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Taxi Rental Business

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Radio Cabs Market ‐ Radio Cabs Market India June 2012

Executive Summary
 Radio cab market is slated top grow at a rate of z1% per annum  Business model can be differentiated into ‐ different fleet – z2 and z3 g p g g  Revenues garnered for this particular sector occurs through 2 significant heads such as z4 and z5

Drivers Drivers & Challenges
– Increase in disposable income and p p g transportation spending – Influx of tourists – Demand from corporate sector – Change in mindset  Hard and soft skills’ training for cab drivers  Increasing entertainment options inside radio cabs  Radio cabs with Wi‐Fi service

– High fares – TRAI regulation on SMS cap – Unavailability of parking space


 Collaborations with other service providers marking the sector  PE investments in the sector  Technological advancements in radio cabs  Exclusive radio cabs for women Exclusive radio cabs for women

Major Players


Company 1 Company 4

Company 2 Company 5

Company 3 Company 6



•Introduction •Market Overview M k tO i •Business Model •Revenue Model •Revenue Model •Drivers & Challenges •Government Participation •Government Participation •Trends •Competition •Strategic Recommendations Appendix •Appendix


Ease of booking and quality customer service work towards shaping growth for radio cabs in the country


Radio Cab Market – Overview
• Radio cabs business have emerged as one of the fastest growing businesses in India • Demand for radio cabs is soaring in the Indian soil especially in large cities including metros where people have enough spending power to avail of such services • Governments across different states are also encouraging growth of this sector as they believe that efficient transport service is essential for any province to grow • Another facet in this sector is the generation of revenues through advertisements which has developed as a h f h h f h h d h hh d l d major component in the a1 category

Radio Cab Market – Growth
Unit no x1

0 2011 2012e 2013e 2014e 2015e 2016e 4


Radio Cabs – Business Model (1/2)


• Radio cabs operate in a unique business model wherein the driver is known as a2 at times • He does a3, a4, a5 and a6

Radio cab hiring procedure

• For the subscriber, the business looks lucrative as the driver or subscriber has to pay `INR ‐per day and the rest of the income is completely his

a7 Radio Cab Company a8

• A9 • A10 • A11

• A12 • A13



Fares in radio cabs differ across cities in the country as decided by the State Governments
•Radio cabs are have fares higher as compared to normal cabs owing to the greater cost of operation of radio cabs •There has been hikes in fuel prices for over a considerable period of time but it h h b hik i f l i f id bl i d f i b i did not reflect any increase in radio cab fares •However, the UT Government has drafted certain alterations and spelled an increase in cab fare

Price Rise in non‐AC Radio Cabs (2011)




Pricing in a Radio Cab in India Pricing in a Radio Cab in India

0 Before Aug 2011 After Aug 2011

Price Rise in AC Radio Cabs (2011) Price Rise in AC Radio Cabs (2011)


0 Before Aug 2011 After Aug 2011



Drivers & Challenges – Summary

Challenges Drivers
Increase in disposable income and transportation spending Influx of tourists Demand from corporate sector Change in mindset High fares TRAI regulation on SMS cap Unavailability of parking space



BPO sector has emerged as the torchbearer for radio cabs as they constitute a fair percentage of revenue share
Demand from corporate sector
• ‐ and ‐ concerns who have pick up and drop facility require a constant supply of cabs at their disposal • F th f Further, for companies that have work shifts especially for night shifts, it becomes mandatory for i th t h k hift i ll f i ht hift it b d t f them to ply cars to pick up and drop employees • Radio cabs derive a fair amount of revenues from this facet of supplying cabs to these concerns • Revenues get translated into a fixed income in this aspect wherein demand for radio cabs are always constant always constant IT/BPO Sector – India


IT/BPO IT/BPO – Exports
INR bn x4 INR bn

IT/BPO IT/BPO – Domestic


0 2008 2009 2010 2011

0 2008 2009 2010 2011



Despite of popularity, high fares surface as a major setback for this sector to grow
High fares
• Fares of radio cabs are much higher than its counterparts of ordinary cabs • Owing to their high tariffs, common people do not avail of their services • Further, radio cabs operate in urban areas primarily in metros which limits its consumer base even more • As a product, radio cabs are positioned for a few section of consumers who have the spending power as well as the urge to spend in such products • Restrictions in brand positioning as well as pricing works against the sector to a certain extent as Restrictions in brand positioning as well as pricing works against the sector to a certain extent as most plebians in the country look at affordable mode of transportation • Lowering of fares is not possible for the players as they need a bare minimum to maintain their quality of service Ordinary Cabs v/s Radio Cabs – Fares Ordinary Cabs Taxi Fares
D1 D2 D3 Higher fares compared Higher fares compared to ordinary cabs aided with different charge during night time adds to more woes for this sector


Radio Cabs Radio Cab Fares
D4 D5 D6



Government Policies (3/4)


• Grants of permits to prospective operators of radio cabs are considered in b10, b11 and b13 wherein cabs will operate within b14 kms of these towns Radio Cab Scheme‐Government of Haryana Radio Cab Scheme Government of Haryana B1 B2 B3

B4 B5 B6

B7 B8 B9


Trends – Summary
Hard and soft skills’ training for cab drivers

Increasing entertainment options inside radio cabs

Radio cabs with Wi‐Fi service

Key Trends


Collaborations with other service providers marking the sector

PE investments in the sector

Technological advancements in radio cabs

Exclusive radio cabs for women


Players have started to provide training encompassing both hard and soft skills to the cab drivers


Hard and soft skills’ training for cab drivers
• Players have initiated the process of training cab drivers lest they misbehave with commuters resulting in tampering with the brand image of the player resulting in tampering with the brand image of the player • Incidents of unruly manners including indecent behaviour gestured at women have forced radio cab owners to harp on the lines of proper training and educating drivers • Training include both inter‐personal skills as well as technical knowledge in driving cabs thereby moulding them into an efficient brand representative of the brand

• P1 • P2 • P3 • P4

Cab drivers at IGI Airport were given training by airport management through means of special workshops for drivers of both regular cab as well as radio cab drivers wherein they were taught about various aspects of hospitality services as follows








Private: Domestic Company – Company 1 (1/3)
Company Information
Registered Address

Offices and Centres – India


Tel No. Fax No. Website Year of Incorporation

Products and Services Products and Services
Category Car Rental Products/Services

Registered Address

Key People
Name Designation



Private: Domestic Company – Company 1 (2/3)
Financial Snapshot i i lS h
Total Income INR mn Total Income Profit / Loss S Q P R Profit INR mn

Key Ratios K i

Particulars y‐o‐y change (2011‐10)
3.15 1.54 3.15 3.81 7.40 4.80 3.87 25.87





Profitability Ratios
Operating Margin Net Margin Profit Before Tax Margin Return on Equity Return on Capital Employed Return on Working Capital Return on Assets Return on Fixed Assets
28.58% 18.90% 28.58% 19.44% 47.56% 24.99% 19.44% 98.22% 25.43% 17.36% 25.43% 15.63% 40.16% 20.19% 15.57% 72.35% 25.68% 20.30% 25.68% 17.45% 40.08% 21.88% 17.36% 91.83% 22.41% 14.25% 22.41% 9.63% 27.11% 11.98% 9.55% 47.83%

0 2008 2009 2010 2011


Cost Ratios
Operating costs (% of Sales) Administration costs (% of Sales) Interest costs (% of Sales) Interest costs (% of Sales)
‐3.15 N.A. N.A. NA 71.42% N.A. N.A. NA 74.57% N.A. N.A. NA 74.32% N.A. N.A. NA 77.59% N.A. N.A. NA

Financial Summary
• Company incurred a net profit of INR ‐ mn in FY 2011, as compared to net profit of INR ‐ mn in FY 2010 • It reported total Income of INR ‐ mn in FY 2011, registering an increase of ‐ over FY 2010 • Earned an operating margin of ‐ in FY 2011, an increase of ‐ percentage points over FY 2010 • The company did not report any debt to equity ratio both in FY 2011 and FY 2010

Liquidity Ratios
Current Ratio Cash Ratio
9.03% 30.19% 3.04 2.09 2.78 1.61 2.76 1.83 2.79 1.94

Leverage Ratios
Debt to Equity Ratio Debt to Capital Ratio Interest Coverage Ratio
N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Efficiency Ratios
Fixed Asset Turnover Asset Turnover Current Asset Turnover Current Asset Turnover Working Capital Turnover Capital Employed Turnover
24.68% 14.67% 18.97% 18 97% 13.69% 14.21% 5.20 1.03 0.89 0 89 1.32 1.03 4.17 0.90 0.75 0 75 1.16 0.90 4.52 0.86 0.69 0 69 1.08 0.86 3.36 0.67 0.54 0 54 0.84 0.68





Private: Domestic Company – Company 1 (3/3)
Key Recent Developments (1/2)
Description News


• Has a presence in cities such as c1 c2 c3 and c4 wherein on a daily basis ~c5 passengers Has a presence in cities such as c1, c2, c3 and c4 wherein on a daily basis c5 passengers receive services by the company Overview • Has future plans of expanding in other cities as well • Its fleet includes cars such as c6, c7, c8, c9 and c10 In‐taxi deals • Boasts of an unique amalgamation of – • ‐ is available in around c11 cabs in c12 itself • ‐ works through c13 • Has announced the acquisition of c14 • Both ‐ and ‐ will be working together to introduce new product offerings


Technological add‐ons

• Has introduced c15



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