Vora said the company’s channel checks to gauge consumer response to telecom tariff hikes revealed that users now view mobile charges like petrol prices — a necessary expense that cannot be avoided, even with price increases. This, he said, sets the stage for sector leaders to comfortably implement tariff hikes, if not annually, then at least every alternate year, ensuring a steady rise in revenues year after year. Besides, the industry structure also favours investing in a company like Bharti Airtel, Vora said.

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"Telecoms right now is a sector in which the dynamics are much better compared to what we had in history,” Vora said. He points out that ten players once competed aggressively; today, “the minimum threshold requirement for entry into the sector will be $25 billion and even if you want to enter, you do not have spectrum available."