Modest growth; Concerns persist over asset quality Shriram Transport Finance's (STFC) standalone PAT was although marginally above our expectation, nevertheless STFC continued to disappoint on asset quality front. Operating profit grew by 24.4% yoy and 8.8% qoq to Rs9.7bn led by healthy NII growth. However, bottom line growth remained under pressure due to higher provision expenses (+30.7% yoy and +5.3% qoq to Rs4.1bn). Gross NPA ratio at standalone level increased to 4.3% in 3QFY16 v/s 4.2% in 2QFY16 and 3.6% in 3QFY15 as excess rain fall impacted STFC's portfolio in few southern states....