Tata Consultancy Services (NS:TCS) has retained its position as the most valuable brand in India for the second consecutive year, according to the 10th edition of Kantar's BrandZ Top 75 Most Valuable Indian Brands Report. The IT giant's brand valuation stands at $43 billion, a slight decrease of 6% compared to 2022, largely attributed to favorable global demand.
The report, marking the decade-long journey of BrandZ ranking, revealed an almost fivefold increase in value within the Top 50 brands, from $69.6 billion in 2014 to a staggering $339.9 billion in 2023. The aggregate brand value of India's top 75 brands stands at $379 billion, a slight decline of 4% from the preceding year. This decrease primarily stems from brands in the Business Technology and Services Platforms category, which possess a significant global footprint and are therefore exposed to global challenges.
HDFC Bank and Infosys (NS:INFY) secured second and third place respectively, with HDFC Bank's brand value at $33.6 billion (up 3%) and Infosys at $24.1 billion (down 17%). The State Bank of India made a noteworthy ascent, rising one place to secure its position in the coveted Top 5.
Deepender Rana, executive managing director - South Asia, Insights Division, Kantar, explained that the report is generated based on consumer and market perception, with research carried out in 51 countries covering approximately 522 categories of brands across the world.
The report also highlighted success stories of rapid climbers within the top 75 brands. The automotive category emerged as the arena for the fastest climbers, namely TVS and Mahindra, achieving an impressive category growth rate of 19%. TVS experienced an astounding 59% surge in its brand value and jumped 24 places in the rankings, while Mahindra augmented its value by an impressive 48%.
The financial services segment, comprising 16 prominent brands, represented the most substantial contributor to the aggregate brand value. This category witnessed a commendable 6% growth, largely propelled by the digital banking boom. Telecom providers also saw a significant 17% upswing in overall brand value.
The report introduced four new faces in the top 75, alongside the return of two entrants. Leading the newcomers is PhonePe, securing an impressive No. 21 spot. Other debutants include fintech stalwart Cred, dynamic photo and video sharing platform ShareChat, and entertainment hub Star.
The report emphasized two significant insights: sustainability as a crucial factor influencing consumer decision-making and the pivotal role of differentiation in establishing Pricing Power. Rana underlined the need for constant self-assessment for marketers and brand owners, emphasizing investment for future demand and correct product pricing.
Soumya Mohanty, managing director and chief client officer - South Asia, Insights Division, Kantar, noted that despite their varied origins, these brands share a common thread – their innate ability to authentically embody the essence of being Indian.
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