VoIP to have disproportionate impact once smartphones penetrate the mid segment: We think that VoIP (especially WhatsApp calling) will severely hurt revenues from the price sensitive middle ARPU segment (50% of revenues with 40% of customers, average ARPU Rs200, predominantly urban). The bottom six operators are entirely dependent on this segment and will be severely impacted. The hit will come in two years time when smartphone penetration becomes material in this segment.
