360 ONE WAM reports 7% rise in Q2 profit

360 ONE WAM Ltd, formerly known as IIFL Wealth Management, has reported a 7 per cent increase in its profit after tax (PAT) for the September quarter of the current financial year, reaching Rs 185 crore. In comparison, the company posted a PAT of Rs 173 crore in the same period last year. The company's total revenues also saw a 9 per cent growth, reaching Rs 441 crore in the quarter under review, up from Rs 405 crore in the July-September quarter of the previous fiscal year.

360 ONE WAM aims to double its market share, which includes both the Ultra High Net-worth Individual (UHNI) and High Net-worth Individual (HNI) segments, to approximately 4-5 per cent. The company is introducing new client segments catering to the Rs 25 crore market and expanding its geographical footprint in India and abroad to achieve this goal over the next 5 years.

Karan Bhagat, Managing Director and Chief Executive Officer of 360 ONE WAM, stated, "All our growth initiatives are designed to achieve this objective." The company has also declared a third interim dividend of Rs 4 per share for the current financial year (2023-24).

(With PTI inputs)