Big 4 accounting firms achieve $4 billion revenue in India
The Big 4 accounting firms, Deloitte, Ernst & Young (EY), KPMG, and PwC, have hit a whopping $4 billion in annual revenue from their local operations in India, as reported by The Economic Times. This impressive growth showcases the strengthening ties between Indian companies and accounting firms, extending beyond audits and tax support. In the past year alone, the combined revenue of the Big 4 surpassed Rs. 32,700 crore, emphasizing the broadening range of services they provide in India.
Expanding into consulting and technology services
Once primarily focused on audit and tax services, the Big 4 has been shaking things up in recent years to grab a bigger piece of the high-demand advisory and technology services pie. This shift has been fueled by the rapid integration of technology in the workplace, especially during the COVID-19 pandemic. In fact, more than half of the Big 4's revenue now comes from advisory services.
Pivotal role in India Inc's expansion
Sanjeev Krishan, Chairperson and CEO of PwC India, shared that corporations have faced major disruptions in recent years, opening doors for the Big 4 to be part of their transformation journey. As Indian companies flourish economically, mid-level firms broaden their horizons, and new firms and start-ups secure capital for growth, the Big 4 are poised to play a crucial role in offering financial and advisory expertise to India Inc.
India among top 3 countries for listed companies
The Big 4's growth in India is particularly noteworthy, considering the country ranks among the top three globally for the number of listed companies. As Indian firms continue to refine their decision-making processes and invest in cutting-edge technologies, these accounting giants are likely to enjoy even greater success in delivering a diverse array of services beyond their traditional audit and tax offerings.
