Religare's research report on Shriram TransSHTF’s Q3FY16 PAT grew 20% YoY to Rs 3.8bn, largely in line with estimates, while AUM growth at 17% YoY was the highest in the last nine quarters – led by better traction in pre-owned CVs (+18% YoY). NIMs expanded 44bps QoQ to 7.5% on lower cost of incremental borrowings and better treasury management. GNPA rose 11bps QoQ to 4.3% due to torrential rains in Tamil Nadu and a soft rural economy. We cut our Mar’17 TP to Rs 1,150 (rolled over from a Sep’16 TP of Rs 1,250) given the NPA transition issue.Though we reduce our TP to Rs 1,150 on NPA transition issues, we reiterate BUY as we believe SHTF remains the best stock to play the CV recovery cycle.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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