Buy 360ONE WAM; target of Rs 950: Motilal Oswal

Motilal Oswal's research report on 360ONE WAM

In 4QFY24, 360ONE’s total revenue grew 46% YoY to INR5.7b (25% above our estimates). The beat was on account of a surge in TBR income (109% above our estimates), which jumped 91% YoY. Total AUM rose 37% YoY to INR4.67t, with strong growth in both ARR and TBR assets.
Total opex jumped 62% YoY to ~INR3b, which was 26% higher than our estimates, led by higher variable employee costs. The cost-to-income
ratio rose ~520bp YoY to 52.3% (vs. our est. of 51.9%).

Outlook

We retain our BUY rating with a one-year TP of INR950 (based on 30x Mar’26E EPS).