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Motilal Oswal Report
360 One Wam Ltd. 's total revenue grew 12% YoY to Rs 4.3 billion in Q2 FY24, in line with our estimate, mainly driven by a 41% QoQ jump in transactional, brokerage revenue income (36% beat) to Rs 1.16 billion. However, annual recurring revenue income fell 4% QoQ to Rs 3.1 billion (10% miss).
Total opex grew 19% YoY to ~Rs 2.1 billion (7% beat) as employee costs rose 21% YoY (9% above our estimate). Total ESOP stood at Rs 90 million (up 78% YoY and up 29% QoQ).
The cost-to-income ratio rose ~320 basis points YoY to 50.1% (our estimate: 46.6%).
360 One Wam's profit after tax grew 7% YoY to Rs 1.9 billion (broadly in line). For H1 FY24, revenue/PAT grew 10%/12% YoY to Rs 8.3 billion/Rs 3.7 billion.
Total assets under management grew 24% YoY to Rs 4.13 trillion as the company continued to focus on scaling up ARR assets. ARR AUM rose 31% YoY at Rs 2 trillion.
The board has approved an interim dividend of Rs 4 per share.
We broadly maintain our estimates for FY24/FY25. We retain our 'Buy' rating with a one-year target price of Rs 660 (based on 25 times March-25E earnings per share).
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