360 One Wam Q4 Results Review - Transaction Revenues Drive Earnings Beat: Motilal Oswal

"NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.In Q4 FY24, 360 One Wam Ltd. total revenue grew 46% YoY to Rs 5.7 billion (25% above our estimates). The beat was on account of a surge in TBR income (109% above our estimates), which jumped 91% YoY.Total assets under management rose 37% YoY to Rs 4.67 trillion, with strong growth in both annual rate of return and TBR assets.Total opex jumped 62% YoY to ~Rs 3 billion, which was 26% higher than our estimates, led by higher variable employee costs. The cost-to-income ratio rose ~520 basis points YoY to 52.3% (versus our estimate. of 51.9%).Profit after tax grew 57% YoY to Rs 2.4 billion (26% above our estimates) in Q4 FY24. For FY24, 360 ONE’s revenue/profit after tax grew 18%/23% YoY to Rs 18.5 billion/Rs 8.0 billion.The board approved a dividend of Rs 3.5 per share.We have increased our earning per share estimates by 6.3%/3.2% for FY25/FY26 to factor in higher transaction revenues. Also, we have built in higher costs relating to new business initiatives (mid-market segment and global platform).We retain our 'Buy' rating with a one-year target price of Rs 950 based on 30 times March 26E earning per share..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

360 One Wam Q4 Results Review - Transaction Revenues Drive Earnings Beat: Motilal Oswal

The company is in advanced stages to secure two to three institutional mandates in the AMC business.

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360 One Wam Q4 Results Review - Transaction Revenues Drive Earnings Beat: Motilal Oswal

The company is in advanced stages to secure two to three institutional mandates in the AMC business.

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