In a quarter marred by geo-political tensions, INDIGO IN's yield declined 4.9% YoY to Rs4.98 (PLe Rs5.05) while load factor was down 220 bps to 84.6% (PLe 85.6%) resulting in a top-line miss of 2.5%. However, FX adjusted EBITDAR margin of 28.6% was broadly in-line with our estimate aided by 21.9% YoY fall in fuel CASK to Rs1.38 amid fall in ATF prices and reduction in less fuel-efficient damp lease aircrafts. Fall in aircraft and engine rentals due to subsiding AoG issue is likely to be a key factor in ensuring CASK (ex-fuel & ex-forex) remains...