Given competitive intensity in the industry and the back ended nature of our EPS, we are compelled to downgrade our recommendation to a NEUTRAL with a revised TP of Rs 118 Driven by higher vols (RPKMs, +20% YoY) and higher yields (+4% YoY), SpiceJet printed an impressive 4Q revenue of Rs 20.3bn (+24% YoY). To our surprise, no yield pressure showed up (Rs 3.67, +4% YoY vs. Indigo at Rs 3.31, -5.5% YoY).