PwC India is anticipating a historic milestone, projecting gross revenue to surpass ₹9,000 crores in the current fiscal year. Sanjeev Krishan, the chairperson, expresses confidence in achieving this remarkable feat, attributing it to robust growth across all business segments.
Impressive Growth Across Lines of Service
- PwC India’s assurance, tax, and advisory services are individually experiencing growth rates exceeding 20%, with the advisory segment leading the way. This reflects the success of the ‘new equation strategy’ set in August 2021.
Exceeding Aspirations
- Originally aiming to reach a revenue of $1 billion and expand the PwC family to 25,000 people, the company has now surpassed these goals.
- With a current staff of 27,000, PwC India is on track to achieve its revenue target by the end of the fiscal year.
Strategic Approach in a Competitive Landscape
- Facing increased competition and rising corporate demand for technology-driven services, PwC India has developed a strategy focusing on four key sectors, four platforms, five competencies (including cloud, digital, and cyber), and global capability centers (GCCs) and managed services.
Adaptation to Market Trends
- In response to client feedback and the evolving post-Covid landscape, PwC India has adapted its market approach.
- This includes fostering greater collaboration within an ecosystem, emphasizing high-priority clients, a sector-led approach, and targeting the captive opportunity with a more structured strategy.
Tech-Driven Growth and Alliances
- PwC India’s alliances with Oracle and SAP, along with the acquisition of Venerate Solutions, have proven instrumental in the tech-driven services space.
- The firm highlights the growth in the transformation business and risk service line, riding the digital transformation wave.
Shifting Dynamics
- Consulting areas within PwC India are gaining prominence over traditional strengths like auditing and taxation.
- This shift is evident in the internal restructuring, merging management consulting and technology consulting practices into a new unit named ‘One Consulting.’
Investment in Evolution
- As part of its commitment to evolving market requirements, PwC India has increased its investment budget from 5% to 10% of revenue over the last three years.
- Notably, the firm has pledged over ₹600 crores for employee training and development in the next three years.
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