ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment. For the eighth consecutive quarter, revenue has been in the INR3-3.5b range. Its customer count saw a 1.5x jump. While its Prime subscription fees has scaled up (up 71% YoY), its share in overall revenue is small. Revenue for the Issuer Services segment fell 41% QoQ to INR649m. Overall revenue grew 20% YoY to INR8.9b (inline) as the negative surprise in Issuer Services was offset by a beat in the Distribution segment. PAT at INR3.8b (+42% YoY) was 6% lower than our estimate, while C/I ratio rose...