Deloitte India is aiming to double its yearly revenue to ₹20,000 crore by 2027, striving to be the first among the Big Four firms to reach this milestone. Romal Shetty, Deloitte’s CEO for South Asia, shared this goal with ET. In FY24, Deloitte India achieved ₹10,000 crore in revenue, growing 30%, and becoming the fastest-growing Big Four firm in India, and the second to cross the ₹10,000 crore mark after EY.
Replicating Global Success
Shetty noted that Deloitte is the top global professional services firm by revenue and aims to replicate this success in India. “We hope to be the first Big Four firm in India to reach ₹20,000 crore in revenue by 2027, or even 2026,” he said. Additionally, Deloitte has an ambitious goal to reach $5 billion by 2030.
Hiring and Expansion
To meet these growth targets, Deloitte added around 2,500 employees through team hires and over 300 partners and executive directors through acquihires and promotions from June 2023 to May 2024. The firm is currently hiring 1,000 employees per month.
Growth in Key Business Areas
The consulting and risk businesses have been the fastest-growing areas, with consulting growing 45% and risk advisory 35-36%. “Our management plus technology consulting business is now the largest domestic consulting practice in India,” said Shetty. Deloitte now has about 19,000 consultants and more than 200 partners and executive directors in its consulting division. The audit and assurance businesses grew in the lower double digits, financial advisory grew 25%, and the tax group had an exceptional year, outpacing growth from the previous five years combined. “Overall, we estimated 22% growth but achieved 30%,” Shetty added.
Market Strategy and Sector Focus
Shetty has also revised Deloitte’s market strategy, focusing on sectors like financial services and government, and new areas like semiconductors and space. The firm now concentrates on 150-200 clients and has significantly increased the number of accounts worth over ₹100 crore.
Large Projects and Regional Expansion
Deloitte’s largest project now involves nearly 800 people, with several other projects involving 600 and 500 people each. Expanding into tier II cities remains a key goal, with new centers established in Bhubaneswar and Coimbatore. Coimbatore has exceeded its planned capacity of 1,000, and Bhubaneswar’s five floors may soon be insufficient.
Investments in Technology and Innovation
In the past 18 to 24 months, Deloitte has invested in a state-of-the-art technology center in Bengaluru and formed an innovation team of 200 senior people focused on creating solutions without revenue targets.
Voluntary Retirement Scheme
A voluntary retirement scheme (VRS) for senior partners was announced a few months back, but Shetty clarified there are no plans to extend it. Some partners, after 25-30 years of service, wanted to explore new opportunities while staying connected with the firm.
Addressing Regulatory Challenges
Regarding penalties from the ICAI disciplinary committee, Shetty emphasized the importance of considering multiple perspectives. “We employ nearly 5,000 CAs in India and another 5,000 globally, totaling around 10,000 CAs. Their contributions are significant,” said Shetty. He called for a comprehensive consultation process with all stakeholders.
Rising Competition
With over 3,300 partners and 150,000 employees across India, competition among top firms is increasing.
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