MUSASHI CO.,LTD., First Half Ordinary Profit Increases by 2.6 times, July-September Ordinary Profit Increases by 87 times

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Tue Nov 12, 2024 4:00 pm JST Earnings

7521 MUSASHI CO.,LTD. 【J-GAAP】

Earnings Report

MUSASHI CO.,LTD. <7521> [TSE-S] announced its financial results after the market closed on November 12th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) surged by 2.6 times that of the same period last year, reaching 1.96 billion yen. The progress rate against the 3.65 billion yen full-year plan was 53.7%, it was below the five-year average of 62.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to surge by 4.6 times that of the same period last year, reaching 1.69 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged to 87 times that of the same period last year, reaching 1.65 billion yen. The operating profit margin significantly improved from 0.2% in the same period last year to 3.5%.

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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	18,389	1,555	1,592	1,060	155.6	58.9	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	16,779	730	751	498	73.1	66.9	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	16,581	607	1,963	1,506	221.1	53.7	Nov 12, 2024	J-GAAP
YoY	-1.2%	-16.8%	+161.4%	+202.4%	+202.4%

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	16,581	605	1,958	1,503	220.6	30	Oct 29, 2024	J-GAAP
Apr - Sep, 2024 Results	16,581	607	1,963	1,506	221.1	30	Nov 12, 2024	J-GAAP
Revision Rate	0.0%	+0.3%	+0.3%	+0.2%	+0.2%

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	16,361	347	372	269	39.5	21	May 17, 2024	J-GAAP
Oct - Mar, 2024 Guidance	21,439	1,720	1,694	1,073	157.5	30	Nov 12, 2024	J-GAAP
YoY	+31.0%	+395.7%	+355.4%	+298.9%	+298.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	37,072	2,619	2,705	1,762	258.7	43	May 12, 2023	J-GAAP
Mar, 2024	33,140	1,077	1,123	767	112.7	36	May 17, 2024	J-GAAP
Mar, 2025 Guidance	38,020	2,327	3,657	2,579	378.5	60	Oct 29, 2024	J-GAAP
YoY	+14.7%	+116.1%	+225.6%	+236.2%	+235.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	8,084	20	19	-11	-1.6	0.2	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	7,894	164	171	80	11.8	2.1	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	8,467	183	201	189	27.8	2.2	May 17, 2024	J-GAAP
Apr - Jun, 2024	7,794	297	305	179	26.4	3.8	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	8,787	310	1,658	1,327	194.8	3.5	Nov 12, 2024	J-GAAP
YoY	+8.7%	+1,450.0%	+8,626.3%	－	－