India's 360 One Wam loses nearly 3% on slide in Q4 earnings

360 One Wam

05/05/2023 06:50

** Shares of 360 One Wam Ltd  ONEW.NS  fall as much as
nearly 3% to 408 rupees, lowest in over a week
    ** Decline after the wealth management services provider
reports a 6% Y/Y slide in consolidated net profit for March
quarter
    ** Consolidated total income also falls 8.5% Y/Y
    ** Co declares an interim dividend of 4 rupees per share;
record date for dividend fixed at May 12, 2023
    ** "Global economic outlook continues to remain difficult
for the sector due to central bank policy actions to tackle
inflation and geopolitical concerns, says MD and CEO of ONEW,
Karan Bhagat
    ** Adds Indian markets ended FY23 with negative bias and
high volatility as a consequence
    ** Expects revival due to strong macroeconomic tailwinds,
and scope to improve reach beyond the traditional base of Tier 1
cities
    ** Muted revenues and other income led to the earnings miss,
says domestic brokerage firm Motilal Oswal Financial Services
    ** All five analysts tracking ONEW maintain "buy"; median TP
is 572.75 rupees - Refinitiv data


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))