IT Services firm Tata Consultancy Services grabbed the top slot for the most valuable brand in 2022 displacing HDFC Bank that ranked second in the 2022 BrandZ top 75 most valuable Indian brands report released by market data and analytics firm Kantar.
Tata Consultancy Services with the brand value of $45.5 billion in 2022 is the new number one most valuable Indian brand, claiming the top spot from HDFC Bank, that valued at $32.7 billion ranked number two on this year’s rankings, Kantar said in a release on Wednesday.
HDFC held the numero uno position since the first ranking was unveiled in 2014.
TCS’s brand value has been accelerated by global demand for automation and digital transformation following the pandemic, Kantar said.
India’s top 75 brands are worth a combined $393 billion, equivalent to 11% of India’s national GDP—having bounced back from the shock of the pandemic, Kantar said. These brands reported a 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—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, 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.
Interestingly, 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 that moved up from number 12 in 2021 to number 3 on the 2022 rankings; ICICI Bank too, with a brand value of $ 11 billion in 2022 climbed two places to number. While, State Bank of India with a brand value of $13.6 billion in 2022 moved up four places.
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 valued at $6.5 billion and ranked at number 15; meanwhile ed-tech 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 to technology have had bearing on this year’s rankings, said a senior executive at Kantar.
“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 digitisation 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.
“Overall, B2B brands (tech, payments) are on average almost three times as valuable as B2C brands, reflecting the fact that many of the B2B brands play on the global stage while B2C are more focused on the domestic market. Six banking brands deliver 19% of the total value. Also notable for their performance are insurance brands, which have performed well as the pandemic increased consumers’ focus on protection of life,” the report said.
Kantar said the growth rate of the top 75 Indian brands outpaced the rate of growth posted by brands in other major markets around the world.