As of now, we maintain NEUTRAL with a revised TP of Rs 145, based on 14x Sept-19-EPS. SpiceJets 2QFY18 results were largely in-line with expectations. Revenue grew 30% to Rs 18.1bn, as yield was lower by 1.9%. PAT was up 79% at Rs 1.8 bn. ASKM/RPKM growth was strong at 25.6%/28.1% respectively, with passenger growth at 31.2%.