Deals at a glance: Q3 CY24

PwC India

Dinesh Arora
Partner and Leader Deals
PwC India

The third quarter of 2024 showcased a dynamic economic landscape

characterised by varied performance across sectors. Gross domestic product Select PwC advised deals
(GDP) growth eased to 6.7% year-on-year (YoY) in Q1 FY25, down from 8.2% in
Q1 FY24, mainly due to reduced Government spending and severe heatwaves. Wipro Infrastructure
Private consumption grew by 7.4%, driven by robust rural demand and a shift in Engineering
festival days. Investment growth slowed to 7.5%, primarily due to cuts in both
central and state governments’ capital expenditure. Exclusive financial advisor to
Overall deal activity remained relatively stable with a total of 561 transactions, Wipro Infrastructure Engineering
demonstrating a slight increase in merger and acquisition (M&A) transactions, for the acquisition of Columbus
which effectively counterbalanced a decrease in private equity (PE) activity in Hydraulics, US
terms of volume. When analysing the disclosed deal values, M&A transactions
exhibited a modest rise. Conversely, the disclosed deal values for PE transactions Wipro Infrastructure
experienced a significantly larger decline, with a reduction of 35%, indicating a Engineering
cautious investment approach.
Sector wise, the retail and consumer sector led with 92 transactions, totaling Exclusive financial advisor to
USD 1.9 billion. The telecommunication sector, with only three deals, recorded an Wipro Infrastructure Engineering
extraordinary deal value of USD 4.124 billion, driven by one large deal. Promising for the acquisition of Mailhot
sectors included electric vehicles, financial services, non-power infrastructure and Industries, Canada
real estate, showing significant growth potential based on deal activity and value.
The Indian IPO market experienced a significant boom, with the highest volume ONGC Green
recorded in a single quarter this year. IPOs rose by 54% in Q3 CY24, with
mainboard IPOs increasing by 86% and SME IPOs by 47%. Exclusive financial advisor to
As we move forward, we remain hopeful that the market will harness its potential ONGC Green for the acquisition
and maintain a trajectory of robust growth and development. of PTC Energy Ltd

PwC thought leadership reports

Global M&A industry trends: GenAI in Tech, Media and How we helped Wipro Pari Driving the market growth
2024 Mid-year outlook Telecom: From concept to expand global presence of electric vehicles in India
reality

PwC India LinkedIn PwC India Deals Community PwC India Deals
Market snapshot
Deal volume Deal value (USD billion)
30.3
627
564 561
495 23.0
19.7 20.2
410 17.4 18.5
368 341 335
309 22.2
272 286
250 252
223 210 229
12.3 12.2 12.1 13.2
160 158
9.78.8 10.8
7.5 8.1 7.0
5.1

Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24
M&A PE Total M&A PE Total

Q3 recorded a total of 561 transactions, comprising 252 USD 10.8 billion in Q2 CY24. This reflects shifting investment
M&A deals and 309 PE investments. We saw a 10% strategies or a temporary reassessment of risk within the PE
uptick from the 229 deals recorded in Q2 CY24 in M&A, ecosystem. We saw a divergent trend between M&A and PE
underscoring a renewed vigour in corporate consolidations average ticket sizes. While M&A deals are becoming larger,
and strategic partnerships. PE investments maintained a PE deals are moving towards smaller investments with the
stable trajectory in Q3 CY24, which was slightly lower from average ticket size for M&A deals rising by 14% to USD 93
the 335 transactions in Q2 CY24 but significantly higher million and PE deals falling to 27% to USD 27 million since
than the previous quarters. This slight decrease of 8% does the last quarter.
not overshadow the overall positive trend observed this
Domestic deals observed a surge to 173, which is an 8.8%
year from the last year. One of the highlights of Q3 CY24 is
rise from Q2 CY24 and 71.3% YoY increase. Outbound,
the remarkable 57.5% increase YoY in M&A transactions
specifically, was more than double from Q3 CY23, reflecting
compared to Q3 CY23, where only 160 deals were recorded.
an increased interest in international expansion.
The quarter recorded a total disclosed deal value of USD
High-value deals (USD 500 million and above) saw a drop
20.2 billion. From USD 5.1 billion in Q2 CY23 to USD 13.2
from 7 last quarter to 5 in this one. This is the lowest in the
billion in Q3 CY24, M&A deal values have more than doubled,
past 6 quarters. On the other hand, there is a consistent
highlighting a strategic emphasis on M&As as a growth
interest in sub-USD 10 million deals throughout the year,
vehicle. With PE deals accounting for USD 7 billion, we
possibly due to smaller investment deals around startups.
experienced a substantial 35% decrease from

Deals wrap up: Q3 CY24

561 USD 20.2 billion 173 USD 4 billion
Announced deal volume Disclosed deal value Domestic M&A deals Largest deal

Top announced deals: Q3 CY24

Target Seller(s) Buyer(s) Deal type Deal Deal value
nature (USD million)
BT Group Altice UK Sarl Bharti Enterprises Outbound Strategic 4,062
(BhartiTeleventures UK) investment
Bharat Serums Advent International LP Mankind Pharma Domestic Strategic 1,622
and Vaccines acquisition

India Cements EWS Finance & Investments, Sri UltraTech Cement Domestic Strategic 1,146
Saradha Logistics and private acquisition
individuals

GeBBS ChrysCapital Investment Advisors, EQT Private Capital Asia PE Buyout 855
Healthcare Playa Technologies, Vijay Singh
Solutions Thakor

Lanco Damodar Valley Corp, DEG, IDFC, Adani Power Domestic Corporate 489
Amarkantak IFC, Lanco Infratech, SJVN, Lanco insolvency
Power Thermal Power, PFC Projects, REC resolution
process

2 | Deals at a glance: Q3 CY24

Sector watch
Q3 CY24 showcased a dynamic and varied landscape Top 10 sectors: Deal volume wise
of deal activities across multiple sectors. The retail and
consumer, technology, and FinTech sectors led in deal 92
volume, while the power and pharma sectors stood out in
terms of deal value. 79
2,550
The retail and consumer sector emerged as the leader
again in terms of deal volume with 92 transactions, totaling
USD 1.9 billion. This sector’s continued high deal activity
underscores its resilience and ongoing attractiveness to 1,940 1,930
investors, driven by demand, diversity and market expansion.
The technology sector recorded 79 deals with a total value of 45
43
USD 1,417 million, underlining the critical role of innovation 1,417 40
37
and digital transformation. Despite a lower deal volume,
the power sector recorded a substantial deal value of USD 1,183 1,165
29
1,930 million across 37 transactions, indicating high-value 26
investments in energy projects. The pharma sector, with only 839 21 20
753 756
21 deals, achieved the high deal value of USD 2,550 million,
underscoring significant capital flows into pharmaceutical
advancements.
114
Telecommunication sector, despite having only three deals, Retail and
consumer

Technology

Healthcare

FinTech

Media and
entertainment

Power

Professional
services
Financial
services

Pharma

Real
estate
recorded an extraordinary deal value of USD 4,124 million
on the back of the largest deal of the quarter. This is Bharti
group’s acquisition of stake in BT group for about USD 4
billion to become the single-largest shareholder in Britain’s
biggest broadband and mobile company.
Deal volume Deal value USD (m)
Similarly, the building materials sector, with seven deals
totaling USD 1,181 million does not feature in the top sectors Data qualifications:
in terms of volume but observes a considerable deal value. The data used for analysis is as of 30 September 2024. This
This was also noticed in the past four quarters, mainly driven analysis does not include the following deals:
by activity in the cement industry. • Individual and undisclosed bidders with deal value < USD 10
million
• Buybacks/delisting
Sources:
• Parent entity investing in non-significant stake
• PwC analysis • VCCEdge • Divestment to employees
• Mergermarket • Venture Intelligence • Open market and off-market deals
• https://www.chittorgarh.com/ • Group deals without any exit or entry of other parties

Capital market watch

• The Indian IPO market saw a significant boom with the Stock market trend
highest volume in a single quarter this year.
• Total number of IPOs saw a 54% rise in Q3 CY24 from
the last quarter. 25,811
24,011
• Mainboard IPOs spearheaded the overall growth with 21,731 22,327
an 86% increase from 14 while SME IPOs saw a 47% 19,638
8,237
7,953 8,164
spike from 60 in Q2 CY24. 7,608
7,733

5,762
5,254 5,460
4,770
26 Mainboard IPOs 4,288

3,110 3,041 3,337

2,975 2,967

30 Sep'23 29 Dec'23 28 Mar'24 28 Jun'24 30 Sep'24

88 SME IPOs
Month-year
Nifty 50 S&P 500
SSE Composite FTSE 100

3 | Deals at a glance: Q3 CY24

Economic snapshot
• GDP growth in Q1 FY25 eased to 6.7% on YoY basis, Government’s revenue expenditure (RE). Centre’s RE
compared to 8.2% growth in Q1 FY24, mainly due to low (excluding interest payment and subsidies) posted YoY
Government spending on both consumption and capital 1.5% drop in Q1 FY25, while the same expenditure for
items due to elections and severe heatwaves. top 25 states increased by 7.8%.
• Private consumption grew by 7.4% in Q1 FY25, • Investment growth slowed to 7.5% in Q1 FY25, below
surpassing the average Q1 growth during FY13-24 (5.8%) the FY13-24 Q1 average of 8.6%, primarily due to a
mainly due to rural consumption growth and shift in festival 35% reduction in central government capital expenditure
days. (capex) and 22.5% decrease in state government capex.
• A 0.2% degrowth in Government consumption in Q1 • Export grew by 8.7% Q1 FY25, outpacing the average
FY25 was observed, mainly due to slowdown in the growth of 5.8% from FY13 to FY23 while imports grew by
4.4% in Q1 FY25, below the FY13-24 average of 6.7%.

GDP and expenditure components (at constant prices)

Growth (%)
Share
Key components FY22 FY23 FY24 FY25 Average FY13-
(%)
Q1 Q1 Q1 Q1 FY24 Q1
Private final consumption expenditure (PFCE) 56.3 18.0 18.5 5.5 7.4 5.8
Government FCE (GFCE) 9.5 -8.2 9.8 -0.1 -0.2 6.4
Gross fixed capital formation (GFCF) 34.8 66.5 13.9 8.5 7.5 8.6
Change in stocks 1.1 753.8 19.6 1.2 5.6 61.2
Exports 46.5 19.6 -6.6 8.7 5.8
-4.7
Imports 45.1 26.1 15.2 4.4 6.7
GDP 100 22.6 12.8 8.2 6.7 6.2
Source: Ministry of Statistics and Programme Implementation (MoSPI)

• Gross value added (GVA) grew by 6.8% in Q1 FY25 over coal, natural gas, iron ore, limestone and manganese ore.
the previous year, above FY13-24 average of 6.1%, mainly The manufacturing sector grew by 7% in Q1, higher than
due to the strong performance of mining, electricity and FY13-24 Q1 average of 6.3% but lower than the growth
utilities, and construction sectors. rates observed during last three quarters of FY24.
• GVA growth exceeded GDP growth in Q1 FY25, mainly • Construction grew by an unexpected 10.5% during
due to normalisation of indirect tax growth and positive Q1, despite the usual slowdown in sector during the
growth of central government subsidies in Q1 FY25 after election period and contraction in capex of both central
the previous three quarters of negative growth. and state governments.
• Agriculture and allied sector grew by 2% in Q1, which • Services sector grew by 7.2% which is in line with the
is lower than FY13-24 Q1 average of 3.7%. Mining grew long-term Q1 average.
by 7.2% in Q1 due to strong growth in the production of

GVA by economic activity (at constant prices)

Growth (%)
Share
Key components FY22 FY23 FY24 FY25 Average FY13-
(%)
Q1 Q1 Q1 Q1 FY24 Q1
Agriculture, livestock, forestry and fishing 13.1 4.6 2.7 3.7 2.0 3.7
Mining and quarrying 2.3 11.5 6.6 7.0 7.2 2.4
Manufacturing 16.8 50.1 2.2 5.0 7.0 6.3
Electricity, gas, water supply and other utility services 2.5 16.8 15.6 3.2 10.4 6.4
Construction 9.1 87.0 14.7 8.6 10.5 8.3
Trade, hotels, transport, communication and services 44.2 22.1 9.7 5.7 8.1
16.7
related to broadcasting
Financial, real estate and professional services 26.7 3.7 10.5 12.6 7.1 8.1

Public administration, defence and other services 12.7 4.0 23.6 8.3 9.5 6.4

GVA 100 21.3 11.3 8.3 6.8 6.1

4 | Deals at a glance: Q3 CY24

Index of Industrial Production (IIP) growth Purchasing Manager’s Index (PMI)
Annual growth (%) 60.2 60.3
62.3 61 61.2
60.1 61.8 60.6 60.8 60.5 60.9
58.5 58.4
56.9
69
June ‘24
May ‘24

July ‘24

IIP 58.6 59.1

57.8 58.3 57.5
57.7 57.5 56.5 58.8
56.0 54.9 57.5 58.1
55.5

Mining 6.6 10.3 3.7

Manufacturing 5.0 3.2 4.6
Jun-23

Jul-23

Aug-23

Sep-23

Oct-23

Nov-23

Dec-23

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24
Electricity 13.7 8.6 7.9
IIP (general) 6.2 4.7 4.8
PMI manufacturing PMI services
Primary goods 7.3 6.3 5.9 Line of no change
Capital goods 2.9 3.8 12.0
Intermediate goods 3.9 3.0 6.8 The PMI is a weighted average of the following five indices: New
Orders (30%), Output (25%), Employment (20%), Suppliers’
Infrastructure/construction goods 6.3 7.1 4.9
Delivery Times (15%) and Stocks of Purchases (10%).
Consumer durables 12.6 8.7 8.2
Consumer non-durables 2.5 -1.5 -4.4 • YoY growth of IIP improved to 4.8% in July compared
to 4.7% (revised) in June 2024 due to pick-up in
Source: Ministry of Statistics and Programme Implementation manufacturing output.
(MoSPI)
• Manufacturing Purchasing Manager’s Index (PMI)
reduced to 57.5 in August from 58.1 in July due to softer
increase in new business, output and exports compared
to the previous seven months. However, firms increased
input purchases to a record high to prevent potential
shortages. Services PMI rose to 60.9 in August from
60.3 in July, which is highest since March 2024. Finance
and insurance emerged as the best performing sub-sector
in terms of both output and new business.

5 | Deals at a glance: Q3 CY24

Retail sales of passenger vehicles (‘000 units)
354 360 • Passenger vehicle (PV) sales declined by 4.53% (YoY) in
324 393 August.
303 309
302
330 322 335
- This decline was mainly due to delayed customer
332 320
291 293 purchases, poor consumer sentiment and heavy rains,
282
despite occurrence of several festivals in the month.
- PV inventory with dealers has increased to 70-75 days
compared to 58-63 days in August 2023.
2 0
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-23
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
• Two-wheeler sales increased by 6.3% (YoY) in August.
- This increased due to improved stock availability, festive
season and improved rural sentiment compared to last
year.
Retail sales of two-wheelers (‘000 units)
- However, sales declined by 7.3% on month-over-month
2,247 (MoM) basis largely due to excessive rains and flooding,
which disrupted demand across various regions.
• Other consumption indicators presented muted
1,530 1,535 consumption growth in August. Overall retail sales
1,459 1,443
1,232 1,312 1,644 growth was muted at 2% in August 2024, which was same
1,508 1,450 1,440 1,376 as July. Food and grocery (7%) and jewellery (5%) led sales
1,315 1,338
1,259 growth.
1 0
, 0

• Petrol consumption rose by 8.6% YoY in August 2024,

Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-23
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24

possibly due to several festivals in August.

• Unemployment rate rose to 8.5% in August from 7.9%
in July.

• CPI rose marginally to 3.65% in August from 3.60% General inflation: CPI and WPI
in July (revised). Though consumer food price index fell
by 0.4% on MoM basis, the decline was less than that
6.8%
of last year (-0.67%), mainly due to lower reduction in 5.7%
4.9% 4.9% 5.1% 4.8% 5.1%
vegetable prices (-2.5% compared to -5.9%). Conversely,
7.4% 3.6%
price indices of all non-food items increased, except for 5.6% 5.1% 4.9% 4.8%
5.0%
‘personal care and effects’, which fell by 0.3%. 3.4%
3.7%
-0.1%
0.4% 0.2% 2.7%
2.0%
• Core inflation, which excludes food and fuel, fell to 1.2% 1.3%
0.9% 0.3% 0.3%
3.3% in August from 3.4% in July. -0.5% -0.3%
-1.2%
• Wholesale Price Index (WPI) inflation eased to a
4-month low of 1.31% in August, because of the -4.2%
reduction in food and fuel inflation. WPI food articles index
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24

reduced by 1.8% on MoM basis with decrease in prices

of fruits, vegetables, egg, fish, milk, and condiments and
spices. Price index of ‘crude petroleum and natural gas’ fell
by 1.8% in August. CPI WPI

6 | Deals at a glance: Q3 CY24

About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms
in 151 countries with over 360,000 people who are committed to delivering quality in assurance, advisory
and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal
entity. Please see www.pwc.com/structure for further details.

© 2024 PwC. All rights reserved.

Contact us
Dinesh Arora Ranen Banerjee
Partner, Deals Partner, Economic Advisory Services
dinesh.arora@pwc.com ranen.banerjee@pwc.com

Shruti Bansal Srishti Sharma

Associate Director, Deals Associate, Deals
shruti.b.bansal@pwc.com srishti.sharma@pwc.com

pwc.in
Data Classification: DC0 (Public)

In this document, PwC refers to PricewaterhouseCoopers Private Limited (a limited liability company in India having Corporate Identity Number or
CIN : U74140WB1983PTC036093), which is a member firm of PricewaterhouseCoopers International Limited (PwCIL), each member firm of which is
a separate legal entity.

This document does not constitute professional advice. The information in this document has been obtained or derived from sources believed
by PricewaterhouseCoopers Private Limited (PwCPL) to be reliable but PwCPL does not represent that this information is accurate or complete.
Any opinions or estimates contained in this document represent the judgment of PwCPL at this time and are subject to change without notice.
Readers of this publication are advised to seek their own professional advice before taking any course of action or decision, for which they are
entirely responsible, based on the contents of this publication. PwCPL neither accepts or assumes any responsibility or liability to any reader of this
publication in respect of the information contained within it or for any decisions readers may take or decide not to or fail to take.

© 2024 PricewaterhouseCoopers Private Limited. All rights reserved.

SG/October 2024 - M&C 41841