IIFL Wealth Management (IIFLWAM)'s 3QFY21 PAT grew 32% YoY to INR966m. The 21% beat was driven by healthy revenue and higher other income, partially offset by an increase in operating expenses. In 9MFY21, core revenue (excluding other income) was largely flat at INR6.5b, while PAT was up ~30% YoY to INR2.7b. Excluding the impact of other income, core operating profit was down 10% YoY to INR2.3b. Our earnings estimates remain largely unchanged for FY22/FY23E. We expect a...