We upgrade to BUY with a revised TP of Rs 165, based on 14x Dec-19-EPS. SpiceJets 3QFY18 results were ahead of estimates on better than expected yield and load factor. Revenue grew 26.8% to Rs 20.8bn, as yield was higher by 8.8%. Adj. PAT was up 68.3% at Rs 2.4bn. ASKM/RPKM growth was strong at 15.5%/18.8% respectively, with passenger growth at 18.2%.