New Delhi: Jet Airways reported an annual profit of Rs 426 crore for the quarter ended March 2016, compared with a loss of Rs 1,803 crore for the corresponding period a year ago.

For the first time India's second biggest airline reported its annual profit since 2007 and a year ahead of schedule under its 2014 turnaround plan.

The carrier, part-owned by Abu Dhabi's Etihad Airways, said "lower fuel costs and higher aircraft use helped it swing to a profit in the year ending on March 31 but warned that growing domestic competition was putting pressure on yields".

It lowered its debt by Rs 1,680 crore during the year but did not say what the latest debt level was.

Chairman Naresh Goyal said, "The induction of capacity and the enhanced competitive scenario is creating a constant pressure on yields".

InterGlobe Aviation Ltd's IndiGo is India's top carrier with 38.7 per cent of the market as of April.

As per the government data, Jet Airways' market share was 18.9 per cent in April, down from 23.1 per cent a year ago.