Hi @maulik_dadhania
you can compare it with 360 one WAM [ iifl wealth] division they have stable revenue and PAT {compare quality}.
in the wealth management industry, the PAT margin is between 0.18 – 0.20% of AUA
3.6 gearing is bcz in wealth management they also provide LAS, ESOP IPO financing {lending business}
and in securities [broking] business they provide margin trade financing
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