The Indian arms of the Big Four—Deloitte, PwC, Ernst & Young (EY), and KPMG—outperformed their global counterparts in FY23 revenue growth, driven by strong demand for consulting and technology services. As per industry estimates, their combined revenue reached Rs. 38,500-38,800 crore (US$ 4.49-4.53) and is projected to exceed Rs. 45,000 crore (US$ 5.25 billion) by FY25. Deloitte India grew by 29% to Rs. 10,000 crore (US$ 1.17 billion), PwC by 22% to Rs. 9,200 crore (US$ 1.07 billion), and EY by 16-17% to over Rs. 13,400 crore (US$ 1.56 billion), while KPMG posted 5.5-10% growth to Rs. 5,900-6,200 crore (US$ 688.21-723.20 million). Most growth was led by consulting services, which generated over Rs. 25,000 crore (US$ 2.92 billion) in FY23, with EY contributing Rs. 8,000 crore (US$ 933.16 million).
Tax services remained a stable revenue source, exceeding Rs. 6,000 crore (US$ 699.87 million), while the deal advisory segment contributed Rs. 2,800 crore (US$ 326.61 million). Global capability centres (GCCs) emerged as a key driver, with EY generating Rs. 3,600 crore (US$ 419.92 million). However, challenges persist, including slower growth due to economic uncertainties, a cautious corporate approach to tech projects, and tensions over revenue sharing with global partners. Additionally, workplace stress concerns resurfaced after a tragic employee death at an EY affiliate. Moving forward, GCC-related work is expected to drive growth. However, global uncertainties like the potential revival of Project Everest by EY may reshape industry dynamics in 2025.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
