ISEC delivered yet another quarter of robust performance, with revenue (INR8.6b, 26% YoY) and PAT (INR3.5b, 26% YoY) beating our estimates by 9%. The C/I ratio inched up by 70bp sequentially to 45%, led by an 11%/34% rise in employee cost/other expenses (related to marketing cost and technology investments). Employee cost-to-total income stood ~20% v/s ~23% in FY21 and 29-32% over FY18-20. We have raised our FY22E/FY23E EPS estimates by ~5%/4% to factor in higher than expected traction in MTF, Distribution, and Investment...