ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this was more than offset by the strong performance in distribution, MTF books and investment banking revenue. Resultantly, ISEC's 3QFY22 revenue at INR9.4b (+52% YoY) was 10% higher than our forecasts. PAT at INR3.8b (+42% YoY) was ahead of our estimates by 11%, while the C/I ratio inched up 90bp sequentially to 45.9% driven by 11% rise in other expenses (mainly marketing costs and technology investments)....