SHTFs construction equipment (CE) finance subsidiary surprised negatively. It reported huge loss of Rs 2.3bn led by sharp rise in NPLs (Rs 4.8bn, 5x QoQ). On standalone basis, business was as usual and on expected lines. Core (Rs 10.8bn, 19%) & net earnings (Rs 3.2bn, 7%) were inline led by NIM uptick (fourth consecutive qtr) 3bps QoQ and stable growth trend in AUMs, 11%. High PCR of 80% kept provisions elevated at ann. 2.2%.