BSE: 542772 | NSE: 360ONE | Finance - Others | Mid Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that 360 One Wam Ltd is a average quality company.
The key valuation ratios of 360 One Wam Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of 360 One Wam Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
Value Creation Index Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 60.4% | 18.9% | 10.2% | 15.5% | 1.9% | 13.2% | 27.7% | 17% | 17% | 23.3% | - |
| Value Creation Index ⓘ | 4.4 | 0.7 | -0.1 | 0.4 | -0.8 | 0.0 | 1.1 | 0.3 | 0.3 | 1.1 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 367 | 338 | 426 | 618 | 4.8 | 216 | 138 | 88.9 | 112 | 151 | 178 |
| Sales YoY Gr. | - | -7.9% | 26% | 45% | -99.2% | 4,396.1% | -36.3% | -35.5% | 25.9% | 34.8% | - |
| Adj EPS ⓘ | 4.2 | 3.7 | 3 | 6.1 | 1.5 | 7.2 | 18.2 | 11.6 | 15.6 | 19 | 11.8 |
| YoY Gr. | - | -13% | -18.7% | 102.7% | -75.2% | 374.8% | 154.1% | -36.6% | 35.2% | 21.6% | - |
| BVPS (₹) ⓘ | 7.3 | 38.5 | 40.8 | 43.7 | 65.4 | 66 | 67.3 | 66.2 | 63.5 | 67.9 | 135.4 |
| Adj Net Profit ⓘ | 99.5 | 109 | 93.5 | 194 | 51.2 | 250 | 640 | 410 | 556 | 681 | 465 |
| Cash Flow from Ops. ⓘ | -19.9 | 214 | -65 | 304 | -161 | 137 | -64.4 | 1,107 | -434 | 793 | - |
| Debt/CF from Ops. ⓘ | -12 | 0.7 | -6.1 | 1.3 | -2.6 | 0 | -3.6 | 0.7 | -2.8 | 1.1 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -9.4% | 99.2% | 3.1% | 34.8% | ||||
| Adj EPS ⓘ | 18.1% | 65.9% | 1.4% | 21.6% | ||||
| BVPSⓘ | 28.1% | 0.7% | 0.3% | 6.8% | ||||
| Share Price | - | 31% | 31.6% | 41.2% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 73 | 16.7 | 7.8 | 14.5 | 2.8 | 11 | 26.9 | 16.9 | 23.3 | 27.7 | 11.6 |
| Op. Profit Mgn % ⓘ | 42.8 | 28.8 | 33 | 29.1 | -1156.6 | 66.6 | 53.2 | 8.1 | 33.8 | 14.9 | 2.9 |
| Net Profit Mgn % ⓘ | 27.1 | 32.3 | 22 | 31.4 | 1064.9 | 115.7 | 464.8 | 460.8 | 496.4 | 451.5 | 261.1 |
| Debt to Equity ⓘ | 1.4 | 0.1 | 0.3 | 0.3 | 0.2 | 0 | 0.1 | 0.3 | 0.5 | 0.4 | - |
| Working Cap Days ⓘ | 248 | 313 | 368 | 323 | 28,647 | 426 | 621 | 1,811 | 2,132 | 1,910 | 8,878 |
| Cash Conv. Cycle ⓘ | 170 | 148 | 89 | -11 | 21,864 | 143 | 115 | 93 | -48 | -217 | 4,445 |
Sales growth is good in last 4 quarters at 32.16%
Return on Equity has declined versus last 3 years average to 11.60%
Sales growth has been subdued in last 3 years 3.08%
Net Profit has been subdued in last 3 years 1.37%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 11.8 | 25.7 |
| TTM Sales (₹ Cr.) | 178 | 3,114 |
| BVPS (₹.) ⓘ | 135.4 | 170.8 |
| Reserves (₹ Cr.) ⓘ | 5,281 | 6,676 |
| P/BV ⓘ | 6.97 | 5.52 |
| PE ⓘ | 79.74 | 36.76 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 677.80 / 1317.25 |
| All Time Low / High (₹) | 177.50 / 1317.25 |
| Market Cap (₹ Cr.) | 37,061 |
| Equity (₹ Cr.) | 39.3 |
| Face Value (₹) | 1 |
| Industry PE ⓘ | 69.2 |
| Mar'24 | YoY Gr. Rt. % | Jun'24 | YoY Gr. Rt. % | Sep'24 | YoY Gr. Rt. % | Dec'24 | YoY Gr. Rt. % | |
|---|---|---|---|---|---|---|---|---|
| Sales (₹ Cr.)ⓘ | 12.4 | 22.5 | 12.4 | 67.3 | 128 | 101.5 | 25.3 | -62.6 |
| Adj EPS (₹) ⓘ | 5.6 | 110.9 | 2.4 | -25 | 4.4 | -29 | 2 | -49.3 |
| Op. Profit Mgn % ⓘ | -353.58 | -26324 bps | -188.33 | 306 bps | 58.50 | -381 bps | -9.18 | -6533 bps |
| Net Profit Mgn % ⓘ | 1614.48 | 68433 bps | 708.29 | -84985 bps | 124.13 | -22165 bps | 311.51 | 9961 bps |
| Pledged * | 7.14 | 25.44 | 25.44 | 26.03 | 26.73 | 31.30 | 31.30 | 40.46 | 43.25 | 43.25 |
IIFL Wealth Management (now 360 One WAM) is one of the leading wealth management companies in India and is the investment and financial advisor in the High Net Worth Individuals (HNI) and Ultra HNI segments in India and abroad. The journey and success of IIFL Wealth & Asset Management could, in equal measure, be attributed to the commitment and tenacity of its team and conducive demographic and investment environment in the country.
Industry Overview
Wealth of Indian population is growing aided by young demographics and increasing middle class are going to drive need for financial products and investment advisors.
India has a growing number of high net worth individuals, and this trend is expected to continue in the coming years. This presents an opportunity for wealth managers to offer their services to these individuals and cater to their investment needs. As investors become more aware of the benefits of seeking professional advice, the demand for wealth management services is expected to increase. Currently wealth management industry is at INR 25 trillion in FY22, expected to grow at 13% to INR 46.7 Trillion by FY27.Top of FormBottom of Form
Rising middle and financial literacy are going to drive demand to service clients on various asset classes and investment products. Mutual funds, PMS & AIF industry are managed assets are all set to grow in higher double digits in this decade. Unorganised players and misguided information will provide players to gain clients.
Business Model
IIFL Wealth and Asset Management operate in two primary areas of financial services: Wealth Management and Asset Management, as well provide additional value added services to its clients.
Wealth Management
The company provides customized solutions to meet the unique and complex financial needs of high net worth and ultra-high net worth individuals, affluent families, family offices, and institutional clients. These solutions could include investment advice, portfolio management, financial planning, tax planning, estate planning, and other related services. % flat and distribution insert
Asset Management
360 One WAM offers a diversified suite of investment products, including alternative investment funds, portfolio management schemes, and mutual funds, covering various asset classes such as public and private equities, fixed income securities, and real estate. The company serves clients, including global and domestic institutions, channel partners such as private banks, family offices, pension funds, and retail investors in asset management segment.
Custodian Service
Custodian services involve the safekeeping and administration of assets on behalf of clients. IIFL Wealth acts as a custodian for client’s assets, like equities, bonds, mutual funds, and alternative investments. The firm provides a secure platform for holding and managing these assets, and provides clients with regular reporting and updates on the performance of their portfolios.
Lending
IIFL Wealth Management Ltd through its 100% subsidiary IIFL Wealth Prime Limited, NBFC registered with the RBI. It offers loans to fund client’s capital requirements to facilitate investments in markets, short term working capital needs, and provide them leverage for acquisitions. This segment has a Loan book size (4,472 Cr) as on 31st Dec 2022, generating NIM of 5.3% in FY22.
Financials
ROE are better metrics to understand IIFL performance, due to lending operations of the firm. On ROE basis IIFL has been able to generate high teens with covid exception. Company has been able to generate ROE of 22.6% for FY22, increasing returns as leverage plays out and clients AUM increase. Margins will increase as higher number of clients shift to annual recurring revenue model from transaction/brokerage model.
Employee retention and compensation is an important aspect of wealth management industry as it is crucial for maintaining client service and longer tenure. IIFL has employee cost of 39.2% in FY22 (comprising fixed and variable) with 78% team leaders with tenure of more than 5 years.
Client retention is similar important variable, with attrition of clients at 2% for FY22.
|
|
FY 22 (in Cr) |
FY 21 (in Cr) |
% change YoY |
|
Revenue from Operations |
1398 |
916 |
52.7% |
|
Operating Profit |
614 |
348 |
76.7% |
|
PAT |
582 |
369 |
57.5% |
|
AUM |
2,61,745 |
2,07,044 |
26.4% |
|
Cost to Income |
51.1% |
53.9% |
|
360 One WAM charges fees on AUM that is advised and managed (0.63% on Average AUM for FY22). Fees charged differ on assets under Wealth (0.53%) and asset (0.73%) management. 360 ONE has been able to constantly increase
Management
Karan Bhagat - Managing Director
Karan holds an MBA in finance from Indian Institute of Management, Bangalore and acquired his Bachelor’s Degree in Commerce from St. Xavier’s College, Calcutta. He was instrumental in building a team of experienced and talented professionals from within and outside the industry, who work with and for, some of the most distinguished wealthy families in India and abroad. He has worked for over seven years in Kotak Wealth Management prior to founding IIFL Wealth Management.
Anup Maheshwari - Co-Founder & CIO
Anup is Co-Founder & CIO of IIFL Asset Management. Anup is responsible for the investment and strategy for IIFL AMC’s business including mutual funds and Alternative Investment Funds (AIFs). He plays a key role in meeting the company's aggressive growth goals as well as product development and devising an innovative investment strategy. An alumnus of Indian Institute of Management- Lucknow, he has over 25 years of work experience in the financial services sector.
Competition
360 ONE faces competition from several listed as well unlisted firms (Anand Rathi), arms of banks (Kotak Wealth), and unorganised players. Firms Asset management arm face competition from PMS, AIFs, and AMCs operating different products.
Risks
Competition in wealth & asset management industry is increasing
Yields on AUM managed might not improve, as UNHI & HNI clients demand lower fees.
Higher client & employee attrition can have negative effect on growth and AUM.
Asset management business is dependent on return performance and product offering by company.
Asset and wealth managers need to comply with SEBI rules & regulations. Any such investment restrictions, disclosure requirements, fees charged and client protection rules could affect the company.
| Company Name | CMP(₹) | |||||||
|---|---|---|---|---|---|---|---|---|
| Max Financial | 1,147.7 | -0.9 (-0.1%) | Mid Cap | 46,573 | 7.3 | 1 | 157.4 | 7.6 |
| 360 One Wam | 952.9 | -19.8 (-2%) | Mid Cap | 151 | 11.8 | 451.5 | 82.3 | 7.2 |
| BSE | - | 0 (0%) | Mid Cap | 0 | - | - | - | - |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | 371 | 412 | 455 | 720 | 129 | 411 | 767 | 595 | 749 | 968 |
| Interest Income | 367 | 338 | 426 | 618 | 5 | 216 | 138 | 89 | 112 | 151 |
| Other Income ⓘ | 4 | 73 | 29 | 102 | 124 | 195 | 629 | 506 | 637 | 817 |
| Expenditure ⓘ | 223 | 268 | 322 | 512 | 101 | 132 | 101 | 142 | 234 | 233 |
| Interest Expense ⓘ | 11 | 17 | 18 | 61 | 14 | 48 | 25 | 44 | 60 | 86 |
| Operating Expenses ⓘ | 210 | 238 | 289 | 447 | 69 | 80 | 71 | 94 | 85 | 140 |
| Provisions | 2 | 14 | 15 | 4 | 17 | 4 | 5 | 4 | 89 | 6 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax ⓘ | 148 | 143 | 133 | 208 | 28 | 279 | 666 | 452 | 516 | 736 |
| Taxes ⓘ | 49 | 40 | 47 | 50 | -14 | 29 | 25 | 45 | 20 | 57 |
| Profit After Tax | 99 | 103 | 86 | 158 | 42 | 250 | 640 | 407 | 496 | 679 |
| Adjusted EPS (₹) | 4.2 | 3.5 | 2.8 | 5.0 | 1.2 | 7.2 | 18.2 | 11.5 | 13.9 | 18.9 |
| Dividend Payout Ratio (%) | 26% | 34% | 51% | 45% | 201% | 70% | 96% | 120% | 248% | 87% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Equity Capital | 172 | 1,139 | 1,273 | 1,401 | 2,220 | 2,326 | 2,430 | 2,424 | 2,354 | 2,558 |
| Share Capital ⓘ | 12 | 15 | 16 | 16 | 17 | 17 | 18 | 18 | 36 | 36 |
| Reserves ⓘ | 160 | 1,125 | 1,258 | 1,385 | 2,203 | 2,309 | 2,412 | 2,407 | 2,318 | 2,523 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long Term Borrowings | 46 | 169 | 52 | -4 | -7 | -2 | 2 | 288 | 291 | 350 |
| Current Liabilities | 346 | 211 | 792 | 870 | 449 | 196 | 274 | 1,415 | 1,406 | 2,010 |
| Trade Payables | 0 | 15 | 10 | 439 | 17 | 9 | 12 | 17 | 11 | 129 |
| Short term borrowings | 188 | 89 | 396 | 396 | 414 | 0 | 234 | 490 | 958 | 610 |
| Other Liabilities | -188 | -104 | -406 | -835 | -430 | -9 | -245 | -506 | -969 | -739 |
| Total Liabilities ⓘ | 564 | 1,519 | 2,117 | 2,267 | 2,662 | 2,520 | 2,706 | 4,127 | 4,051 | 4,918 |
Assets | ||||||||||
| Non Current Asset | 144 | 1,194 | 1,226 | 1,213 | 2,355 | 2,205 | 2,259 | 3,318 | 3,286 | 4,032 |
| Loan Asset | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non Current Asset ⓘ | 144 | 1,194 | 1,226 | 1,213 | 2,355 | 2,205 | 2,259 | 3,318 | 3,286 | 4,032 |
| Current Asset | 420 | 325 | 891 | 1,054 | 307 | 314 | 447 | 808 | 764 | 886 |
| Current Investment | 0 | 114 | 1 | 120 | 58 | 110 | 106 | 150 | 0 | 0 |
| Other Current Asset | 420 | 211 | 890 | 934 | 249 | 205 | 341 | 658 | 764 | 886 |
| Total Assets ⓘ | 564 | 1,519 | 2,117 | 2,267 | 2,662 | 2,520 | 2,706 | 4,127 | 4,051 | 4,918 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -20 | 214 | -65 | 304 | -161 | 137 | -64 | 1,107 | -434 | 793 |
| Cash Flow From Investing Activity ⓘ | -89 | -966 | -8 | -94 | -907 | 452 | 554 | -1,202 | 677 | 93 |
| Cash Flow From Financing Activity ⓘ | 193 | 758 | 277 | -94 | 663 | -573 | -375 | 24 | -164 | -939 |
| Net Cash Flow ⓘ | 84 | 6 | 204 | 117 | -404 | 17 | 115 | -71 | 78 | -53 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Operational & Financial Ratios |
||||||||||
| EPS (₹) | 17 | 14 | 11 | 20 | 5 | 29 | 73 | 46 | 14 | 19 |
| DPS (₹) | 4 | 5 | 6 | 9 | 10 | 20 | 70 | 55 | 35 | 17 |
| BVPS (₹) | 29 | 154 | 163 | 175 | 262 | 264 | 269 | 265 | 64 | 68 |
Performance Ratios | ||||||||||
| ROA (%) | 25.7 | 9.9 | 4.8 | 7.2 | 1.7 | 9.7 | 24.5 | 11.9 | 12.1 | 15.1 |
| ROE (%) | 72.8 | 15.8 | 7.2 | 11.9 | 2.3 | 11.1 | 27.5 | 17.3 | 21.5 | 28.9 |
| ROCE (%) | 60.4 | 18.9 | 10.2 | 15.5 | 1.9 | 13.2 | 27.7 | 17.0 | 17.0 | 23.3 |
Valuation Parameters | ||||||||||
| Price/Book(x) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 4.6 | 6.3 | 6.8 | 10.0 |
IIFL Wealth Management is a public limited company incorporated under the Companies Act, 1956. IIFL Wealth Management is one of the leading wealth management companies in India and is the investment and financial advisor in the High Net Worth Individuals (HNI) and Ultra HNI segments in India and abroad. The journey and success of IIFL Wealth & Asset Management could, in equal measure, be attributed to the commitment and tenacity of its team and conducive demographic and investment environment in the country.
IIFL Wealth pioneered the concept of charging an advisory fee instead of commissions bringing transparency to all their dealings and inspiring clients’ trust. The strong value proposition held the firm in good stead and was integral in cementing its position in the industry.
Business area of the company
IIFL is registered with SEBI as stock broker, depository participant, research analyst, portfolio manager and distributor of financial products. The company mainly acts as wealth manager and provides services relating to financial products distribution, advisory, portfolio management services by mobilizing funds and assets of various classes of investors including High Networth Individuals
Services offered by the company
Awards
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2012
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2015
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2019
2020
Milestones
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