SpiceJets 4QFY17 results came in below expectations. Revenue grew by 10% to Rs 16.3bn, below our expectation of 12%. This was primarily owing to higher-than-expected yield pressure, and the decline of other operating income. During the quarter, yield was down 5.6%, against expectation of 4.6%. Adj. PAT was down 41% at Rs 0.4bn.