In a remarkable turnaround, the Indian arms of the Big Four—Deloitte, PwC, Ernst & Young (EY), and KPMG—have shown impressive performance, surpassing their global counterparts in terms of revenue growth. The fiscal year 2023 saw these companies collectively generating a revenue of Rs. 38,500-38,800 crore (approximately US$ 4.49-4.53 billion), a sharp rise driven by high demand for consulting and technology services. This growth is expected to continue, with combined revenue projected to exceed Rs. 45,000 crore (US$ 5.25 billion) by FY25.

Deloitte India’s Stellar Growth

Deloitte India reported a 29% growth, reaching Rs. 10,000 crore (US$ 1.17 billion). The significant expansion was driven primarily by the firm’s diversified services, especially in consulting and technology solutions, solidifying its position as a leader in the Indian market.

PwC and EY Shine Bright

PwC India followed closely with a 22% increase, bringing its revenue to Rs. 9,200 crore (US$ 1.07 billion). EY India, however, outpaced all, growing by 16-17% to Rs. 13,400 crore (US$ 1.56 billion), much of it from consulting services, which alone generated over Rs. 25,000 crore (US$ 2.92 billion) in FY23. The consulting boom was further amplified by Global Capability Centres (GCCs), with EY generating Rs. 3,600 crore (US$ 419.92 million) from these operations, signaling the growing importance of these centres in driving growth for Indian arms of global firms.

KPMG’s Steady Performance

KPMG India posted more modest growth, increasing by 5.5-10%, reaching a revenue between Rs. 5,900-6,200 crore (US$ 688.21-723.20 million). While its growth was not as substantial as that of its peers, KPMG's consistent performance in the Indian market shows the firm’s stability, particularly in tax services.

Sector Trends and Revenue Breakdown

The tax services segment remained a reliable source of revenue for the Big Four, generating more than Rs. 6,000 crore (US$ 699.87 million). Additionally, deal advisory services contributed Rs. 2,800 crore (US$ 326.61 million). While the consulting sector continued to dominate, with the GCCs becoming increasingly important, there were challenges faced by these firms, including economic uncertainties and the cautious approach of corporates towards technology projects.

Moreover, tensions regarding revenue sharing with global partners posed an ongoing challenge. Workplace concerns also resurfaced, particularly after a tragic incident involving an employee's death at an EY affiliate, highlighting stress issues within the industry.

The Future Outlook for the Big Four India

Looking ahead, the role of Global Capability Centres (GCCs) is expected to continue driving growth in the sector. However, potential industry shifts, such as the possible revival of Project Everest by EY, could influence the competitive dynamics in 2025.

Despite these challenges, the outlook for the Big Four in India remains strong, driven by robust demand in consulting services and rising domestic economic growth. As the Indian consulting market continues to thrive, these firms are likely to further cement their dominance in the global arena.

The Upcoming IPOs in this week and coming weeks are Sat Kartar Shopping,Barflex Polyfilms.

The Current active IPO are   Indobell Insulation, Standard Glass Lining, Quadrant Future, Capital Infra Trust, Delta Autocorp, Avax Apparels, B R Goyal, Fabtech Technologies.

For more updates on executive appointments and other business developments, we encourage readers to explore related news and articles, including the latest on IPOs, share market updates, and financial strategies at:
Best IPO to Apply Now - IPO List 2024, Latest IPO, Upcoming IPO, Recent IPO News, Live IPO GMP Today - Finance Saathi
Top News Headlines - Share Market News, Latest IPO News, Business News, Economy News- Finance Saathi.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.