Verite Co.,Ltd., First Half Ordinary Profit Decreases by 14%, July-September Ordinary Profit Decreases by 10%

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Wed Nov 13, 2024 1:00 pm JST Earnings

9904 Verite Co.,Ltd. 【J-GAAP】

Earnings Report

Verite Co.,Ltd. <9904> [TSE-S] announced its financial results in the afternoon session on November 13th (13:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 13.9% from the same period last year to 236 million yen. The progress rate against the 844 million yen full-year plan was 28.0%, also falling below the five-year average of 38.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 8.4% from the same period last year, reaching 608 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit decreased to 197 million yen, a 10.0% decrease compared to the same period last year. The operating profit margin decreased from 11.9% in the same period last year to 10.5%.

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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	3,573	395	388	226	8.4	42.2	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	3,508	282	274	154	5.7	32.8	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	3,602	246	236	132	4.9	28.0	Nov 13, 2024	J-GAAP
YoY	+2.7%	-12.8%	-13.9%	-14.3%	-14.4%

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	3,602	246	236	132	4.9	9.25	Nov 11, 2024	J-GAAP
Apr - Sep, 2024 Results	3,602	246	236	132	4.9	9.25	Nov 13, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	+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	4,131	573	561	348	12.8	10.05	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	4,284	626	608	374	13.8	9.25	Nov 11, 2024	J-GAAP
YoY	+3.7%	+9.2%	+8.4%	+7.5%	+7.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,617	932	919	545	20.1	17.10	May 15, 2023	J-GAAP
Mar, 2024	7,639	855	835	502	18.5	20.10	May 15, 2024	J-GAAP
Mar, 2025 Guidance	7,886	872	844	506	18.7	18.50	May 15, 2024	J-GAAP
YoY	+3.2%	+2.0%	+1.1%	+0.8%	+0.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,873	223	219	111	4.1	11.9	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	2,079	334	327	222	8.2	16.1	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	2,052	239	234	126	4.7	11.6	May 15, 2024	J-GAAP
Apr - Jun, 2024	1,672	44	39	20	0.7	2.6	Aug 13, 2024	J-GAAP
Jul - Sep, 2024	1,930	202	197	112	4.1	10.5	Nov 13, 2024	J-GAAP
YoY	+3.0%	-9.4%	-10.0%	+0.9%	+0.7%