46.3	Oct 31, 2024	IFRS
YoY	-1.1%	+18.6%	+13.8%	+13.0%	+16.2%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	32	Apr 26, 2024	IFRS
Apr - Sep, 2024 Results	3,474,852	251,227	281,734	190,837	65.6	32	Oct 31, 2024	IFRS
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	7,330,000	692,000	745,000	525,000	181.7	64	Jul 31, 2024	IFRS
Mar, 2025 New	7,020,000	550,000	609,000	437,000	151.2	64	Oct 31, 2024	IFRS
Revision Rate	-4.2%	-20.5%	-18.3%	-16.8%	-16.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	3,631,235	168,779	188,574	143,868	48.3	30	Apr 26, 2024	IFRS
Oct - Mar, 2024 Guidance	3,545,148	298,773	327,266	246,163	85.2	32	Oct 31, 2024	IFRS
YoY	-2.4%	+77.0%	+73.5%	+71.1%	+76.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,401,320	426,099	456,870	314,633	104.0	46.25	Apr 27, 2023	IFRS
Mar, 2024	7,144,733	380,599	436,237	312,791	105.0	55	Apr 26, 2024	IFRS
Mar, 2025 Guidance	7,020,000	550,000	609,000	437,000	151.2	64	Oct 31, 2024	IFRS
YoY	-1.7%	+44.5%	+39.6%	+39.7%	+44.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,800,638	117,442	118,393	83,463	27.9	6.5	Oct 31, 2023	IFRS
Oct - Dec, 2023	1,841,391	26,756	41,052	6,699	2.2	1.5	Feb 2, 2024	IFRS
Jan - Mar, 2024	1,789,844	142,023	147,522	137,169	46.0	7.9	Apr 26, 2024	IFRS
Apr - Jun, 2024	1,753,841	120,568	137,718	94,459	32.5	6.9	Jul 31, 2024	IFRS
Jul - Sep, 2024	1,721,011	130,659	144,016	96,378	33.1	7.6	Oct 31, 2024	IFRS
YoY	-4.4%	+11.3%	+21.6%	+15.5%	+18.8%