Financial Services firm 360 One Wam announced Q4FY23 & FY23 results: Consolidated Profit After Tax of Rs 668 crore for FY23 - up 14.8% YoY. Operating Profit Before Tax stood at Rs 847 crore for the year - up 37.9% YoY. ARR Revenue is up 15.1% YoY at Rs 1,050 crore for FY23, and up 5.3% YoY at Rs 266 crore for Q4FY23. Revenue from Operations is up 11.9% YoY at Rs 1,565 crore for FY23 mainly driven by strong flows in ARR assets. Total Revenues are up 2.2% YoY at Rs 1,569 crore for FY23. FY23 PBT is at Rs 850 crore - up 13.2% YoY FY23 PAT remained strong at Rs 668 crore - up 14.8% YoY and down 7.6% YoY at Rs 155 crore for Q4FY23 Result PDF
Other Financial services firm 360 One Wam announced Q3FY23 results: Consolidated Q3FY23: Profit After Tax of Rs 180 crore for the quarter, up 16% YoY and 4% QoQ, and Rs 513 crore for the 9MFY23, up 24% YoY. Operating profit before tax stood at Rs 229 crore for the quarter, up 47% YoY and 13% QoQ, and Rs 639 crore for the 9MFY23, up 50% YoY. Total revenues stood marginally higher QoQ at Rs 410 crore, and Rs 1,184 crore for the 9MFY23, up 9% YoY. Revenue from operations stood at Rs 415 crore, up 10% YoY and 9% QoQ, and Rs 1,172 crore for the 9MFY23, up 20% YoY. Annual recurring revenues stood at Rs 276 crore up 12% YoY and 6% QoQ, and Rs 784 crore for the 9MFY23, up 19% YoY. Mr. Karan Bhagat, MD & CEO, 360 ONE WAM: "The global macro environment continues to remain moderate with high inflation and interest rates raising questions on growth in the short term. This uncertainty has resulted in volatility in all asset classes over the last quarter. While we remain cautiously optimistic in the near term, the comprehensiveness of our product offerings and advisory expertise helps in enabling clients to maintain an optimal asset diversification strategy and navigate the volatility of the current investment landscape. During the quarter, we rebranded ourselves to "360 ONE" which is an embodiment of two words that are extremely important to us - '360' represents the holistic view we take of the 'ONE' person whose interests are always first: Our Client. For the quarter, despite a weak global geopolitical and macro environment, our Annual Recurring Revenue Assets witnessed healthy net flows of Rs 10,386 Crs and ARR AUM stood at Rs 166 K Crs up 20% over last year The current quarter has seen sustained strong Profit after Tax (PAT) of Rs 180 Crs. Our retentions remained healthy with wealth management retention at 56 bps, asset management retention at 83 bps and aggregate retention at 62 bps. Also, our cost to income in the current quarter has remained steady at ~45% as we continue to keep a sharp focus across all expense heads We strongly believe that India's long-term inclusive growth story places the wealth management industry in a sweet spot, strongly supported by increased momentum in Tier 2 cities, inter-generational wealth transfer and sustained monetization events. We are well-positioned to optimally leverage these trends and further lead the industry with our advisory proposition and leadership in alternative investment offerings. This quarter, our Tangible ROE has further improved to 29%. We are happy to report our fourth interim dividend of Rs 17 and remain committed to our dividend pay-out strategy. In addition, we have also proposed a share split and bonus issue in the ratio of 1:1, respectively, subject to shareholders' approval." Result PDF