360 One Wam (360ONE) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw robust growth in Indian equities and company performance, with total AUM reaching INR 5,21,208 crore, up 36.2% YoY, and ARR AUM at INR 2,21,287 crore, up 33.5% YoY.

• PAT for Q1 FY25 was INR 243 crore, up 34.2% YoY, marking the highest-ever quarterly profit, and tangible RoE improved to 33.5%.

• The board approved a second interim dividend of INR 2.5 per share for FY25.

• Announced the acquisition of ET Money, a major fintech wealth advisory platform, pending regulatory approval.

• Continued focus on client-centricity, digital innovation, and expansion in HNI, UHNI, and global segments.

Financial highlights

• Total revenue from operations up 48% YoY to INR 600 crore; total revenues (including other income) up 60.6% YoY to INR 697 crore.

• Operating profit before tax increased 71.8% YoY to INR 335 crore.

• Profit before exceptional items grew 93.1% YoY to INR 432 crore; PAT after exceptional items at INR 243 crore, up 34.2% YoY.

• ARR revenues grew 16.8% YoY to INR 376 crore, representing 62% of total operational revenue.

• Dividend per share for FY25 to date is INR 6.0, with a payout ratio of 70-80% of PAT.

Outlook and guidance

• Cost-to-income ratio expected to stabilize at 44%-46% long-term; current quarter at 38% due to strong revenue growth.

• Net flow guidance for FY25 is 12%-15% of opening ARR AUM, targeting INR 25,000-35,000 crore.

• Strategic focus on expanding HNI, UHNI, and global client base, and integrating ET Money acquisition.

• Transactional and brokerage income expected to remain strong but may normalize in coming quarters.

• Dividend payout philosophy remains at 70%-80% of profits, with minor reduction due to increased sponsor capital in alternatives.