We maintain the stock to a NEUTRAL with a TP of Rs 1,125 (-6.2%) based on 14.5x FY20 EPS. Despite a 20.6% YoY increase in 4QFY18 revenues to Rs 58bn, Interglobes earnings disappointed as EBITDAR at Rs11.2bn was down 15.7% YoY. Revenues were adversely impacted by yield at Rs3.31 (-5.5% YoY) while EBITDAR was impacted by higher fuel costs per ASKM rising 10.3% YoY. Reported PAT for 4QFY18 was down 73.3% and was impacted by foreign exchange loss of Rs925mn (4QFY17 profit of Rs2.5bn).