India powered the emerging markets growth for global business services and advisory network PwC, it said on Tuesday. PwC India churned out revenue growth of 19.3% for the year ended 30 June, 2016 over the previous year.
This powered a 10.3% growth in Asia, which along with Central & Eastern Europe (10%), recorded the fastest growth in the PwC network. PwC did not give a country wise break-up of its revenues in Asia.
Deepak Kapoor, chairman PwC India network of entities, said, “PwC India, has yet again recorded one of the highest growth rates in the PwC network. Goods and Services Tax (GST), audit rotation, Government services, FinTech, data analytics and cyber security are just few of the opportunities that the Indian marketplace is currently providing and we are fully engaged to make the most of it.”
Overall, the PwC network reported total global gross revenues of $35.9 billion for the fiscal year ended on 30 June with constant exchange rate (local currency) growth of over 7%. The PwC network firms operate in 157 countries providing assurance, advisory and tax services.
PwC said more revenue growth is coming from developing markets – particularly Asia where India and China reported strong performances. Asia revenues grew to $4.39 billion last year.
In North America and the Caribbean its revenues grew 8% boosted by a strong performance from the US, it’s largest market in the world. In South and Central America, revenues were up 9%.
In Western Europe growth was steady, up 6%. Central and Eastern Europe posted robust revenue growth of 10%.
Advisory services revenues grew the fastest (8%) to $11.5 billion. The strong market for deals positively impacted its tax operations, with revenues increasing 7% to $9.1 billion. In addition there was continuing strong demand for compliance, corporate consulting and business structuring work globally, it said. In FY16 PwC’s $15.3 billion assurance business grew 6%.
PwC brought on board a record level of new joiners to the network, adding 58,081 people in FY16, including 26,780 graduates. Overall PwC’s global headcount grew by over 7% to more than 223,000 people. The largest increases in workforce were in the strongly-growing markets of Asia and Central and Eastern Europe.
Like this report? Sign up for our daily newsletter to get our top reports.