ITOCHU Corporation, First Half Net Income Increases by 6%

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Wed Nov 6, 2024 1:00 pm JST Earnings

8001 ITOCHU Corporation 【IFRS】

Earnings Report

ITOCHU Corporation <8001> [TSE-P] announced its financial results (based on IFRS) in the afternoon session on November 6th (13:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 6.2% from the same period last year, reaching 438 billion yen. However, The progress rate against the 880 billion yen full-year plan was 49.8%, also falling below the five-year average of 58.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to grow by 13.5% from the same period last year, reaching 441 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 16.1% from the same period last year, reaching 231 billion yen. However, the operating profit margin worsened from 5.4% in the same period last year to 4.8%.

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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	6,992,164	388,533	641,580	483,031	328.7	58.0	Nov 4, 2022	IFRS
Apr - Sep, 2023	6,774,098	350,922	571,824	412,899	283.9	52.2	Nov 6, 2023	IFRS
Apr - Sep, 2024	7,291,307	366,744	602,266	438,442	305.0	ー	Nov 6, 2024	IFRS
YoY	+7.6%	+4.5%	+5.3%	+6.2%	+7.4%

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	－	100	May 8, 2024	IFRS
Apr - Sep, 2024 Results	7,291,307	366,744	602,266	438,442	305.0	100	Nov 6, 2024	IFRS
Revision Rate	－	－	－	－	－

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	7,255,812	351,978	523,883	388,871	268.2	80	May 8, 2024	IFRS
Oct - Mar, 2024 Guidance	ー	ー	ー	441,558	310.1	100	Nov 6, 2024	IFRS
YoY	－	－	－	+13.5%	+15.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	13,945,633	701,913	1,106,861	800,519	546.1	140	May 9, 2023	IFRS
Mar, 2024	14,029,910	702,900	1,095,707	801,770	553.0	160	May 8, 2024	IFRS
Mar, 2025 Guidance	ー	ー	ー	880,000	618.1	200	May 8, 2024	IFRS
YoY	－	－	－	+9.8%	+11.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	3,425,607	183,685	271,600	199,662	137.3	5.4	Nov 6, 2023	IFRS
Oct - Dec, 2023	3,676,963	188,160	278,013	198,794	136.8	5.1	Feb 5, 2024	IFRS
Jan - Mar, 2024	3,578,849	163,818	245,870	190,077	131.1	4.6	May 8, 2024	IFRS
Apr - Jun, 2024	3,598,918	190,539	286,094	206,601	143.6	5.3	Aug 5, 2024	IFRS
Jul - Sep, 2024	3,692,389	176,205	316,172	231,841	161.3	4.8	Nov 6, 2024	IFRS
YoY	+7.8%	-4.1%	+16.4%	+16.1%	+17.5%