Core earnings improvement continues; Maintain cautious outlook Shriram Transport Finance's (STFC) standalone PAT was although marginally above our expectation, nevertheless it continued to disappoint on asset quality front. Operating profit grew by 19.3% yoy and 3.9% qoq to Rs8.9bn led by healthy NII and securitisation income growth. However, bottom line growth remained muted due to higher provision expenses (+27.1% yoy and flat qoq to Rs3.9bn). Gross NPA ratio at standalone level increased to 4.2% in 2QFY16 v/s 4.1% in 1QFY16 and 3.74% in 2QFY15 as poor...