One of India’s largest domestic professional services firms has joined BDO International. Haribhakti Group includes the consulting firm BDO Haribhakti Consulting and the audit practice Haribhakti & Co.
The group has 700 staff, including 12 partners and 11 operating directors. It reported combined turnover of INR290 million ($7 million) for the year ended 31 March 2008.
Headquartered in Mumbai, the group has offices in Delhi, Bangalore, Kolkata, Hyderabad, Jaipur, Vadodara, Pune and Ajmer.
Haribhakti Group provides audit and assurance services, business and risk assurance, taxation, corporate finance, transactions advisory and knowledge process outsourcing services. It has clients in the public and private sectors, across sections including SMEs, Indian Fortune 500 companies and Economics Times 500 companies. The group specialises in serving clients in the banking and financial services sector, telecoms, pharmaceutical, retail, information technology and real estate.
Chief executive Sunil Sharma said the Haribhakti Group joined BDO after it had outgrown its previous international affiliation with the former Moores Rowland International network.
In terms of market position, the International Accounting Bulletin understands Haribhakti Group is one of the larger mid-tier firms although far smaller in size than the Big Four.
In this publication’s recent survey of the Indian profession, Haribhakti Group would have been placed as the third largest mid-tier group – only behind Nexia India (INR521.3 million) and RSM International (INR500.6 million), which are both associations of independent firms.
Sharma predicts BDO membership will help the group grow across all services lines. He said the group will work with BDO International member firms on joint assignments in risk advisory, tax and corporate finance domains, amongst others, and audit/attestation will remain largely for inbound work.
Shailesh Haribhakti, executive chairman and managing partner of Haribhakti Group, anticipates the group’s workforce will grow to more than 3,000 staff within the next five years.