Consolidated Statements of Income

DENSO Corporation and consolidated subsidiaries
Years ended March 31, 1997 and 1996 and three months ended March 31, 1995

	Millions of yen			Thousands of U.S. dollars (Note 1)
/	1997	1996	1995 (3 months)	1997
Net Sales (Note 10)	Y 1,624,906	Y 1,422,607	Y 339,337	$13,104,081
Cost of Sales	1,347,404	1,201,312	284,354	10,866,162

Gross profit	277,502	221,295	54,983	2,237,919

Selling, General and
Administrative Expenses	145,119	134,257	29,054	1,170,314

Operating income	132,383	87,038	25,929	1,067,605
/
Other Income (Expenses):
Interest and dividend income	13,596	16,444	2,100	109,645
Interest expense	(3,638)	(3,765)	(1,142)	(29,339)
Foreign exchange gain (loss)	3,905	3,844	(2,412)	31,492
Other, net	1,773	(1,595)	(15)	14,298

Income before income taxes and
minority interests	148,019	101,966	24,460	1,193,701
/
Income Taxes (Note 5)	79,114	58,762	16,616	638,016
Minority Interests	2,329	2,062	561	18,782
Amortization of Difference between
Cost of Investment and Equity in
Net Assets Acquired	30	(16)	(4)	242
Foreign Currency Translation
Adjustments	--	6,714	--	--
Equity in Earnings of
Associated Companies	4,770	2,005	163	38,468

Net income	Y 71,376	Y 49,845	Y 7,442	$ 575,613

/
	Yen			U.S. dollars

Per Share of Common Stock (Note 2 (l)):
Net income	Y 81.68	Y 57.33	Y 8.57	$0.66
Fully diluted net income	76.24	53.52	--	0.61
Cash dividends	16.00	14.00	3.50	0.13
Average Number of Shares (in thousands)	873,869	869,442	868,517

See accompanying notes to consolidated financial statements.