Total revenue from operations was at Rs 439 crore in Q3 FY24, up 5.9% form Rs 415 crore reported in the same period last year.

Profit before tax rose 6.57% year on year to Rs 235.03 crore during the quarter.

The company's revenue from Wealth Management was Rs 528.09 crore (up 29.86% YoY) and Asset Management stood at Rs 143.94 crore (down 16.59% YoY) during the period under review.

On 9-months basis, the company's consolidated net profit grew 11.82% to Rs 561.89 crore on 22.41% increase in total income to Rs 1,876.68 crore in 9M FY24 over 9M FY23.

Meanwhile, the company’s board approved a fourth interim dividend for Rs 4.5 per equity share for FY24. The record date for the same is fixed on Monday, 29 January 2024 and the dividend will be paid/dispatched on or before Friday, 16 February 2024.

Karan Bhagat, MD & CEO, 360 ONE WAM, said, “We continue to build deep client relationships and successfully onboarded 400+ clients with AUM exceeding Rs 5 crore in ARR assets during 9M FY24. This particular client segment now constitutes 95%+ of the Wealth ARR AUM. We anticipate the wealth of the Ultra HNI client segment (with investible surplus over Rs 25 crore) and HNI segment (with investible surplus between Rs 5 - 25 crore) to clock CAGR of 13-15%. This projection is notably higher than the overall economic growth rate.

In alignment with our expansion objectives, we are proactively making strategic investments to enhance both our platform and workforce. We remain focused on expanding our domestic coverage in Tier 2 and 3 cities through a hub-and-spoke model. Concurrently, we are enhancing our global footprint. The upcoming launch of a digital-first HNI platform in the Q1 FY25 reaffirms our commitment towards the evolving needs of our clients.”

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.

Shares of 360 ONE WAM declined 1.51% to Rs 633.70 on the BSE.