BackTCS pips HDFC Bank to become most valuable brand: Report
The pandemic and the resultant upswing in use of technology have had a bearing on this year’s rankings
PremiumIT services firm Tata Consultancy Services became India’s most valuable brand in 2022, according to a report by market data and analytics firm Kantar, displacing long-time topper HDFC Bank.
TCS, with a brand value of $45.5 billion in 2022, is followed by HDFC Bank at $32.7 billion, Kantar’s BrandZ report said. HDFC Bank has held the No.1 position since the ranking was unveiled in 2014.
TCS’s brand value was fuelled by global demand for automation and digital transformation following the pandemic, Kantar said in its report of top 75 brands.
After bouncing back from the pandemic shock, India’s top 75 brands now are worth a combined $393 billion, or 11% of India’s national GDP, Kantar said. These brands have reported a compounded annual growth rate (CAGR) of 35% in their brand value since 2020.
Technology providers and B2B brands aced the rankings this year, contributing over a third of total brand value. Purpose and sustainability are major drivers of value growth for brand success, Kantar added.
Kantar’s annual global and local brand valuation rankings are based on company financial data, coupled with brand equity research. Kantar’s research ranks brands on their ability to meet one of following criteria, including whether the corporate parent is listed on a stock exchange in India, the brand originated in India and its corporate parent is listed on a recognized stock exchange, and the brand is privately owned, but financial statements are publicly available. Indian unicorns brands must have their most recent valuation publicly available.
Kantar BrandZ identified brand function, convenience, experience and exposure as key metrics for driving brand growth.
The top 10 most valuable Indian brands together contribute just over half of the ranking’s total value.
The top 10 in the list saw two new entrants—Infosys with a brand value of $29.2 billion, and ICICI Bank with a brand value of $11 billion.
Among the 14 newcomers that joined the rankings, notable new comers include telecom services provider Vi, formed from the merger between Vodafone and Idea, that was valued at $6.5 billion and ranked at number 15; edtech firm Byju’s ranked at 19; and Adani Gas valued at $4.5 billion at number 21. The list also included brands such as beauty retailer Nykaa and fantasy sports platform Dream11.
The pandemic and the resultant upswing in use of technology have had a bearing on this year’s rankings, a senior executive at Kantar said.
“India’s leading brands have grown at an exceptional rate, despite global economic headwinds, putting the disruption from covid-19 behind them. Indeed, they have both driven and benefited from the transformation in consumer and business behaviour as a result of covid-19, especially where it relates to the use of technology. The challenge now is to sustain momentum as inflation bites worldwide and consumers and businesses adjust to the new normal," said Deepender Rana, executive managing director, South Asia, Insights Division, Kantar.
Among those listed on the rankings—brands from the technology and banking sector account for over half of the total value of the 75 brands. In a move signaling the deep impact of digitization and adoption of technology—the ranking listed six business-to-business tech brands and 11 consumer tech brands that contributed 35% to the total value of the ranking.
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