The company’s profit for the first quarter ended June 30 came in at 2.05 billion rupees ($24.7 million), from a loss of 7.89 billion rupees a year ago.

The airline also reported a profit of 168.6 million rupees for the quarter ended March 31, compared to a loss of 4.58 billion rupees a year before.

SpiceJet is reporting quarterly results for the first time since February, having delayed releasing its March-quarter numbers as a key member of its audit committee was ill.

The airline has been scrambling to raise funds and restore operations for about a fourth of its fleet, which has been grounded amid battles with its lessors over payments, as competition heats up fiercely in the sector.

Top shareholder Ajay Singh said last month he would infuse 5 billion rupees into the troubled carrier, as it looks to return to full operations.

In February, aircraft lessor Carlyle Aviation Partners acquired a 7.5% stake in the company’s cargo unit SpiceXpress.

Additionally, top airline IndiGo (INGL.NS) and new entrant Akasa Air capitalised on troubles at SpiceJet and GoFirst, eating into their market shares.

SpiceJet’s market share stood at 4.4% at the end of June, latest data from the aviation regulator showed, compared to 9.5% last year.

Overall first-quarter revenue was down 22% at 18.44 billion rupees, while expenses fell 37% as fuel costs nearly halved and foreign exchange losses narrowed by 99% due to the airline operating fewer flights.

SpiceJet’s load factor, or the passenger carrying capacity being utilised, improved to 90% at June-end from 86.4% last year.

The Directorate General of Civil Aviation (DGCA) inspected a total of 23 aircraft and made 95 observations as part of the procedure. It also conducted 51 spot checks of SpiceJet’s aircraft across 11 locations in India.

The findings were routine in nature and were not considered significant by the aviation watchdog, the sources said, adding that the airline undertook the required maintenance action to address the DGCA’s findings.

The DGCA had put SpiceJet under enhanced surveillance earlier this month as the airline scrambles to resolve its financial issues. However, SpiceJet denied any such developments at the time.

The regulatory decision came at a time when SpiceJet was in the process of settling dues with various lessors seeking repossession of its aircraft.

The airline did not immediately respond to Reuters’ request for comment on the regulator’s latest move.

SpiceJet’s top shareholder and Managing Director Ajay Singh will inject $61 million into the troubled airline to return it to full operations.

The carrier has been looking to raise funds to restore operations for about a fourth of its fleet that has been grounded.

SpiceJet’s shares rose as much as 4.9% after the announcement