The company had recorded a net proft of Rs 129.63 crore (Rs 1.29 billion) in the third quarter of last fiscal.
However, the total income increased 21.78 per cent to Rs 1,499.03 crore (Rs 14.99 billion) for the third quarter from Rs 1,230.90 crore (Rs 12.30 billion) in the year-ago period, the company informed the Bombay Stock Exchange.
Jet Airways, which announced on Thursday it would acquire rival Air Sahara for $500 million dollars (about Rs 2,300 crore) in cash, was last month allowed by the Reserve Bank to hedge fuel outside India.
The airlines, which is already flying to international destinations like London and Singapore, is still awaiting landing rights in the US.
Jet shares ended down 2.2 per cent at Rs 1,125.15 on Friday.