Kurita Water Industries Ltd., The Current Fiscal Year Net Income Revised Upward by 5%, Adds to Record High Profit Forecast

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Thu Nov 7, 2024 3:30 pm JST Earnings

6370 Kurita Water Industries Ltd. 【IFRS】

Earnings Report

Kurita Water Industries Ltd. <6370> [TSE-P] announced its financial results (based on IFRS) after the market closed on November 7th (15:30). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 18.6% from the same period last year, reaching 14.9 billion yen.

In addition, the full-year consolidated net income has been revised upward by 4.5%, from the previous forecast of 33 billion yen to 34.5 billion yen (compared to 29.1 billion yen in the previous period), increasing the growth rate from 13.1% to 18.2%, further surpassing the previous forecast of record-high profits for three consecutive terms.

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 grow by 17.9% from the same period last year, reaching 19.5 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income increased by 33.8% from the same period last year, reaching 9.23 billion yen. The operating profit margin rose from 10.4% in the same period last year to 12.7%.

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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	160,680	16,346	17,509	12,379	110.2	58.1	Oct 31, 2022	IFRS
Apr - Sep, 2023	188,363	18,287	18,183	12,595	112.1	43.6	Nov 7, 2023	IFRS
Apr - Sep, 2024	195,530	21,491	21,404	14,932	132.8	43.7	Nov 7, 2024	IFRS
YoY	+3.8%	+17.5%	+17.7%	+18.6%	+18.5%

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	194,000	19,500	19,200	13,500	120.1	46	May 9, 2024	IFRS
Apr - Sep, 2024 Results	195,530	21,491	21,404	14,932	132.8	46	Nov 7, 2024	IFRS
Revision Rate	+0.8%	+10.2%	+11.5%	+10.6%	+10.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	400,000	46,000	45,000	33,000	293.4	92	May 9, 2024	IFRS
Mar, 2025 New	410,000	49,700	49,000	34,500	306.7	92	Nov 7, 2024	IFRS
Revision Rate	+2.5%	+8.0%	+8.9%	+4.5%	+4.5%

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	196,462	22,945	23,503	16,594	147.6	42	May 9, 2024	IFRS
Oct - Mar, 2024 Guidance	214,470	28,209	27,596	19,568	174.0	46	Nov 7, 2024	IFRS
YoY	+9.2%	+22.9%	+17.4%	+17.9%	+17.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	344,608	29,058	30,151	20,134	179.1	78	May 11, 2023	IFRS
Mar, 2024	384,825	41,232	41,686	29,189	259.7	84	May 9, 2024	IFRS
Mar, 2025 Guidance	410,000	49,700	49,000	34,500	306.7	92	Nov 7, 2024	IFRS
YoY	+6.5%	+20.5%	+17.5%	+18.2%	+18.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	97,819	10,156	10,063	6,900	61.4	10.4	Nov 7, 2023	IFRS
Oct - Dec, 2023	98,312	12,231	12,288	9,311	82.8	12.4	Feb 9, 2024	IFRS
Jan - Mar, 2024	98,150	10,714	11,215	7,283	64.8	10.9	May 9, 2024	IFRS
Apr - Jun, 2024	93,980	8,638	8,738	5,701	50.7	9.2	Aug 8, 2024	IFRS
Jul - Sep, 2024	101,550	12,853	12,666	9,231	82.1	12.7	Nov 7, 2024	IFRS
YoY	+3.8%	+26.6%	+25.9%	+33.8%	+33.8%