360 ONE WAM slips after Q4 PAT slides 6% YoY

Revenue from operations was at Rs 393 crore in Q4 FY23, down 7.1% form Rs 423 crore reported in the same period last year. Annual recurring revenues declined 5.3% year on year to Rs 266 crore in Q4 FY23.

Profit before tax in the fourth quarter stood at Rs 200.08 crore, down 6.57% YoY from Rs 214.16 crore posted in Q4 FY22.

The company's revenue from Wealth Management was Rs 406.67 crore (down 7.86% YoY) and Asset Management stood at Rs 119.06 crore (down 2.58% YoY) during the quarter.

On full year basis, the company's consolidated net profit rose 13.9% YoY to Rs 657.93 crore. Total income fell marginally to Rs 2,063.78 crore in FY23 from Rs 2,077.83 crore recorded in FY22.

Revenue from operations was at Rs 1,565 crore in FY23, up 11.9% YoY. The rise in the revenue was mainly driven by strong flows in ARR assets.

Karan Bhagat, MD & CEO, 360 ONE WAM, said, On the asset management front, we continue to enhance our alternative investments (AIF / PMS) strategy coverage and capabilities. The alternates' space has seen impressive evolution over the past decade and is estimated to deliver stronger growth in the future.

Our ARR Assets witnessed healthy net flows of Rs 28,059 crore in FY23. The ARR AUM stood at Rs 167,174 crore, up 16% YoY. Higher ARR assets also drove a favourable revenue mix with ARR Revenue at Rs 1,050 crore, up 15% YoY. ARR revenue now constitutes 67% of total operating revenue.

Our overall retentions remained healthy with aggregate ARR retention at 69 bps. The wealth management ARR retention was at 70 bps, while the asset management ARR retention was at 69 bps. Also, our cost to income during the year stood at 45.8% vs. 51.1% in FY22 with a successful transition towards steady cost structures. As a result, the profitability stood at Rs 668 crore in FY23, up 15% YoY.

Meanwhile, the company's board has approved first interim dividend of Rs 4 per equity share for the financial year 2023-24. The record date for the same is fixed on Friday,12 May 2023 and the dividend will be paid / dispatched on or before Saturday, 3 June 2023.

360 ONE WAM (formerly known as IIFL Wealth Management) is a private wealth management firm in India. It serves the needs of high net worth and ultra-high net worth individuals, affluent families, family offices and institutional clients through a comprehensive range of tailored wealth management solutions.

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