Am in the wrong designation?

Hi everyone, I work as a senior associate at PwC india. I currently have 9 Y of experience. When i was hired a year back, i was hired as a senior associate and i wasn’t aware that the designation is low. Few months down the line I realised people with my same 8-10 experience are managers. I was expecting I would get a promotion this year but my manager said there are no promotions in the team as the partner is not doing well in terms of business and profits. He said i cannot expect a hike as well. please advise.

P.S. out of the 35 team members, i am one of those 10 people who are in the project and have received several appreciation mails from my client heads. however, the manager states that the partner has no business and hence no hikes and promotions.

Your thoughts please?