25 October 2019 INDIGO reported a yield of INR4.0 (in-line) for 2QFY20. However, RPK of 20.2b came in below our estimate of 21.4b, resulting in net sales of INR81.1b (+31% YoY) a miss of 8%. EBITDAR was down 13% YoY to INR0.97b, led by a forex loss of INR4.5b (relating to mark-to-market due to capitalization of operating lease liabilities) and accrual of additional rental cost of INR3.2b on account of reassessment of supplementary rentals. Forex loss was at INR4.5b (v/s a loss of INR3.4b in 2QFY19 and a gain of INR0.4b in 1QFY20). The company reported a net loss of INR10.