Historical data show that an airline gains market share or improves margins amid weak competition. This was true for InterGlobe as well. Apart from expanded market share, its operating margin before depreciation and amortisation (Ebitda margin) improved to 31.2% in the June 2023 quarter from 20.9% in the March 2023 quarter despite buoyant crude oil prices at the time. Factors such as fund crunch, delays in delivery of planes and relatively weak balance sheets of rivals contributed to InterGlobe's performance.
