360 ONE WAM Q2 Results | Net profit surges 32% to ₹246 crore, revenue jumps 57% to ₹863 crore

Wealth management entity 360 ONE WAM Ltd on Monday (October 21) reported a 32% year-on-year (YoY) jump in net profit at ₹245.5 crore for the second quarter that ended September 30, 2024.

In the corresponding quarter of the previous fiscal, 360 ONE WAM posted a net profit of ₹186 crore, the company said in a regulatory filing. The company’s revenue from operations increased leaped 57% to ₹862.8 crore as against ₹550 crore in the corresponding period of the preceding fiscal.

360 ONE WAM reported overall Assets Under Management (AUM) of ₹5,69,372 crore as of September 2024, with Annual Recurring Revenue (ARR) AUM at ₹2,42,619 crore, marking a 40.6% year-on-year and 9.6% quarter-on-quarter growth.

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The wealth management segment saw ARR AUM rise to ₹1,56,849 crore, a 45% year-on-year increase, driven by strong growth across segments, including a 72% year-on-year rise in its 360 ONE Plus proposition, and 34% and 28% year-on-year growth in its distribution and lending businesses, respectively.

Asset management ARR AUM reached ₹85,770 crore, up 33% year-on-year, supported by growth in listed equity (+54%), credit (+23%), and private equity (+12%). In Q2 FY25, 360 ONE Wealth onboarded 160+ clients with ARR AUM above ₹10 crore, while clients with ARR AUM above ₹50 crore grew by 70+, bringing the total to 7,500+ relevant clients.

ARR revenue increased by 27.8% year-on-year to ₹397 crore, with a combined ARR retention of 68 bps, comprising 68 bps for wealth management and 67 bps for asset management. Tangible net worth stood at ₹3,251 crore, while tangible return on equity improved to 31.2%, up from 28.3% in Q2 FY24.

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Karan Bhagat, founder, MD and CEO said “Our Q2 results reflect our continued focus on asset growth and enhancing our client mix, alongside notable deal activity in our private credit and private equity segments. Clients seek trusted brands, expert advisors, and access to innovative products – key drivers of growth in the wealth and asset management industry.”

The results came after the close of the market hours. Shares of 360 ONE WAM Ltd ended at ₹1104.50, up by ₹36.55, or 3.42% on the BSE.