360 ONE WAM reported that its net profit in the June quarter was up 13 per cent at ₹181 crore against ₹160 crore logged in the same period last year, on back of better margin.
Revenue increased 8 per cent to ₹406 crore (₹375 crore).
For the quarter, its ARR (annually recurring revenue) segment saw strong net flows of ₹12,975 crore, while ARR AUM stood at ₹1,90,390 crore, up 33 per cent YoY. Higher ARR assets also drove a favourable revenue mix with ARR revenue at 80 per cent of total operating revenue.
Karan Bhagat, Founder and Managing Director, 360 ONE said the domestic market sentiment improved driven by several green shoots and benchmark equity indices touched record highs supported by uninterrupted FPI inflows in conjunction with key high-frequency economy indicators showing signs of steady economic activity and strong corporate results.
“While the global outlook remains mixed, we believe strong local macro trends will enhance India’s appeal, as a favoured investment destination, in the long term,” he said.
Overall retention remained healthy with aggregate ARR retention at 73 bps. The wealth management ARR retention was at 70 bps, while the asset management ARR retention was at 80 bps
The Wealth Management business continued to see a rise in assets and flows led by significant traction in advisory which remains the key focus area. The business continues to deepen its presence across key cities and expand its footprint in next-tier cities and select offshore locations
The asset management business further strengthened its product suite by expanding its private credit strategy through the launch of the 4th private credit fund, which raised more than ₹2,100 crore. The business also launched a new fund offer of Flexicap MF in June, which garnered assets of more than ₹200 crore.