360 ONE WAM Q2 profit rises 7 pc to Rs 185 crore

360 ONE WAM Ltd on Friday reported a 7 per cent growth in profit after tax (PAT) to Rs 185 crore in the September quarter of the current financial year.

In comparison, the company posted a PAT of Rs 173 crore in the year-ago period, 360 ONE WAM, formerly known as IIFL Wealth Management, said in a statement.

The company's total revenues rose 9 per cent to Rs 441 crore in the quarter under review from Rs 405 crore in the July-September quarter of the preceding fiscal 2022-23.

''Our market share estimation, which includes both the UHNI (Ultra High Net-worth Individual) and HNI (High Net-worth Individual) segments, stands at approximately 4-5 per cent.

''With the introduction of new client segments to cater to the Rs 25 crore market, and an expanded geographical footprint in India and abroad, we see a huge opportunity to double our market share over the next 5 years. All our growth initiatives are designed to achieve this objective,'' Karan Bhagat, Managing Director and Chief Executive Officer of 360 ONE WAM, said.

In addition, the company has declared a third interim dividend of Rs 4 per share for the current financial year (2023-24).