360 ONE WAM

“If you actually see the growth in TBR, it is going to happen in a more late-single digits to early double digits way as opposed to the growth in ARR AUM, which obviously has the benefit of having flows and also getting a mark-to-market growth.”

“ARR AUM grew 24.3% year-on-year to ₹2,52,627 crores.”

“Retention improved to 79 basis points from 71 basis points in Q1.”

“360 ONE Plus, our advisory platform, has now crossed ₹1 lakh crores.”

“With productivity improving and a growing feeder pipeline into UHNI, we expect the business to break even on direct costs soon.”

“With the business reset behind us, ET money is now built for profitable growth.”

“The UHNI segment continues to grow at 13 - 15%, and monetization events such as IPOs, block deals, stake sales, keep releasing liquidity to promoters and families.”

“In terms of margins, I'm not quite sure that there's a kind of dramatic impact on margins.”

“In the last quarter we’ve seen at least 4 transactions where we’ve seen flows come out of dilution or sale of unlisted businesses.”

“We're seeing a little bit of interest come back in India from a pure flows’ perspective.”

“I think we have always seen a tougher capital market environment does help us in terms of getting market share out of other banks and wealth managers.”

“ARR now contributes 79% of operating revenues, and ARR retention improved to 79 basis points from 74 basis points in Q1, driven by higher carry income for the quarter.”

“I think still we've got some productivity gains to achieve, especially on the employee cost side. I think we'll continue our journey and keep it going over the next 12 - 18 months.”

“I think there on the advisory side, I think retentions would be in the 35 - 40 basis points range.”

“I think the core advisory revenue remains in that ZIP code of 20-25 basis points on the absolute large guys and coming to the 30-35 basis points to the mid-size large mandates.”

“But I think if I look at the relationship, overall, I think we are coming back to the same 65 - 72 - 73 basis points overall.”

“On the Alternate asset side, I think we definitely need to put in 3 - 4% of our AUM as our sponsor capital.”

“If we can double our profits over the next 3.5 years and, honestly, don’t see any need to raise capital.”

“I think ₹7,400 crores and we are effectively, you add another close to ₹1,600 crores or thereabouts coming from UBS.”

“In public markets, fund performance was strengthened, and our SIF strategy has gained traction with Dyna-SIF AUM crossing ₹1,000 crores.”

“So, there we do typically equity brokerage around about ₹4.5 - 5 crores a month. That we’ve been able to pick up to close to around about ₹8 - 9 crores a month.”

“During the quarter, we launched and mobilized funds across categories, including multi-stage AI fund, defence and space fund, ARISE credit fund.”

“The board approved a second interim dividend of 7.5 per share.”

“Yeah, so I think Ashish obviously joins in a senior leadership role and, along with me, will be kind of spearheading the business.”

“And I think potentially Ashish and the two other people who are joining with him add to that leadership strength.”

“So, I think, to be honest, over the first six - eight months is really about getting into the business, kind of integrating, spending time where his key strengths are.”

“During Q2, carried interest from third-party funds contributed approximately ₹60 crores.”

“Employee costs were ₹342 crores, up 19.9%, and include a one-time impact of about ₹9 crores from restructuring of one of our businesses.”

“Other income was negative ₹44 crores this quarter, primarily on account of mark-to-market impact on our treasury investments.”

“So, fair value change on account of NSE is close to about ₹110 - 120 crores, which is largely invested through our funds.”

“One, obviously, there's a little bit of carry reversal on account of the carry which had already got recognized. But on the flip side, with the NSE listing, a couple of our funds have come into carry.”

“We remain mindful of the near-term challenges, including market volatility, competition, evolving regulation, and pressure on costs.”

“So, that’s the only large fund, I think, which is up for redemption, which is around about ₹3,000 - 3,500 crores.”

“So, we’ll have to plan for that and ensure that our launches reflect that redemption.”

“Now, coming to our performance for the quarter, total AUMs stood at about ₹9 lakh crores, up 31% year-on-year.”

“and ARR net flows of ₹12,482 crores during the quarter, compared to ₹10,815 crores in Q1.”

“Revenue from operations was ₹896 crores, up 17.5% year-on-year.”

“ARR revenue grew 27.5% y-o-y to ₹706 crores.”

“Transaction and brokerage income was ₹190 crores, down 9.1% year-on-year.”