360 One Wam Ltd. share price target

360 One WAM (360ONE) reported operating revenue of INR6.5b (11% beat), reflecting growth of 14% YoY, largely due to a 41% YoY growth in recurring revenue. For FY25, revenue grew 32% YoY to INR24.5b.

Proxy play on Wealth Management

360 One WAM (360 ONE) reported net revenue of INR6b (7% beat), up 38% YoY in 3QFY25. For 9MFY25, net revenue grew 41% YoY to INR17.9b.

In its FY24 Annual Report, 360 ONE WAM (360 ONE) outlined the emerging growth opportunities in the Wealth Management industry in India and expects a 13-14% AUM CAGR over the next 4-5 years.

360 One acquired ET Money for a total payment of Rs 3.7bn, partially paid in cash and partly through shares

360 One WAM Ltd (IIFLW) managed to meet its FY24 guidance of INR 8bn PAT aided by higher transactional revenue
and strong MTM gains throughout the year despite lower-than-expected recurring AUM flows, lower retention rates and higher-than-expected cost.

ARR AUM and ARR revenue grew 36% and 28% YoY respectively in Q4; strong commentary for growth in the medium term

360ONE: Steady quarter; raise to BUY post correction. IIB: Stable performance. POLYCAB: Fair quarter but I-T search clouds multiples. FNXP: Weak quarter on slow recovery in agri pipe demand

360ONE: Steady quarter; raise to BUY post correction. IIB: Stable performance. POLYCAB: Fair quarter but I-T search clouds multiples. FNXP: Weak quarter on slow recovery in agri pipe demand

Shift from commission to recurring revenue model (ARR) paying off the latter now contributes 61% of AUM and 67% of revenue at end-FY23

360 One WAM Ltd (IIFLW) maintains its guidance for a profit of INR 8bn in FY24 (up 20% YoY) with expectations of 6% MTM gains and INR 400bn in ARR flows (up 43% YoY) while maintaining its ARR retention rate guidance (ARR = annual recurring revenue).

We hosted the senior management of 360 One WAM (IIFL) at our Singapore conference. Company was represented by Mr. Sanjay Wadhwa, CFO, and Aniruddha Ganguly (Senior Managing Partner-Client Relationships).

360 One WAM Ltd (IIFLW) has guided for a profit of Rs8bn in FY24 (up 20% YoY) with expectation of 6% MTM gains and Rs400bn in ARR flows (up 43% YoY) while maintaining ARR retention rates (ARR = annual recurring revenue).

360 ONE WAM (erstwhile IIFL Wealth & Asset Management) registered 4%/16% QoQ/YoY PAT growth in Q3FY23 to Rs1.80bn, delivering >23% RoE, broadly in line with I-Sec estimates. ARR asset revenue grew strongly at 6% QoQ to Rs2.76bn (67 of total revenue vs 64% in Q2FY23) driven by 7% ARR AUM growth.

IIFL Wealth & Asset Management (IIFLW) registered 8%/23% QoQ/YoY PAT growth in Q2FY23 to Rs1.73bn, delivering >22% RoE, broadly in line with our estimates.

Q2 AUM grew 5% YoY to Rs 2.7tn with flows muted at Rs 61bn; however, earlier profit guidance remains intact