SYSTEM RESEARCH, Apr-Dec (Cumulative 3Q) Ordinary Profit Increases by 6%, Oct-Dec Ordinary Profit Increases by 13%

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Fri Jan 31, 2025 3:45 pm JST Earnings

3771 SYSTEM RESEARCH CO.,LTD. 【J-GAAP】

Earnings Report

SYSTEM RESEARCH CO.,LTD. <3771> [TSE Prime] announced its financial results after the market closed on January 31st (15:45). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 6.4% from the same period last year, reaching 2.12 billion yen. However, the progress rate toward the full-year plan of 3.11 billion yen was 68.1%, almost the same as the five-year average of 67.2%.

Based on the cumulative third-quarter performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the January to March period (4Q) is expected to grow 28.1% from the same period last year, reaching 0.99 billion yen.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 12.6% from the same period last year, reaching 0.88 billion yen. However, the operating profit margin decreased from 13.1% in the same period last year to 12.7%.

Kabutan News

Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	15,953	1,767	1,778	963	57.6	70.7	Jan 31, 2023	J-GAAP
Apr - Dec, 2023	17,240	1,965	1,993	1,474	88.2	72.0	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	19,213	2,059	2,121	1,554	93.7	68.1	Jan 31, 2025	J-GAAP
YoY	+11.4%	+4.8%	+6.4%	+5.4%	+6.2%

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	12,012	1,517	1,559	1,071	64.1	40	May 8, 2024	J-GAAP
Oct - Mar, 2024 Guidance	14,083	1,863	1,876	1,298	78.4	60	Jan 17, 2025	J-GAAP
YoY	+17.2%	+22.8%	+20.3%	+21.2%	+22.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	21,556	2,501	2,515	1,601	95.8	35	May 10, 2023	J-GAAP
Mar, 2024	23,320	2,703	2,768	1,969	117.8	40	May 8, 2024	J-GAAP
Mar, 2025 Guidance	26,718	3,084	3,114	2,198	132.7	60	Jan 17, 2025	J-GAAP
YoY	+14.6%	+14.1%	+12.5%	+11.6%	+12.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	5,932	779	784	576	34.5	13.1	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	6,080	738	775	495	29.6	12.1	May 8, 2024	J-GAAP
Apr - Jun, 2024	6,190	474	489	352	21.2	7.7	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	6,445	747	749	548	33.0	11.6	Oct 28, 2024	J-GAAP
Oct - Dec, 2024	6,578	838	883	654	39.4	12.7	Jan 31, 2025	J-GAAP
YoY	+10.9%	+7.6%	+12.6%	+13.5%	+14.3%