Mumbai: The Indian arms of the Big Four — Deloitte, PwC, EY and KPMG — outpaced their global parents in FY24 revenue growth numbers, fuelled by strong demand for consulting and tech consulting services, with their combined revenue expected to surpass Rs 45,000 crore by FY25 at the current run rate.The Indian outposts scored an estimated Rs 38,500-38,800 crore in FY24, as per industry assessments by two professional services firms that were independently verified by ET.Globally, the firms recorded moderate revenue growth in FY24 (in US dollar terms): KPMG led with 5.4% ($38.4 billion), followed by EY at 3.9% ($51.2 billion), PwC at 3.7% ($55.4 billion), and Deloitte at 3.1% ($67.2 billion), as per the numbers made public by them.Their Indian arms reported significantly higher net growth in FY24. EY grew 16-17% to more than Rs 13,400 core in revenue, Deloitte by 29% to Rs 10,000 crore, including royalty from HQ, while PwC grew 22% to Rs 9,200 crore.117003209KPMG revenue grew between 5.5% and 10% to Rs 5,900-6,200 crore, as per people with direct knowledge of the matter.“We will grow 23-25% in FY25. For Deloitte India now, more than 60% of revenue comes from various consulting services,” said Romal Shetty, CEO, Deloitte South Asia.Most of the growth at the Indian firms in FY24 came from consulting services — management, technology, and risk consulting — generating over Rs 25,000 crore, with EY surpassing Rs 8,000 crore. Consulting revenues are expected to reach Rs 30,000-32,000 crore in FY25, based on current run rates.“Generating trust and delivering outcomes for clients remain key for PwC, with focus on climate, business model reinvention, and opportunities in India, including global capability centres,” said PwC India chairperson Sanjeev Krishan.For EY, the global capability centre (GCC) segment led revenues, crossing Rs 3,600 crore in FY24, with strong contributions from mid-market clients and government services. The collapse of Project Everest, which had aimed to separate the EY audit and advisory businesses, had no impact on EY India’s performance in FY24. The EY leadership shared the FY24 numbers with the employees during town hall meetings after June closing.Even non-Big Four firms like Grant Thornton Bharat registered good growth. “We grew by 30% in FY24 and will do a similar number in FY25,” said Milind Kothari, CEO, BDO India.To be sure, the top firms are currently experiencing slower growth in India compared with the previous two years, as the base effect and a slowing economy weigh on performance. Across firms, tech transformation consulting projects slowed as corporates paused amid economic uncertainties and AI integration challenges, shifting from post-Covid growth to a cautious wait-and-watch approach. Top firms often provide select partners with visibility into real net revenue figures but add to their top line by including GST, client-billed expenses, and outsourced projects when sharing results internally or with visiting global executives.TAX SERVICES Across firms, tax services remained a steady revenue driver with combined revenues exceeding Rs 6,000 crore in FY24 — EY tax, led by Sameer Gupta, crossed Rs 1,900 crore.Assessments suggest tax services growth will range between 12% and 23% in FY25, fuelled by compliance work, Pillar Two assignments, and transfer pricing mandates. “We expect to grow in tax by 22-23%,” said ShettyPillar Two refers to the payment of tax by global organisations in all the jurisdictions where they have operations.In the deal space—due diligence, corporate finance, valuation and post-deal structuring—the firms crossed Rs 2,800 crore revenue combined. While the firms have been thriving business-wise, a wake-up call on workplace pressure came in September 2024 with the death of 26-year-old chartered accountant Anna Sebastian Perayil, employed at an EY affiliate. In a letter to EY India chairman Rajiv Memani, Perayil’s mother alleged that an “overwhelming” workload had contributed to her demise.In FY25, the single-biggest growth driver for Deloitte, PwC and EY is expected to be work related to GCCs, assisting clients in setting up, transitioning, and managing India operations.However, growing friction with partners in other geographies, especially the US, over revenue and profit-sharing is becoming a challenge for the Indian firms.In 2025, the pressing question for the firms globally and in India remains: Will EY’s Janet Truncale embark on Project Everest 2.0—a move with the potential to reshape the industry