ORIX Corporation (NYSE:IX) Q3 2024 Earnings Call Transcript February 7, 2024 2:30 AM ET

Company Participants

Makoto Takahashi - Investor Relations Sustainability Promotion Division

Kazuki Yamamoto - Operating Officer-Investor Relations

Conference Call Participants

Naruhiko Sakamaki - Mizuho Securities

Masao Muraki - SMBC Nikko Securities

Kazuki Watanabe - Daiwa Securities

Koki Sato - JPMorgan Securities

Futoshi Sasaki - Nomura Securities

Wataru Otsuka - SBI Securities

Yuki Yaginuma - Bank of America

Taiki Okada - UBS Securities

Koichi Niwa - Citi

Operator

We will now begin the financial results briefing of KDDI Corporation for the Third Quarter of Fiscal Year Ending March 2024. I am Nakoji [Phonetic] of Public Relations Department and will serve as the moderator today. This briefing will be held in this venue and also broadcast live on YouTube and other media. Three financial results related materials are posted on our KDDI IR website. For the attendees in the venue, please check your handout.

Let me introduce the four participants today, Makoto Takahashi, President, Representative Director and CEO; Nanae Saishoji, Managing Executive Officer, CFO and Executive Director of Corporate Sector; Kenji Aketa, Executive Officer and Executive Director of Corporate Management Division; Shigeru Ezoe, General Manager of Accounting Department.

President Takahashi, please.

Makoto Takahashi

It's time to start the meeting. Thank you for joining us for this conference of ORIX Corporation's for the Third Quarter Consolidated Financial Results for the nine months ended December 31, 2023. I'm the MC. My name is Nakane from IR Sustainability Department. Thank you for this opportunity.

The attendee at this conference is Kazuki Yamamoto, Operating Officer responsible for Investor Relations. As we begin, we have a request for the participants. In order to avoid feedback, if you have a communication device such as mobile phone nearby, please make sure that it's turned off or it is away from the telephone. Yamamoto will provide the explanation followed by Q&A session and we will spend approximately one hour for this meeting. Mr. Yamamoto, please start.

Kazuki Yamamoto

Thank you for the introduction. Good afternoon and thank you for joining us for ORIX Group’s earnings despite of your busy schedule today. Thank you very much indeed. My .name is Kazuki Yamamoto, Head of Corporate Planning and Investor Relations at ORIX. I have taken over this role from my predecessor, Mr. Hitomaro Yano.

Let me start with a brief explanation of Q3 FY24 March results. Please turn to page two for the executive summary. So there are three points that I would like to explain. The first is the third quarter net income. Net income came in at 91.1 billion yen, base profits rose in inbound tourism-related businesses, real estate, domestic PE investments and insurance allowing ORIX to post the second highest levels of those base profits and segment profits in the four years since the start of the pandemic. Quarterly profits were the second highest after the year in which gains on the Yayoi exit was booked.