Big 4 India Revenues to Cross Rs 45,000 Crore in FY25
The Indian arms of the Big Four Deloitte, PwC, EY, and KPMG have outpaced their global counterparts in revenue growth for the fiscal year 2024 (FY24), driven by high demand in consulting and tech consulting services. At the current rate, their combined revenue is projected to surpass Rs 45,000 crore in FY25.
According to industry estimates from two independent professional services firms, the Big Four’s Indian operations reported impressive growth, with total revenue reaching an estimated Rs 38,500-38,800 crore for FY24. Globally, the parent firms experienced moderate revenue growth in FY24, with KPMG leading at 5.4%, followed by EY at 3.9%, PwC at 3.7%, and Deloitte at 3.1%. These growth figures, expressed in US dollar terms, were disclosed by the firms.
In stark contrast, the Indian subsidiaries performed significantly better. EY India saw a robust 16-17% growth, reaching revenue of more than Rs 13,400 crore. Deloitte India experienced a notable surge of 29%, generating Rs 10,000 crore, including royalty from its global headquarters. PwC India posted a 22% growth, totaling Rs 9,200 crore. KPMG India’s revenue increased by 5.5%-10%, amounting to Rs 5,900-6,200 crore, according to industry insiders.
Deloitte India is expecting further growth in FY25, with a forecast of 23-25% revenue expansion. Romal Shetty, CEO of Deloitte South Asia, emphasized that more than 60% of the company’s revenue now comes from various consulting services. In fact, the consulting segment has emerged as the primary revenue driver for all the Big Four in India, with a strong focus on management, technology, and risk consulting, which together generated over Rs 25,000 crore in FY24. EY India alone surpassed Rs 8,000 crore in consulting revenues.
Looking ahead, consulting revenues for FY25 are expected to rise significantly, with estimates predicting a combined total of Rs 30,000-32,000 crore. As Sanjeev Krishan, PwC India chairperson, stated, the firm remains committed to generating trust and delivering outcomes for clients, with particular focus on climate initiatives, business model reinvention, and capitalizing on opportunities in India, including the expansion of global capability centers (GCCs).
EY’s GCC segment was particularly strong, surpassing Rs 3,600 crore in FY24, bolstered by significant contributions from mid-market clients and government services. The collapse of EY's Project Everest, a global initiative aimed at separating the firm’s audit and advisory functions, had no adverse effect on its Indian operations. Despite these challenges, EY India's performance remained robust throughout the fiscal year, as shared with employees during town hall meetings after the closing of FY24.
Meanwhile, non-Big Four firms also registered strong growth. Grant Thornton Bharat, for instance, reported a 30% increase in FY24 revenue and anticipates similar growth in FY25, as stated by Milind Kothari, CEO of BDO India.
Although growth has slowed compared to the past two years—attributable to the economic slowdown and base effects—consulting projects in technology transformation have also cooled. Many corporations have paused tech transformation initiatives due to ongoing economic uncertainties and the complexities of integrating AI, adopting a more cautious approach compared to the post-Covid boom.
Among the major revenue streams, tax services remained a steady performer. Collectively, tax services revenue exceeded Rs 6,000 crore across the Big Four in FY24, with EY's tax division, led by Sameer Gupta, surpassing Rs 1,900 crore. Growth in tax services is expected to range from 12% to 23% in FY25, driven by demand for compliance work, Pillar Two assignments, and transfer pricing services. Deloitte anticipates a growth of 22-23% in this segment.
In the deals space, including due diligence, corporate finance, valuation, and post-deal structuring, the Big Four firms generated more than Rs 2,800 crore in revenue combined. However, the growth in these areas has been tempered by global uncertainties, with some firms facing growing tension regarding revenue-sharing agreements with partners in other regions, particularly the US.
A notable incident that drew attention in September 2024 was the tragic death of Anna Sebastian Perayil, a 26-year-old chartered accountant employed at an EY affiliate. Her mother alleged that an overwhelming workload contributed to her demise, leading to a wider conversation about workplace pressure at the top professional services firms.
Looking to the future, the key growth driver for Deloitte, PwC, and EY in FY25 is expected to be the expansion of global capability centers (GCCs) in India, helping clients establish, transition, and manage their operations in the country. Despite this promising outlook, the ongoing friction between the Indian arms of the Big Four and their global counterparts over revenue and profit-sharing arrangements could present challenges.
In the coming years, all eyes will be on EY and whether Janet Truncale will revisit the ambitious Project Everest 2.0, a potential move that could reshape the global landscape of the professional services industry. As the Big Four continue to dominate the Indian market, their
