Indian budget carrier SpiceJet Ltd. reported a six-fold jump in fiscal fourth-quarter profit after it settled borrowings worth $90.8 million from Canada’s export development agency at a discount. 

Net income was 1.19 billion rupees ($14.1 million) in the three months ended March 31, compared with 169 million rupees a year earlier, it said in a statement Monday. 

The airline reported delayed results for the third and fourth quarters of the financial year ended March 31. Companies in India are typically reporting results for the three months through June. SpiceJet didn’t respond to an email seeking an explanation for the delay.

Revenue for the March quarter fell 23% to 15.7 billion rupees, while total costs fell 10%. The company recognized a gain of 5.7 billion rupees after it settled borrowings from Export Development Canada for a lower amount. 

SpiceJet shares on Tuesday extended Monday’s gains to rise as much as 7.2% during trading in Mumbai. Gains over the two sessions this week have narrowed the stock’s decline this year to 3.7%. 

The earnings come as a boost for the beleaguered airline, which is trying to bolster its balance sheet by cutting costs and protect its share in India’s highly competitive aviation market. The firm slashed jobs, settled disputes worth over $50 million and raised about $45 million in fresh capital during the quarter. It also leased 10 new planes to increase capacity ahead of the peak summer travel season. 

‘Exploring Opportunities’

“We are exploring opportunities to raise fresh funds to further bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market,” Chairman Ajay Singh said in the statement. 

The low-cost carrier had a 5.4% share of India’s air travel market in the quarter, down from 6.9% a year earlier, according to data from the nation’s aviation regulator. 

The carrier also reported a loss of 3 billion rupees for the fiscal third quarter, after delaying those results. 

India’s top airlines are laying out ambitious plans to boost market share and ensure survival in a nation that’s become known for its string of failed carriers. Air India Ltd. is merging with Tata and Singapore Airlines Ltd.-owned Vistara, while rival IndiGo is planning a premium product to win over business travelers after grabbing over 60% of India’s market.

--With assistance from Bhuma Shrivastava.

(Adds share price move in the fifth paragraph.)

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