PAT grew 23% QoQ and 125% YoY to INR1.65b (9% beat) in 3QFY22. The beat on profitability was driven by a) a 2% beat on operating revenue (up 17% QoQ and 105% YoY to INR3.5b) owing to a 5% beat on interest income, whereas net brokerage revenue was in line with our expectation; b) a 4% beat on other income (growth of 5% QoQ and 85% YoY); and c)...