We maintain BUY with a TP of Rs 1,280 (+15.6%) based on 8.0x Dec 20E EV/EBITDAR. Driven by a 27.8% YoY increase in RPKMs and a 4.5% YoY increase in yields, INDIGO reported a 28.1% YoY increase in 3QFY19 revenue to Rs 79.2bn (+7.2% vs. expectations, driving the beat). Despite revenue growth INDIGOs adj. EBITDAR plummeted 17.6% YoY to Rs 16.0bn as unit fuel costs remained elevated at Rs 1.58 (+27.3%/1.4% YoY/QoQ), while unit non-fuel costs at Rs 2.14 increased 3.6%/-6.5% YoY/QoQ. RPAT at Rs 1.9bn came in much ahead of our estimate of a loss of Rs 2.5bn.