SHTFs 4Q earnings include the merger of the CE subsidiary (for FY16) and thus, are not comparable. The merger added AUM of Rs 16.3bn (2.2% of total) and GNPAs of Rs 8.9bn, i.e, 23% of total NPAs and 1.2% of AUM. The 150DPD shift weighed on earnings by ~Rs 3.2bn, incl. Rs 156mn for interest reversals.