IIFL Wealth declares ₹17 per share dividend, 1:1 bonus shares and stock split

Market


360 One Wam (Formerly known as IIFL Wealth Management Limited) has declared its Q3FY23 results. The company declared revenue from operations of 415 Cr in Q3FY23 compared to 378 Cr recorded in Q3FY22, representing a YoY growth of 10%. Total revenues stood at 410 Cr in Q3FY23 compared to 420 Cr in Q3FY22 representing a YoY fall of 3%. The company’s total expenses reached 186 Cr in Q3FY23 compared to 222 Cr recorded in the year-ago quarter, representing a YoY fall of 16%. The company declared a consolidated Profit before Tax (PBT) of 223 Cr in Q3FY23 compared to 198 Cr posted in the year-ago quarter, representing a growth of 13% YoY. The company’s net profit reached 180 Cr in Q3FY23 compared to 155 Cr in Q3FY22, representing a growth of 16% YoY.

The company informed stock exchanges by saying that its Board of Directors has considered and approved “a) fourth interim dividend for the financial year 2022-23 of Rs. 17/- (Rupees seventeen only) per equity share of the face value of Rs. 2/- (Rupees two only) each and has fixed record date as Monday, January 30, 2023, for this purpose. The said interim dividend will be paid / dispatched on or before Saturday, February 18, 2023, subject to applicable taxess; b. sub-division of each existing equity share of face value of Rs. 2/- (Rupees two only), into 2 (two) equity shares of face value of Re. 1/- (Rupee one only) each fully paid up and consequential alteration(s)to the Memorandum of Association and Articles of Association of the Company, subject to the approval of shareholders of the Company by way of a special resolution and any other approval(s) of the concerned regulatory authorities; c. increase in the authorised share capital of the Company from Rs. 26,53,00,000/- (Rupees twenty six crore fifty three lakh only) to Rs. 50,00,00,000/- (Rupees fifty crore only) divided into 50,00,00,000 (fifty crore) equity shares of face value Re. 1/- (Rupee one only) each, as adjusted for sub-division of equity shares bearing face value of Re. 1/- (Rupee one only) each and consequential alteration to Clause V(a) of the Memorandum of Association of the Company, subject to the approval of shareholders of the Company by way of an ordinary resolution and any other approval(s) of the concerned regulatory authorities; d. issue of 1 (one) bonus equity share of the Company of face value Re. 1/- (Rupee one only) each, for every 1 (one) fully paid up equity share of face value Re. 1/- (Rupee one only) each (i.e. as adjusted for sub-division of the equity shares of the Company) subject to the approval of shareholders of the Company by way of a special resolution and any other approval(s) of the concerned regulatory authorities.”

Mr. Karan Bhagat, MD & CEO, 360 ONE WAM commented on the Q3 performance and said “The global macro environment continues to remain moderate with high inflation and interest rates raising questions on growth in the short term. This uncertainty has resulted in volatility in all asset classes over the last quarter. While we remain cautiously optimistic in the near term, the comprehensiveness of our product offerings and advisory expertise helps in enabling clients to maintain an optimal asset diversification strategy and navigate the volatility of the current investment landscape.”

“During the quarter, we rebranded ourselves to “360 ONE” which is an embodiment of two words that are extremely important to us – ‘360’ represents the holistic view we take of the ‘ONE’ person whose interests are always first: Our Client. For the quarter, despite a weak global geopolitical and macro environment, our Annual Recurring Revenue Assets witnessed healthy net flows of 10,386 Crs and ARR AUM stood at 166 K Crs up 20% over last year,” he said.

“The current quarter has seen sustained strong Profit after Tax (PAT) of 180 Crs. Our retentions remained healthy with wealth management retention at 56 bps, asset management retention at 83 bps and aggregate retention at 62 bps. Also, our cost to income in the current quarter has remained steady at ~45% as we continue to keep a sharp focus across all expense heads. We strongly believe that India’s long-term inclusive growth story places the wealth management industry in sweet spot, strongly supported by increased momentum in Tier 2 cities, inter-generational wealth transfer and sustained monetization events. We are well-positioned to optimally leverage these trends and further lead the industry with our advisory proposition and leadership in alternative investments offerings,” said Mr. Karan Bhagat.

“This quarter, our Tangible ROE has further improved to 29%. We are happy to report our fourth interim dividend of 17 and remain committed to our dividend pay-out strategy. In addition, we have also proposed a share split and bonus issue in the ratio of 1:1, respectively, subject to shareholders approval,” Mr. Karan Bhagat further added.

The shares of 360 One Wam (Formerly known as IIFL Wealth Management Limited) closed today on the NSE at 1,932 apiece level, down by 0.42% from the previous close of 1,940.10. The stock recorded a total volume of 396,090 shares compared to the 20-Day average volume of 53,682 shares.


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