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DENSO CORPORATION, The Current Fiscal Year Net Income Revised Downward by 17%

Thu Oct 31, 2024 11:10 am JST Earnings

6902 DENSO CORPORATION 【IFRS】

Earnings Report

DENSO CORPORATION <6902> [TSE-P] announced its financial results (based on IFRS) in the morning on October 31st (11:10). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 13.0% from the same period last year, reaching 190 billion yen.

However, the full-year consolidated net income has downwardly by 16.8%, from the previous forecast of 525 billion yen to 437 billion yen (compared to 312 billion yen in the previous period), leading to a reduction in the profit growth rate from 67.8% to 39.7%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to expand by 71.1% from the same period last year, reaching 246 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income grew by 15.5% from the same period last year, reaching 96.3 billion yen. The operating profit margin improved from 6.5% in the same period last year to 7.6%.

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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 3,020,114 155,413 170,644 105,798 34.7 37.4 Oct 28, 2022 IFRS
Apr - Sep, 2023 3,513,498 211,820 247,663 168,923 56.4 56.8 Oct 31, 2023 IFRS
Apr - Sep, 2024 3,474,852 251,227 281,734 190,837 65.6 46.3 Oct 31, 2024 IFRS
YoY -1.1% +18.6% +13.8% +13.0% +16.2%

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 ー ー ー ー － 32 Apr 26, 2024 IFRS
Apr - Sep, 2024 Results 3,474,852 251,227 281,734 190,837 65.6 32 Oct 31, 2024 IFRS
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2025 Prev 7,330,000 692,000 745,000 525,000 185.5 64 Jul 31, 2024 IFRS
Mar, 2025 New 7,020,000 550,000 609,000 437,000 154.4 64 Oct 31, 2024 IFRS
Revision Rate -4.2% -20.5% -18.3% -16.8% -16.8%

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 3,631,235 168,779 188,574 143,868 48.3 30 Apr 26, 2024 IFRS
Oct - Mar, 2024 Guidance 3,545,148 298,773 327,266 246,163 87.0 32 Oct 31, 2024 IFRS
YoY -2.4% +77.0% +73.5% +71.1% +80.1%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2023 6,401,320 426,099 456,870 314,633 104.0 46.25 Apr 27, 2023 IFRS
Mar, 2024 7,144,733 380,599 436,237 312,791 105.0 55 Apr 26, 2024 IFRS
Mar, 2025 Guidance 7,020,000 550,000 609,000 437,000 154.4 64 Oct 31, 2024 IFRS
YoY -1.7% +44.5% +39.6% +39.7% +47.1%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 1,800,638 117,442 118,393 83,463 27.9 6.5 Oct 31, 2023 IFRS
Oct - Dec, 2023 1,841,391 26,756 41,052 6,699 2.2 1.5 Feb 2, 2024 IFRS
Jan - Mar, 2024 1,789,844 142,023 147,522 137,169 46.0 7.9 Apr 26, 2024 IFRS
Apr - Jun, 2024 1,753,841 120,568 137,718 94,459 32.5 6.9 Jul 31, 2024 IFRS
Jul - Sep, 2024 1,721,011 130,659 144,016 96,378 33.1 7.6 Oct 31, 2024 IFRS
YoY -4.4% +11.3% +21.6% +15.5% +18.8%

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