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SYSTEM RESEARCH CO.,LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 2%

Mon Oct 28, 2024 3:15 pm JST Earnings

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

Earnings Report

SYSTEM RESEARCH CO.,LTD. <3771> [TSE-P] announced its financial results after the market closed on October 28th (15:15). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) was 1.23 billion yen, a 2.4% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 11.0% decrease.

The progress rate against the 3.11 billion yen full-year plan was 39.8%, almost the same as the five-year average of 39.2%.

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 grow by 20.3% from the same period last year, reaching 1.87 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 3.5% from the same period last year, reaching 749 million yen. However, the operating profit margin decreased from 12.4% in the same period last year to 11.6%.

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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 10,489 1,068 1,069 477 28.6 42.5 Oct 28, 2022 J-GAAP
Apr - Sep, 2023 11,308 1,186 1,209 898 53.8 43.7 Oct 27, 2023 J-GAAP
Apr - Sep, 2024 12,635 1,221 1,238 900 54.2 39.8 Oct 28, 2024 J-GAAP
YoY +11.7% +3.0% +2.4% +0.2% +0.8%

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 12,386 1,045 1,076 778 47.0 0 May 8, 2024 J-GAAP
Apr - Sep, 2024 Results 12,635 1,221 1,238 900 54.2 0 Oct 28, 2024 J-GAAP
Revision Rate +2.0% +16.8% +15.1% +15.7% +15.4%

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 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 40 Oct 28, 2024 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 40 May 8, 2024 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
Jul - Sep, 2023 5,753 714 724 531 31.8 12.4 Oct 27, 2023 J-GAAP
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
YoY +12.0% +4.6% +3.5% +3.2% +3.8%

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