Grant Thornton
India Annual Review Report 2017

Grant Thornton
India Annual Review Report 2017

Calling all innovators,
achievers and go-getters

You seek to move business forward.
We do what it takes to help you succeed.

By asking the right questions

By thinking into the future

By focusing on quality.

We are Grant Thornton

Welcome to Status Go.


Grant Thornton is today considered the ‘Indian Big5’ Firm across our assurance, risk, tax, digital and growth businesses and the challenger of the Status Quo. Our nearly 3,500 people in India now operate from more than 20 locations - offices and project locations.

I am really proud of how we have transformed as an organisation over the last year and even more so about how we have been able to make a real difference to shaping a more Vibrant Economy and in the process transforming India.

We are making real progress on our big 2020 goal of becoming the 'Most Recommended Firm'. The data and stories in this Annual Report are a testament of that spirit of each and every Grant Thornton family member and indeed of all our clients, who are making a difference everyday by believing in our promise of ‘Status Go’. Thank you for helping us play a small role in making India more Vibrant.

Vishesh C Chandiok

Chief Executive Officer


Client Satisfaction Index score firmwide (out of 10)


Client Satisfaction Index score firmwide (out of 10)


revenue growth from ET50


revenue growth from ET50


growth from Fortune50


growth from Fortune50

We serve

45% of ET500

53% of ET150

60% of ET50

We serve

45% of ET500

53% of ET150

60% of ET50

Client success

We serve clients of all sizes and in all industries, but there is one thing they all have in common: They work with a professional services firm that listens closely and executes with speed and quality.

"Grant Thornton embodies the spirit of partnership by providing support without boundaries to enhance our objective of rapid sustained growth."

Jagdish Jajoo, Vice President
Corporate Accounts and Taxation, Glenmark Pharmaceuticals

Clients play an active role in India Growth story as we help them internalise key reforms.

Glenmark is a leading global innovation-led, integrated pharmaceutical company committed to the cause of enriching lives. In the run-up to the implementation to one of India’s most ambitious reforms, Goods and Services Tax (GST), businesses of all sizes were looking for partners for smooth transition and impact analysis before July 2017.

Said Jagdish Jajoo, Vice President-Corporate Accounts and Taxation, Glenmark Pharmaceuticals, “Grant Thornton embodies the spirit of partnership by providing support without boundaries to enhance our objective of rapid, sustained growth."

Grant Thornton’s association with Glenmark began in 2016 when the firm was roped in to prepare a dossier capturing intricacies of business operations and first cut of GST impact analysis. This helped the client understand GST impact areas along with likely positive/negative/neutral impact on various operations.

More recently, in 2017, the firm conducted analysis on Indirect tax cost versus GST cost and impact on identified divisions and transactions with transition plan. This helped client in decision-making for smooth GST implementation.

Said, Biren Vyas, GST Subject Matter Expert, “Glenmark was ahead in terms of GST planning and implementation of tax, building a business efficient structure successfully. Our collaborative effort brought efficiency."

Grant Thornton’s work for Glenmark is a testimony to its collaborative approach. While the Assurance team identified this opportunity, providing quick understanding of company’s business and functioning, the Tax team conducted an in-depth analysis with multiple options.

"What made the engagement complex was the absence of clear indicators or leads that could be pursued."

Senior executive of a global consumer products company

The India Firm successfully carried out a very complex investigation on irregularities involving a senior C-Suite executive.

A US-based listed global consumer products company engaged Grant Thornton to handle a complex and sensitive investigation into allegations against a senior C-Suite executive and some employees in the management team. The allegations were made by a whistle-blower.

Given the seniority of the executive, the investigation process had to be handled carefully with no room for any leaks associated with data, documents and interviews. Said Vidya Rajarao, Forensic Advisor, “In a nutshell, the ask from the client was to conduct the investigation discreetly and in strict conformity with legal requirements.”

Said the client on the condition of anonymity, “What made the engagement complex was the absence of clear indicators or leads that could be pursued. Grant Thornton’s team, led by the head of the concerned practice, completed the review with undivided attention, meeting the tight deadline set by us.”

Considering the investigation was complex and time-sensitive, Grant Thornton put together a team of experts, led by the forensics partner, to oversee the engagement on a daily basis. Further, resources from Grant Thornton US were mobilised to assist in tracing certain conflicts and relationships of the C-Suite executive.

Based on review of data, extensive interviews, field searches and market intelligence procedures, we were able to substantiate the allegations against the C-Suite executive in question. Our report and findings were presented to the company’s legal counsel in India and in global headquarters. Based on our report, the senior C-Suite member and other employees were terminated, vendor contracts were cancelled and new protocols were instituted to plug internal control gaps and prevent recurrence.

“It is a daunting task to take on the role of auditors of a company which was attached to a partner for 30 years. Grant Thornton managed this transition quite well.”

Gaurav Kumar, Chief Financial Officer
Apollo Tyres

Our promise of ensuring a ‘one-Firm experience’ convinced the client to choose us as their partner for growth.

Apollo Tyres Limited is a global tyre company with manufacturing in six locations and operations in over 40 countries worldwide. While a major accounting company was auditing the Indian company Apollo Tyres for more than 30 years, most of the overseas entities of the Group were audited by Grant Thornton’s member firms.

Said Gaurav Kumar, Chief Financial Officer, Apollo Tyres, “It is a daunting task to take on the role of auditors of a company which was attached to a partner for 30 years. Such situations are never easy. I am glad to acknowledge that Grant Thornton managed this transition quite well.”

Our firm was appointed as the auditors of the Indian company from Q1, 2017 onwards. Our promise of ensuring ‘One-Firm experience’ was the key reason why the client chose us.

Grant Thornton began the transition by meeting all key divisional heads followed by visits to key manufacturing locations to gain understanding of the client’s operations. Simultaneously, our Firm liaised with our Dutch colleagues for the quarterly review and assistance in resolving outstanding matters for their ongoing project. Immediately after completing our first limited review, the company decided to raise funds through QIP route. We were able to support the client in concluding the fund raising activity timely, winning their trust and confidence.

Said Anupam Kumar, Chartered Accountant, “Apollo was provided with a distinct Grant Thornton experience by focussing on three key areas: continuous client engagement and dialogue, internal collaboration and future readiness.”

To keep pace with Apollo’s dynamism, the India Firm is currently evaluating more services that we can be offered including digitech and data analytics, tax consulting, transfer pricing advisory and IT audits.

“Thanks to team Grant Thornton. They deserve appreciation for helping us establish equivalence.”

Sandeep Batra, CFO
Crompton Greaves Consumer Electricals Ltd

Through a collaborative approach adopted during internal audit, we helped Crompton in stabilising and automating its multiple processes.

Crompton Greaves Consumer Electricals Ltd are the leading manufacturers of consumer products, ranging from fans, light sources and luminaires, pumps to household appliances. With a turnover of INR 4000 crore and employee strength of 1600, it is one of the fastest growing consumer electrical companies in India.

We began our journey with Crompton in 2015. The company was on a tremendous growth trajectory and wanted to make sure that processes and controls don’t falter as they expand their footprint across the country by growing organically as well as inorganically. Apart from internal audit, Grant Thornton assisted the SAP implementation team in defining controls in the system.

Now, we are working with the leadership team to identify the key risks facing the organisation across multiple business segments.

Said Crompton’s chief financial officer, Sandeep Batra, “Thanks to team Grant Thornton. They deserve appreciation for helping us establish equivalence.”

Following our good performance at Crompton, we have been appointed as Internal Auditors for the new investment made by Advent India PE Advisors Pvt Limited who have also invested in Crompton.

Said Naveen Malpani, Risk Advisor, “Our team at Crompton is considered as one of their own, providing high-quality deliverables and practical value added recommendations aligned with client’s short term and long-term goals. Our philosophy was cohesive and simple: Provide solutions which address their specific needs and deliver quality results rather than selling all available solutions to them.”

“With its performance, Grant Thornton has now embedded itself in ‘The Hi-Tech Gear’ strategy, as a partner for future growth.”

Deep Kapuria, Chairman
The Hi-Tech Group

Our Firm delivered a highly complex cross-border leveraged buyout, which was the first for the client, placing the company on the global map of automotive components.

The Hi-Tech Gears is a Tier 1 automotive component manufacturer producing transmission and driveline components for top domestic and global customers including Hero, Cummins, Bosch, Daimler, Chrysler, among others.

Said Deep Kapuria, Chairman, The Hi-Tech Group, “Footprint in North America had been a part of our growth strategy. The deployment meant addressing multiple dimensions of the strategic process, complexities of funding and nuances of a first time cross-border acquisition. We were looking for an advisor who could assess opportunities and risks and come up with an optimal solution.”

In addition to handholding during the acquisition advisory process spanning nearly 12 months, another pivot was of debt financing the acquisition with total ring-fencing to the listed Indian company. This necessitated running a full scale parallel financing process alongside acquisition advisory.

In a short span, the India Firm’s journey with the client has seen many defining moments. 2016 marked the first phase as Grant Thornton led an Internal Audit for the Indian operations team. This was followed by the completion of a successful leveraged buyout acquisition in Canada in 2017 which nearly doubled the company’s profitability.

According to Sumeet Abrol, Growth Advisor, uniqueness of the Grant Thornton experience is about delivering out of the box solutions. “We also believe in stretching the boundaries to redefine what’s normal. This has helped us deal with overarching complexities of a multi-dimensional cross-border acquisition process to deliver a transformational transaction to the client,” he said.

“With its performance, Grant Thornton has now embedded itself in ‘The Hi-Tech Gears’ strategy, as a partner for future growth, added Kapuria.”

Grant Thornton is currently engaged with the client strategically for developing and navigating its 2022 Growth Plan.

“Team Grant Thornton was very engaged and professional in approach and we look forward to a long partnership.”

Suresh Sundaram, Executive Director

Since Mentis was going to do a fundraise for the first time in India, it was crucial to onboard a partner who had in-depth domain knowledge along with the right go-to market strategy.

Mentis is a data security company that specialises in technologies of data masking, encryption and tokenisation. It has over 30 customers across North America, South America and Europe in sectors like BFSI, Education, Healthcare, Aviation and Retail.

With the objective of growing exponentially, Mentis had been looking to enter new geographies and capitalise on the recent privacy and information security regulations. The company approached Grant Thornton to assist with a fundraise.

Said, Vidhya Shankar, Growth Advisor, “Mentis is a classic example of an emerging business with strong tailwinds on the back of GDPR changes that affects all industries, particularly financial services due to increasing cybersecurity threat. Mentis is fit to take on other IT behemoths, given the agility, its progressive technology and pricing to address the underserved market.”

Grant Thornton commenced work in May, 2017. Our team understood the client’s business operations, prepared Information Memorandum, financial model and a transaction strategy that would create maximum value. After successfully pitching to potential financial as well as strategic investors, we were instrumental in achieving a commitment of Pre Series A funds in December, 2017 for Mentis. We are now assisting the client with its Series A funding.

Said Suresh Sundaram, Executive Director, Mentis, “Though we did not complete the full raise due to large deal conclusion, we successfully closed the round. As we plan to do the next Series A in 2018, we have the base to build on. Team Grant Thornton was very engaged and professional in approach and we look forward to our long partnership.”

“On the back of the successful first round, Grant Thornton has been mandated to fulfil the CFO services and set up the Indo-Swiss entity,” added Vidhya.

"MSMEs is where real innovation happens. There needs to be a different mechanism to support MSMEs so that industries can flourish in India."

Mr. T. L. Satyaprakash, IAS, Director
Town and Country Planning, Haryana

Great work is not just about putting things in the right perspective and offering the most effective solution. It’s about creating a lasting effect.

Today, Haryana is a well-recognised manufacturing hub in North India, supplying products for key industries including Textile, Leather, Automotive and Engineering. More than 95 percent of approximately 100,000 manufacturing enterprises in Haryana come under the category of Micro Small and Medium Enterprises (MSMEs), making them the largest contributor to exports and employment generation.

With offices in each district, Department of Industries and Commerce is the nodal department for facilitating MSME development in the state. So far, the focus of the Department was limited to ensuring availability of developed industrial plots for MSMEs. It did not have the industry connect, funding and more importantly, understanding of diverse competitiveness issues of MSMEs like technology infusion, skill development, access to finance andmarkets, among others.

Said Mr. T. L. Satyaprakash, IAS, Director, Town and Country Planning, Haryana, “MSMEs is where real innovation happens. There needs to be a different mechanism to support MSMEs so that industries can flourish in India.”

In 2011, Grant Thornton engaged with the Departmentto conceptualise a programme targeting key competitiveness challenges of MSME clusters in the state. The programme utilised GoI’s grant of more than INR 170 crore for establishing common facilities in clusters benefitting 15 MSME clusters and 20,000 MSME units. Under the programme, three common facilities are expected to be commissioned during FY 2017-18, followed by two more in FY 2018-19.

In an interesting turn of events, the success of Grant Thornton’s programme also triggered a policy shift. For the first time, the state government in Haryana, notified a scheme for cluster development under its industrial policy with 90 percent funding to be disbursed from the state treasury. This will benefit 25 additional clusters. Said Kunal Sood, Public Sector Growth Advisor. “It is professionally most satisfying when the impact of one’s work is tangible. And icing on the cake is client adopting our programme as a development policy. Going forward, this will be beneficial for the region which contributes almost 5 per cent of the country’s GDP.”

Grant Thornton’s deep expertise in cluster development focused on MSMEs in manufacturing sector, result-driven approach, understanding of client constraints and flexibility in structuring a solution, were some of the differentiating factors that helped the team surpass client expectations.

Our success story is spreading fast. Grant Thornton has been engaged by state governments of Punjab and Uttarakhand for executing similar assignments.

“Together with Grant Thornton, we are building a stronger organisation every day.”

Bhagyashri Dengle, Executive Director
Plan India

Over the years, in its role as a strategic partner and adviser, Grant Thornton has assisted Plan India to build functional expertise in line with its 5-year Country Strategic Plan IV.

With the objective of achieving the targets of its 5-year Country Strategic Plan IV, it was crucial for Plan India to expand its organisation and partner network. They were looking for a strong and reliable partner to strengthen their internal controls, monitoring and evaluation framework.

Said Bhagyashri Dengle, Executive Director, Plan India, “Together with Grant Thornton, we are building a stronger organisation every day. Our relationship continues to grow, and will certainly help us achieve our goal to impact the lives of 10 million girls.”

Our relationship with Plan India began seven years back when we engaged with them for project/grant and sponsorship audits. Between 2009-2014, our team shared key insights and valuable recommendations with the client. In 2014-15, Plan India’s senior management team and the engagement team considered challenges and requirements of achieving aggressive growth targets under the strategic plan. We customised the approach and service delivery.

Soon, Grant Thornton was appointed to conduct management audits of key functions, followed by the client outsourcing its procurement function to us as well.

Said, Rohit Bahadur, Not-for-Profit Sector Advisor, “Our relationship with Plan India has grown. Our cultures match, we have a well-earned reputation for understanding the needs of a growing not-for-profit organisation, and we are laser-focused on creating solutions that add value.”

Vikas Gambhir, Director, Not-for-Profit Risk Advisor, said, “This association is unique as we are able to expand the scope of our work by delivering with capabilities the client didn’t know we had. Values of ‘collaboration’ and ‘communication’ strengthened the client’s faith in us.”

Currently, we are working on a partner empanelment exercise for Plan India across five states to facilitate the identification and due diligence exercise of grassroots NGO partners.


IBC network

The International Business Centre (IBC) network has 52 Directors and 49 International Liaison Directors (ILD). The mandate for both is to proactively grow international business for the network and strengthen the relationship among network firms. Setting up and overseeing global country corridors comes within the purview of India IBC. This network also has a key role to play in Grant Thornton’s Growing Together 2020 strategy.



global offices


countries served by GRC

New and emerging capabilities

To help our clients move into the future with confidence, we are developing new capabilities to meet their needs and overcome their challenges. In this sampling of emerging capabilities, see where Status Go is taking clients next.


We recognise technology’s crucial role in today’s dynamic business environment. Expanding our offerings, we are determined to assist our clients in unlocking the potential for growth through a greater digital orientation. We have amalgamated Digital Transformation, IT Advisory & Information Management and Analytics into a new offering, DigiTech. Our DigiTech team brings a fresh perspective to our clients by reimagining their businesses and services in the digital era and helps them define and implement their digital strategies.

Insolvency, Recovery and Reorganisation

The Recovery and Reorganisation services at Grant Thornton in India provides restructuring services to lenders. Our services cover the entire spectrum of the lending cycle. Our Insolvency services help recover value for various stakeholders through a formal insolvency process to deal with corporate debt which is guided by a regulatory framework established as per the Insolvency & Bankruptcy Code, 2016 (IBC). We have a large dedicated team of restructuring professionals.


We’re committed to delivering exceptional quality and seeing continuous improvement in this area. But quality means more to us than any one statistic. Quality remains the foundation of all we do in our firm. It’s tied to excellence, one of our firm’s core values, and drives all our processes and protocols.

PCAOB inspections

No engagement

performance issues identified in the last two PCAOB Inspections


At every stage of its evolution, an organisation stands out for its people and the culture they nurture. It is our belief that culture is what we want to be known for as a Firm. It is our collective expression that defines who we are.

At Grant Thornton, by consistently living our organisation’s values, we are creating an ecosystem which responds to our clients’ needs with agility. The Firm stands behind each individual and becomes the force of change; by way of defining systems and processes that facilitate expression of individual potential. As we strive towards building a better working world, we are confident that we will do what it takes to achieve our purpose by living our values.

CLEARR values are the foundation of everything we do


Ask for help, Give help | We work well together


Have courage and inspire others | We challenge each other to be the best we can be


Find a better way every time | We never get complacent


Think broadly, act quickly | We thrive in change


Listen and understand, be forthright | We create honest relationship


Use influence wisely | We own actions


Ranked No.1

in Training & Development in India among Accounting Firms

Universum 2017


India's Top


Most Attractive Employers

Universum 2017

Improvement in hiring in the last one year


Direct Sources


Employees Referral


Social Media



Monica Kothari

"A flexible and transparent culture"

Approachable leadership and openness in acceptance of ideas paves the way for quick decision-making, which differentiates our Firm from the rest.

Jean Dsouza

"Perfect place to learn"

I have been a part of the Grant Thornton family for 10 years. I can positively correlate my own growth story with the Firm’s growth story. The Firm has provided a perfect incubator for me to learn, develop my skills and progress in my career.

Lloyd Pinto

"Ability to think and act like an entrepreneur"

We don’t have a top-down or policy-driven approach from people who are managing service lines. We give people the freedom to experiment along with a great degree of flexibility.

Community engagement

Our commitment to supporting our communities is embodied in our culture and the way we engage our colleagues, our clients and the world around us. Through our many community-focussed initiatives, we aim to improve quality of life for all, especially underprivileged children.


Grant Thornton employees contributed to Joy of Giving initiative

Read more

INR 3,18,005

worth of contribution made

Read more


causes were supported for the underprivileged children

Read more


children’s education has been sponsored across India

Read more

We celebrated our third Global CSR Day in Sep 2017 and touched the lives of over 2274 underprivileged children across 7 cities

More than 300 Grant Thornton employees dedicated 1500 working hours in serving and educating 2274 underprivileged children across seven cities in India.
Over the past two years, Grant Thornton in India has been focussing on building awareness among school going children on health and sanitation. The theme remained the same in 2017 with an emphasis on educating the kids on waterborne diseases.

Go with us

This is Grant Thornton:

Status Go.

Follow us and see where we can take you next.


Our Indian Healthcare clients cover 68% of the sector’s Market Capitalisation


62% Revenue Growth in Public Sector


Our Indian Real Estate clients cover 60% of the sector’s Market Capitalisation

Our teams collaborate across service lines and share their deep experience in the following industries:

  • Consumer, Retail & E-commerce

  • Healthcare

  • Manufacturing & Automotive

  • Technology, Media and Entertainment

  • Real Estate & Construction

  • Financial Services

  • Public Sector

  • Start-up


Grant Thornton India clients doing business internationally.


Member firms of Grant Thornton International Ltd serving clients in 130 countries

Our growth journey

  1. 1283



    Partners and directors


  2. 1463



    Partners and directors


  3. 1804



    Partners and directors


  4. 2878



    Partners and directors


  5. 3011



    Partners and directors


  6. 3176



    Partners and directors




Grant Thornton delivers tailor-made assurance services accentuated by impeccable quality to our clients in local and global marketplace. Our assurance services cover the following:

  • Attestation expertise international standards (ISA, IFRS, PCAOB, AICPA)
  • Financial reporting advisory expertise


We at Grant Thornton help clients minimise tax exposure and highlight the risks presented by constantly evolving and increasingly complex legislation.

Our expertise includes:
  • Direct Tax
  • Dispute Resolution
  • BFSI
  • Transaction Tax
  • Regulatory
  • US Tax
  • Indirect Tax
  • Transfer Pricing


Estimating the worth of a business or an asset is never straightforward. Performing valuations is getting more complex with continuous changes in the regulatory and business environment. Our valuation services are broadly classified into the following:

  • Business valuation for restructuring/purchase/sale/litigation
  • Valuation for regulatory compliance
  • Valuation for financial reporting purposes
  • Intangible assets valuation
  • Private equity valuation.


Our experienced forensic accountants, field investigators, lawyers, computer forensic experts and corporate intelligence specialists assist businesses in putting together a robust mechanism to battle fraud-related incidents. We create value for clients by knowing their business relation, developing compliance framework, taking anti-bribery measures, monitoring actions and resolving disputes. Our Governance, Risk and Operations (GRO) team helps our clients recognise and mitigate risks by setting up robust business processes, institutionalising the right internal controls, improving the use of information technology and achieving operational performance improvements.