The Indian divisions of the Big Four accounting firms—Deloitte, PwC, EY, and KPMG—have outperformed their global counterparts in revenue growth during FY24. Driven by strong demand for consulting and technology services, their combined revenues are projected to surpass ₹45,000 crore by FY25, according to a report.
FY24 revenue insights
Industry estimates suggest that the Indian operations of these firms earned approximately ₹38,500–₹38,800 crore in FY24, as assessed by professional services experts and independently verified. This far exceeds the global growth rates of the Big Four, which remained modest in US dollar terms:
- KPMG grew 5.4% to $38.4 billion
- EY posted a 3.9% increase to $51.2 billion
- PwC recorded 3.7% growth, reaching $55.4 billion
- Deloitte saw 3.1% growth, totalling $67.2 billion
In comparison, the Indian branches delivered impressive double-digit growth:
- EY: Revenue grew by 16–17% to over ₹13,400 crore.
- Deloitte: A 29% surge brought revenue to ₹10,000 crore, including royalties.
- PwC: Achieved 22% growth, reaching ₹9,200 crore.
- KPMG: Grew by 5.5–10%, earning ₹5,900–₹6,200 crore.
Consulting services drive growth
The growth in India was largely fuelled by consulting services, including management, technology, and risk consulting, which contributed over ₹25,000 crore in FY24. EY alone generated over ₹8,000 crore from consulting. This segment is expected to grow further, with revenues projected to reach ₹30,000–₹32,000 crore by FY25.
Global Capability Centres (GCCs)
Global Capability Centres (GCCs) were a major revenue driver, particularly for EY, which earned over ₹3,600 crore from GCC-related work in FY24. Despite challenges like the collapse of EY’s Project Everest, which aimed to split its audit and advisory divisions, the firm maintained strong performance in India, supported by mid-market clients and government services.
Challenges and opportunities
While the Big Four continue to perform well, growth has slowed compared to previous years due to economic uncertainties and cautious business spending on technology transformation projects. Integration of AI and other global challenges have also tempered expansion.
Tax services, however, remained steady, contributing over ₹6,000 crore to the Big Four’s revenue in FY24, with EY’s tax division alone generating ₹1,900 crore. Deal advisory services, covering areas such as due diligence and corporate finance, brought in over ₹2,800 crore collectively.
Workplace challenges and future focus
Concerns over workplace pressure came to the forefront after the tragic death of a 26-year-old EY affiliate employee in 2024, sparking discussions about work-life balance.
Looking ahead, GCC-related work is expected to be the primary growth driver in FY25, as companies seek support in establishing and managing India-based operations. However, revenue-sharing tensions with international partners, particularly in the US, may pose challenges for the Indian divisions.
