360 ONE Wam, formerly known as IIFL Wealth Management, saw its share price surge by 13.60% during today’s early morning trading session, reaching ₹870 per share. This increase followed the company’s release of strong financial results for both the March quarter and the full fiscal year FY 24.
For the March-ending quarter (Q4FY24) the company reported a 45.8% YoY jump in its revenue from operations to ₹573 crore, while it reported a 55.55% improvement in its profit after tax at ₹241 crore. Its annual recurring revenue stood at ₹331 crore in Q4 FY 24, a 24.3% YoY jump.
In FY24, the company’s revenue increased by 25% to ₹1,965 crore, primarily fueled by strong growth in ARR AUM and increased transactional/brokerage income. Revenue from operations also saw a notable uptick, reaching ₹1,846 crore, marking an 18% increase.
The average recurring revenue (ARR) stood at ₹1,331 crore, reflecting a 14% rise, while the combined active ARR retention remained stable at 77 basis points (bps). Specifically, wealth management retention stood at 78 basis points, while asset management retention was at 75 basis points.
Consolidated profit after tax witnessed a healthy growth of 20%, reaching ₹802 crore compared to ₹668 crore for the year ended March 31, 2023. Additionally, the company’s board approved an interim dividend of ₹3.50 per share for the year ended March 31, 2025.
Client Metrics
During FY24, 360 ONE Wealth Management successfully onboarded over 400 clients with ARR AUM exceeding ₹10 crore each. As per the company’s investor presentation, the number of clients with ARR AUM above ₹50 crore saw an approximate increase of 150, bringing the total segment assets under management to approximately 7,200 clients.
The overall client attrition rate remained low at 1.4%, positioning the company favorably in the industry. Furthermore, the company strengthened its wealth sales team by adding over 35 senior and experienced partners during FY24.
As of March 31, 2024, the assets under management for 360 ONE Wealth Management stood at ₹4,66,909 crore, comprising a wealth management AUM of ₹3,94,661 crore and an asset management AUM of ₹72,248 crore. Additionally, the ARR AUM stood at ₹2,27,879 crore, reflecting an increase of 36%.
Mr. Karan Bhagat (Founder, MD, & CEO) said, “Last year, India sustained its position as one of the fastest growing economies, globally. The increasing trend of financialisation of traditional assets and savings and new wealth creation from monetization events continues to present a substantial opportunity for the wealth and asset management sector.
“Looking forward, we are optimistic about the substantial wealth opportunity beyond Tier-1 cities and have an expansion plan for our domestic coverage. In addition to this, we expect to leverage the strength of our core platform and innovative competencies to fuel high growth in the HNI segment as well as become a preferred manager of global capital looking to access India. The unique blend of macro tailwinds and our distinctive proposition continues to consolidate our position as one of the leading players in India,” he added