We retain our BUY stance with a revised TP of Rs 103, based on a EV/EBITDAR target multiple of 8x on a Dec 20E EBITDAR. SpiceJet printed 3QFY19 revenue of Rs 24.9bn (+19.4% YoY/32.2% QoQ). Spicejets yield improved to Rs 4.07, +1.8% YoY (Indigos at Rs 3.86, +4.5% YoY) while load factors declined 220bps YoY to 91.6%. EBITDAR at Rs 4.6bn was above our estimate of Rs 3.0bn mainly as a result of reversal of expenses of ~Rs 250mn (on account of forex movement) and higher operating income at Rs 1bn. Other operating income was higher on account of a one-time (amount not disclosed) equipment selection incentive.