Kansai Electric Power, The Current Fiscal Year Ordinary Profit Revised Upward by 25%

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Fri Jan 31, 2025 4:00 pm JST Earnings

9503 The Kansai Electric Power Company, Incorporated 【J-GAAP】

Earnings Report

The Kansai Electric Power Company, Incorporated <9503> [TSE Prime] announced its financial results after the market closed on January 31st (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) decreased 28.7% from the same period last year to 455 billion yen.

However, the full-year consolidated ordinary profit has been revised upward 25.0%, from the previous forecast of 360 billion yen to 450 billion yen (compared to 765 billion yen in the previous period), and the declining rate is expected to decrease from 53.0% to 41.3%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has been revised upward 3.2 times, from the previous forecast of 40.7 billion yen to 130 billion yen (compared to 254 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 84.0% to 48.7%.

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 6.6% from the same period last year, reaching 136 billion yen. However, the operating profit margin decreased from 13.5% in the same period last year to 10.1%.

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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	2,773,136	-219,325	-177,789	-124,427	-139.4	ー	Jan 31, 2023	J-GAAP
Apr - Dec, 2023	2,998,064	612,692	639,414	351,035	393.3	83.5	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	3,152,621	399,843	455,979	362,294	396.4	101.3	Jan 31, 2025	J-GAAP
YoY	+5.2%	-34.7%	-28.7%	+3.2%	+0.8%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	2,313,496	32,767	40,761	31,167	28.0	30	Oct 30, 2024	J-GAAP
Oct - Mar, 2024 New	2,213,496	102,767	130,761	136,167	122.2	30	Jan 31, 2025	J-GAAP
Revision Rate	-4.3%	+213.6%	+220.8%	+336.9%	+336.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	4,450,000	330,000	360,000	260,000	233.4	60	Apr 30, 2024	J-GAAP
Mar, 2025 New	4,350,000	400,000	450,000	365,000	327.6	60	Jan 31, 2025	J-GAAP
Revision Rate	-2.2%	+21.2%	+25.0%	+40.4%	+40.4%

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	1,986,332	240,709	254,818	70,811	79.3	25	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	2,213,496	102,767	130,761	136,167	122.2	30	Jan 31, 2025	J-GAAP
YoY	+11.4%	-57.3%	-48.7%	+92.3%	+54.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	3,951,884	-52,056	-6,666	17,679	19.8	50	Apr 27, 2023	J-GAAP
Mar, 2024	4,059,378	728,935	765,970	441,870	495.1	50	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	4,350,000	400,000	450,000	365,000	327.6	60	Jan 31, 2025	J-GAAP
YoY	+7.2%	-45.1%	-41.3%	-17.4%	-33.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	925,018	124,466	128,262	-20,024	-22.4	13.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	1,061,314	116,243	126,556	90,835	101.8	11.0	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	984,149	148,773	168,962	115,775	129.7	15.1	Jul 30, 2024	J-GAAP
Jul - Sep, 2024	1,152,355	148,460	150,277	113,058	126.7	12.9	Oct 30, 2024	J-GAAP
Oct - Dec, 2024	1,016,117	102,610	136,740	133,461	146.0	10.1	Jan 31, 2025	J-GAAP
YoY	+9.8%	-17.6%	+6.6%	－	－