360 ONE WAM Limited , one of India's largest wealth and alternates asset managers, has announced robust financial results for the first quarter, demonstrating significant growth across key metrics.

Financial Highlights

• Profit After Tax (PAT) reached ₹287.00 crore, marking an 18.00% year-over-year increase
• Total revenue rose to ₹725.00 crore, up 4.00% compared to the same quarter last year
• Revenue from operations grew by 10.30% year-over-year to ₹662.00 crore
• Annual Recurring Revenue (ARR) saw a substantial increase of 35.90% year-over-year, reaching ₹511.00 crore

Asset Under Management Growth

The company reported impressive growth in its Assets Under Management (AUM):

• Overall AUM stood at ₹6,63,924.00 crore as of June
• ARR AUM increased by 29.80% year-over-year to ₹2,87,317.00 crore

Business Performance

Wealth Management

• ARR AUM in the Wealth Management segment rose to ₹1,94,773.00 crore, a 38.00% year-over-year growth
• The 360 ONE Plus proposition saw a 40.00% year-over-year growth
• Distribution and Lending businesses grew by 38.00% and 19.00% year-over-year, respectively
• Successfully onboarded over 200 families with more than ₹10.00 crore ARR AUM in Q1
• Now manages assets for over 8,400 relevant families and corporates

Asset Management

• ARR AUM increased to ₹92,544.00 crore, up 16.00% year-over-year
• Growth driven by Private Equity (+23.00% YoY), Listed Equity (+17.00% YoY), and customized multi-asset (+19.00% YoY) segments

Strategic Developments

The company completed the integration of B&K Securities during Q1, strengthening its position in the market. This acquisition is expected to enhance 360 ONE WAM's research, advisory, and execution capabilities across a wider spectrum of services and market segments.

Management Commentary

Karan Bhagat, MD & CEO of 360 ONE WAM, commented on the results: "This quarter marks a period of strong core momentum and strategic consolidation. While talent continues to remain our biggest bedrock, the recent inorganic initiatives, including the acquisition of B&K Securities and collaboration with UBS, have significantly strengthened our ability to deliver an integrated, full-spectrum platform by combining deep advisory, research, and execution capabilities."

Awards and Recognition

In Q1, 360 ONE received 10 prestigious awards, including:

• Best Private Bank - India at the FinanceAsia Awards and WealthBriefingAsia Awards
• Multiple accolades at the Global Private Banking Innovation Awards
• Great Place To Work - India certification

The strong Q1 results and strategic initiatives position 360 ONE WAM for continued growth and success in the wealth and asset management sector. The company's focus on expanding its capabilities and client base, coupled with its robust financial performance, underscores its leadership in the Indian financial services industry.

360 One WAM , a prominent player in the wealth and asset management sector, experienced a significant drop in its share price despite receiving key regulatory approvals. The company's stock fell 5.32% to Rs 1174.00, even as the Securities and Exchange Board of India (SEBI) gave its nod for 360 One WAM's subsidiary to acquire Credit Suisse India's Portfolio Management Services (PMS) business.

Acquisition Details

The acquisition marks a strategic move for 360 One WAM to expand its footprint in the wealth management space. While SEBI's approval is a crucial step forward, the deal still awaits final regulatory clearances before it can be fully consummated.

In a separate development, the Competition Commission of India (CCI) has approved 360 ONE group's acquisition of certain UBS AG businesses in India. This includes portfolio management services, stock broking, and financial product distribution services from Credit Suisse Securities (India). As part of this deal, UBS AG will subscribe to warrants representing 4.95% of 360 ONE WAM's paid-up share capital.

Market Reaction and Analyst Outlook

Despite the share price decline, market analysts remain optimistic about 360 One WAM's prospects:

The contrast between the stock's performance and analyst sentiment suggests that investors may be taking a cautious stance in the short term, possibly due to broader market conditions or specific concerns about the integration of multiple acquisitions.

Looking Ahead

As 360 One WAM moves closer to finalizing these strategic acquisitions, investors and industry observers will be keenly watching for:

1. Final regulatory approvals for all pending deals
2. Integration plans and timelines for both the Credit Suisse and UBS AG businesses
3. Potential synergies and their impact on revenue growth
4. Any changes in the competitive landscape of the wealth management sector

The coming months will be crucial for 360 One WAM as it navigates the completion of these significant acquisitions and works towards realizing the projected growth in its operations.