360 One Wam Q1 Results Review - Strong Operating Performance Boosts Profitability: Motilal Oswal

Motilal Oswal Report

360 One Wam Ltd.'s total revenue grew 48% YoY to Rs 6 billion in Q1 FY25 (17% beat), aided by a 174% YoY surge in TBR income (79% above our estimates).

Total assets under management rose 36% YoY to Rs 5.2 tonne amid continued focus on scaling up annual recurring revenue assets. Active ARR AUM was up 34% YoY at Rs 2.2 tonne and yields stood at 71 bp. Transactional brokerage revenue AUM grew 38% YoY to Rs 2.99 tonne and yields jumped to 32 bp from 17 bp in Q1 FY24 (flat QoQ).

PBT (before exceptional items) stood at ~Rs 4.3 billion (51% beat). Profit after tax grew 31% YoY to Rs 2.44 billion (9% beat).

The board has approved a dividend of Rs 3.5 per share.

We have increased our earning per share estimates by 11.6%/9.9% for FY25/FY26 to factor in higher revenues and other income.

We retain our 'Buy' rating with a one-year target price of Rs 1300 (based on 36 times March 26E earning per share)

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