India fastest growth market for PwC, EY in FY15

Of around 23,000 people added to EY's rolls in FY15, 50% were accounted for by practices in Europe, West Asia, India and Africa

India is turning out to be a bright spot to do business in for marquee accounting, audit and advisory firms. In their annual reports for FY15, both PwC and EY said their India business had recorded the fastest growth revenue-wise globally.

PwC said on Tuesday that India was fastest growing firm in PwC network for FY15, recording a revenue growth of 17 per cent.   “PwC India clocking the fastest growth rate in the PwC network is a reflection of the immense opportunities in the Indian market for professional services,” said Deepak Kapoor, chairman, PwC India.  India led the revenue growth in Asia for FY15, with revenue from the region growing by nine per cent to $4.1 billion. PwC firms in China and Hong Kong grew by eight per cent in the same period.  PwC India network headcount is currently pegged at 11,500. Globally PwC added 53,000 people in the last financial year.

Earlier another professional service major EY said its India business grew by 19.7 per cent in financial year ending June 2015. For EY revenues from emerging market practice grew by 12.3 per cent in FY15, as against 8.7 per cent in FY14. Another indicator of the growing importance of emerging markets for professional services firms is that 33 per cent of the 753 partner promotions earlier this year at EY came from these markets.  

EY has set a target of sourcing 30 per cent of its global revenue from emerging markets by 2020.  Of around 23,000 people added to EY’s rolls in FY15, around 50 per cent were accounted for by practices in Europe, Middle East, India and Africa.

For another audit-cum-consultancy major Deloitte, Asia Pacific has been a bright spot in FY15 with business growing to $5 billion from $4.8 billion in the previous financial year. Another member of the “big four” multidisciplinary professional services club, KPMG is also likely to report in their forthcoming annual results “similar” growth in India business as in other firms said a senior executive.  

“Consulting and risk assessment business has seen lot of traction for all the professional service firms over the last two-three years,” added a senior executive said from another audit and consulting major. The audit, consulting and advisory services market, including those for professional services, in India is pegged at around Rs 10,000 crore, and growing at 10 per cent annually.