Mazars sees Forvis tie-up propelling it among top 8 accounting firms in India

French-headquartered audit, tax and advisory firm Mazars is looking to significantly expand its India operations.

“We are a strong firm and a big challenger in the market. We will be a large player in India in the times to come up,” India managing partner Bharat Dhawan exclusively told ETCFO. He did not disclose the firm’s latest revenue number (FY23) but said India is a key market for Mazars.

Dhawan is banking big for India's growth on the firm’s latest US business combination with a large accounting firm there, Forvis. The combination which was announced November 16, is effective from June 1, 2024. Dhawan reckons the combination would push Mazars among the top 8 accounting firms in India. Currently, the Indian market is dominated by the Big Four firms--EY, Deloitte, PwC, and KPMG.

"After the combination, Mazars overall would become a global network of about $5 billion in revenue. The combination would result in significant revenue for Mazars India. We will have a strong positioning now in consulting especially in the financial services sector," Dhawan said.

Mazars is eying 25% growth from India in the coming few years, expecting faster momentum in its tax and advisory lines. Currently, the firm’s 50% business comes from audit, while the rest 50% is split between advisory and tax. In FY23, Mazars India saw 22% overall growth.

“We expect strong growth momentum from across all our lines of audit, advisory, and tax. The opportunities are plenty, but tax and advisory lines have a relatively low base, and the growth is expected to be faster. So, over a period of time, we foresee one-third of our revenues coming each from audit, tax, and advisory lines,” Dhawan said.

Mazars' India chief also hailed regulations and further advocated for mandatory joint audits for corporations.

Talent

Mazars aims to take its workforce to 5,000 in India over the next five years as it plans to scale up its operations in the world’s fastest-growing economy. Currently, its strength is 1,300.

The firm is planning to hire mostly senior managers, managers, and senior consultants.

“We would say there is no lack of talent, but getting the best talent has always been a challenge. We have the processes to retain and source good talent,” signed off Dhawan.