360 One WAM (360 ONE) reported net revenue of INR6b (7% beat), up 38% YoY in 3QFY25. For 9MFY25, net revenue grew 41% YoY to INR17.9b. Total AUM rose 28% YoY to INR5.8t (in line), driven by 33% YoY growth in ARR AUM to INR2.5t (in line) and 24% YoY growth in TBR AUM to INR3.3t (in line) during the quarter. Opex grew 38% YoY to ~INR3.2b, 7% higher than our estimate, due to higher-than-expected admin costs, while employee expenses were in line. The cost-to-income ratio was largely flat YoY at 52.8% in 3QFY25 (vs. our estimate of 52.4%). PAT came in at INR2.7b reflecting a growth of 42% YoY (17% beat). For 9MFY25, PAT came in at INR7.7b, growing 37% YoY.
OutlookWe raise our FY25E EPS by 5% considering its 3Q performance. However, we cut our FY26/FY27E EPS by 4%/3% to factor in the decline in transactional revenue. We reiterate our BUY rating with a one-year TP of INR1,350 (based on 38x Sep’26E EPS).
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