Standalone PAT of Shriram Transport Finance Company's (STFC) was way below ours and street expectations due to 153% yoy and 104% qoq rise in provision expenses that stood at Rs8.6bn. Higher provisioning was primarily due to movement towards 150 day NPA recognition and providing for merged equipment finance loan book. Notwithstanding shifting of GNPA recognition criteria to 150 days from 180 days earlier and merging highly-stressed equipment finance loan portfolio, STFC's gross NPA ratio rose to 6.2% in Mar'16 compared to 4.3% in Dec'15. Relatively lower rise in gross NPA than our expectation and earlier management guidance as well has surprised us positively. Its...