Jan 01, 1970, 05.29 AM | Source: CNBC-TV18
Ernst and Young is the biggest of the 'Big 4' in India. The accounting firm's revenues are estimated to have topped Rs 300 crore for FY05.
Just a year back, E&Y found itself in a crisis, with half a dozen ex-Anderson partners quitting the firm. The partners may have gone but the business has not, especially the over Rs 100 crore tax practice that has pushed E&Y to the top. For this it has to thank Arthur Anderson that merged its India practice with E&Y after the Enron debacle.
Coming a close second is Price Water House Coopers with just under Rs 300 crore in revenue. It is a bit disappointing for the firm, which, till recently occupied the No.1 spot. However, PWC still retains the no.1 rank in the audit arena.
It is a close battle for the third position - both Deloitte and KPMG earned close to Rs 200 crore each. KPMG would have edged comfortably ahead, except that the AF Ferguson merger with Deloitte last year boost its topline by Rs 30 - 35 crore.
At fifth position is Ambit-RSM, the first Indian accounting firm to cross Rs 100 crore in revenue. The firm's strong tax and corporate finance division are raking in all the moolah.
Experts say Indian firms though still have a long way to go. Former Partner of E&Y, Nawshir Mirza says,"It is very difficult for Indian firrms to grow big Indian companies will have to go global in a big way so that our firms can then ride on their back."
While the figures mean good news for accounting professionals, who get to make big bucks. For the smaller Indian CA firms it may be the begining of difficult times.
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