Financial Services company 360 One Wam announced FY24 results:
Financial Highlights:
- Total Revenue surged by 25% to Rs 1,965 crore, driven by strong growth in ARR AUM and higher transactional/brokerage income.
- Revenue from Operations reached Rs 1,846 crore, reflecting an 18% increase.
- ARR revenue amounted to Rs 1,331 crore, marking a 14% increase.
- Combined Active ARR retention remained stable at 77 basis points (bps), with Wealth Management retention at 78 bps and Asset Management retention at 75 bps.
- Consolidated Profit After Tax rose by 20% to Rs 802 crore, compared to Rs 668 crore for FY24.
- Tangible net worth of Rs 2,803 crore was primarily invested in the wealth (Rs 777 crore), asset management (Rs 230 crore), and lending (Rs 1,439 crore) businesses. Tangible Return on Equity increased to 30.1% in FY24 from 26.7% for FY24.
- The Board approved Rs 3.50 per share as the 1st interim dividend for FY24.
Business Highlights:
- Assets under Management for 360 ONE reached Rs 4,66,909 crore, comprising Wealth Management AUM of Rs 3,94,661 crore and Asset Management AUM of Rs 72,248 crore.
- As of March 31, 2024, ARR AUM amounted to Rs 2,27,879 crore, marking a significant 36% increase.
- Wealth Management: ARR AUM grew to Rs 1,55,631 crore ( 43%), driven by robust growth across segments. The discretionary / non-discretionary / advisory proposition (360 ONE Plus) saw a remarkable growth of 71%, while Distribution and Lending businesses grew by 26% and 20% respectively.
- Asset Management: ARR AUM increased to Rs 72,248 crore ( 24%), fueled by growth in AIF ( 10%) and Discretionary PMS ( 31%) segments, with MF AUM nearly doubling to Rs 9,580 crore.
- In FY24, 360 ONE Wealth onboarded over 400 clients (with more than Rs 10 crore ARR AUM), with clients having ARR AUM above Rs 50 crore increasing by approximately 150. The segment manages assets for approximately 7,200 relevant clients, with an overall client attrition rate of 1.4% - one of the lowest in the industry.
- The Wealth Sales team was strengthened in FY24 through the addition of over 35 senior and experienced partners.
- In the last 12 months, 360 ONE received 10 awards, including Best Domestic Private Bank - India by EuroMoney Private Banking and Asian Private Banker.
Karan Bhagat, Founder, MD & CEO stated, "Last year, India sustained its position as one of the fastest-growing economies globally. The increasing trend of financialization of traditional assets and savings, along with new wealth creation from monetization events, continues to present a substantial opportunity for the wealth and asset management sector.
We are pleased to announce that the Company achieved its highest-ever annual profit in FY24. For the past 16 years, our focus has remained steadfast on the key pillars of client centricity, product innovation, and process orientation. We are deeply grateful for the trust and confidence placed in us by our growing base of clients and investors.
Looking ahead, we are optimistic about the significant wealth opportunity beyond Tier-1 cities and have devised an expansion plan for our domestic coverage. Additionally, we anticipate leveraging the strength of our core platform and innovative capabilities to drive high growth in the HNI segment and position ourselves as a preferred manager of global capital seeking access to India. The combination of favorable macroeconomic conditions and our unique proposition continues to solidify our position as one of the leading players in India."