As of now, we maintain NEUTRAL with a revised TP of Rs 119, based on 12x FY19-EPS. SpiceJets 1QFY18 results came in slightly below expectations. Revenue grew 23% to Rs 18.7bn, as yield improved 4%. PAT was up 17.6% at Rs 1.8 bn. ASKM/RPKM growth was strong at 18.3%/20.5% respectively, with passenger growth at 18.4%.