360 ONE WAM Ltd reported a 7% rise in Q2 profit to Rs 185 crore, driven by revenue growth. The company aims to double its market share in the next 5 years.
New Delhi, Nov 3 (PTI) 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).
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