Performance Highlights

In the fiscal year ending March 2024 (April 1, 2023 to March 31, 2024), the Japanese economy is continuing to recover gradually due to the normalization of economic activity and the increase in inbound demand with the transition to the fifth category of COVID-19. However uncertain outlook continues in the world economy due to continued inflation, uncertainty about future of the Chinese economy, and rising geopolitical risks such as the situation in Ukraine and the Middle East.

In addition, the demand in automotive sector is recovering slowly but as the recovery of the demand in home appliance sector and other sectors still delay, they continue to adjust their inventory of production parts.

The demand of electronic parts sector has decreased due to the end of the stay-at-home demand cycle, but recently is in convergence of inventory adjustments. Under these circumstances, our group is launching the medium-term management plan (FY2022-FY2024) with the slogan "Challenge for Sustainable Growth”, strengthening the management of our group and continuing to take up challenge for sustainable business growth.

Taking these activities into account, the Company’s consolidated financial results for the period considered are as follows.