Growth perks up, worst of assets quality is behind; Maintain BUY Shriram Transport Finance Company (STFC) has been showing consistent improvement mainly on operational front led by highest growth in the disbursement over last few years along with strong growth in operating profit. Its disbursement grew by 43.8% YoY and 13% QoQ to Rs151bn owing to strong growth in new CV financing business and healthy growth in used CV segment. Consequently, AUM improved by 21% YoY and 5.9% QoQ to Rs953bn. Reported NIM on AUM remained almost stable at 7.5% QoQ (+55bps YoY) led by decline in cost of fund. As a result, STFC's operating profit grew by 24.3% YoY and 5.3% QoQ to Rs14.2bn. However, headline asset...