Multibagger Stock: 360 ONE Wam stock surges over 13% after net profit jumps 55.55% in Q4

livemint.com:

360 ONE Wam, formerly known as IIFL Wealth Management, saw its share price surge by 13.60% during today's early morning trading session, reaching ₹870 per share. This increase followed the company's release of strong financial results for both the March quarter and the full fiscal year FY 24. The stock's surge today marks a remarkable gain of 101.50% over the past year and an impressive nearly 200% increase over the span of three years.

For the March-ending quarter (Q4FY24) the company reported a 45.8% YoY jump in its revenue from operations to ₹573 crore, while it reported a 55.55% improvement in its profit after tax at ₹241 crore. Its annual recurring revenue stood at ₹331 crore in Q4 FY 24, a 24.3% YoY jump. Also Read: Q4 results today: Axis Bank, Hindustan Unilever, LTI Mindtree, among 23 companies to report Q4 earnings on April 24 In FY24, the company's revenue increased by 25% to ₹1,965 crore, primarily fueled by strong growth in ARR AUM and increased transactional/brokerage income.

Revenue from operations also saw a notable uptick, reaching ₹1,846 crore, marking an 18% increase. The average recurring revenue (ARR) stood at ₹1,331 crore, reflecting a 14% rise, while the combined active ARR retention remained stable at 77 basis points (bps). Specifically, wealth management retention stood at 78 basis points, while asset management retention was at 75 basis points.

Consolidated profit after tax witnessed a healthy growth of 20%, reaching ₹802 crore compared to ₹668 crore for the year ended March 31, 2023. Additionally, the company's board approved an interim dividend of ₹3.50 per share for the year ended March 31, 2025. Also Read: ICICI Prudential share price falls over 6% after Q4 results; Should you buy? During