Net sales for the consolidated fiscal year ended March 31, 2024 were 104,775 million yen (up 7.6% year on year). Operating income was 18,203 million yen (up 14.0% year on year), and ordinary income was 17,310 million yen (up 12.0% year on year). Profit attributable to owners of the parent was 8,654 million yen (down 24.1% year on year), which reflects impairment losses recognized by Taiyo Pharma Co., Ltd. as a result of reviewing the sales rights with declining profitability.

Results by segment were as follows.
The Group consists of segments based on operating subsidiaries and has two reportable segments: the Electronics and Medical and Pharmaceutical businesses.
Electronics
In rigid products, sales volume declined year on year for display-related materials and consumer-related materials. Sales remained especially lean for display-related materials. In contrast, products for automotive applications and smartphones saw year on year growth in sales volume. Sales volume of products for automotive applications, in particular, increased as automotive production fully recovered with higher sales volume compared to the previous fiscal year, in which inventory adjustments occurred due mainly to a shortage of semiconductors and parts.

In semiconductor package products (PKG), sales volume decreased for liquid materials while increasing slightly for dry film materials from the previous fiscal year. Sales volume for smartphones, PCs, tablets, and other products was low at the beginning of the fiscal year due to a decline in end-user demand, but saw a gradual rebound in demand during the period, mainly in products for memory.

Since over 90% of sales in this segment are made overseas, foreign exchange gains (a result of the weak yen)contribute to revenue and profit growth. Throughout the period under review, JPY against USD averaged at JPY 144.4/USD, 9.4 yen lower than the previous period’s average rate of JPY 135.0/USD.
As a result, net sales amounted to 71,415 million yen (up 4.4% year on year), and segment profit came to 16,456 million yen (up 3.9% year on year).
Medical and Pharmaceuticals
Taiyo Pharma Co., Ltd.'s ethical pharmaceuticals manufacturing and marketing business saw an increase in net sales from the previous fiscal year despite the negative impact of NHI drug price revisions. This increase resulted from an increase in demand accompanying the transfer of assets for REMINYL®, the new long-listed products, and a supply shortage of other companies’ products with the same efficacy, antitussives, and other products.

Taiyo Pharma Tech Co., Ltd.'s ethical pharmaceuticals contract development and manufacturing business saw an increase in net sales due to a change in product mix at the customer's request and a revision of the selling price accompanying the surge in raw material and energy prices.
As a result, net sales amounted to 29,269 million yen (up 15.0% year on year), and segment profit came to 3,248 million yen (up 70.4% year on year).