Given competitive intensity in the industry and the back ended nature of our EPS, we continue to maintain our NEUTRAL stance with a revised TP of Rs 101, based on a EV/EBITDAR target multiple of 8x on a Sep 20E EBITDAR. SpiceJet printed an impressive 1QFY19 revenue of Rs 22.4bn (+19.6% YoY). Unlike that of Indigo, Spicejets yield continued to move upwards and came in at Rs 4.07, +2.7% YoY (Indigos at Rs 3.62, -5.5% YoY). Additionally, the company also rationalized its costs by turning in one of its wet leases thereby reducing its lease rentals costs by 6.2% QoQ. EBITDA growth was commendable +20.4% QoQ (but -63.3% YoY) despite higher (+12.1% QoQ) fuel costs and Rs 509.1mn forex losses (on liabilities).