India’s low-cost carrier SpiceJet posted a 77.1 percent decline in its third-quarter profit on Monday, hurt by higher crude oil prices and forex losses amid intense competition.

The airline's standalone net profit, which excludes results of units SpiceJet Merchandise and SpiceJet Technic, was 550.7 million rupees ($7.74 million) for the quarter ended December, compared with 2.40 billion rupees a year earlier, the airline said.

Passenger yields, a measure of fares and distance flown, rose eight percent during the quarter. SpiceJet had the third- largest market share in the quarter, unchanged from the previous three months, according to the airline regulator.