INDIGO's revenue increased 20% YoY (-6% QoQ) to INR58b (our estimate: INR60b). EBITDAR of INR11.2b (-16% YoY, -42% QoQ) came in significantly below our estimate of INR14.8b due to a lower yield of INR3.82 (est. of INR4.08; -4% YoY, -11% QoQ) and higher fuel cost of INR1.39 (est. of INR1.36; +10% YoY, +10% QoQ). Passenger ticket yield stood at INR3.31 (est. of INR3.51; -5.6% YoY, -10.6% QoQ). PAT of INR1.2b (est. of INR3.7b; -73% YoY, -85% QoQ) was further impacted by higher lease rentals of INR9.9b (est. of INR9.6b; +20.5% YoY, +5.2% QoQ). Higher other income of INR2.6b (est. of INR2.1b; -12.3% YoY, -5.2% QoQ) largely offset the impact of higher depreciation of INR1.3b (est. of INR1.15b; +22% YoY, +19.8% QoQ) and higher interest expense of INR927m (est. of INR837m; +19.4% YoY, +9.8% QoQ).