TCS remains India’s top brand despite value drop
MUMBAI, INDIA — Tech giant Tata Consultancy Services (TCS) holds its position as India’s premier brand for the second consecutive year, according to Kantar BrandZ’s Most Valuable Indian Brands 2023 report.
Valued at $43 billion, TCS thrives on the global appetite for digital transformation, even amidst global economic headwinds.
However, Kantar’s Executive Managing Director- South Asia, Insights Division, Deepender Rana, noted the decline in brand value for India’s top brands, attributing it to their international exposure. Global uncertainties and economic challenges affected brands with substantial global footprints the most.
The cumulative value of India’s 75 elite brands stands at $379 billion, down 4% from 2022. Specifically, TCS and Infosys recorded value drops of 6% and 17%.
Still, Rana emphasized that despite a global 20% brand value dip, India limited its decline to 4%, reflecting its strong domestic market.
Automotive brands, especially TVS Motor Company and Mahindra Auto, reported impressive growth, rising by 59% and 48%. These brands effectively responded to shifting consumer preferences. Financial giants like Axis Bank and ICICI Bank enjoyed growth, riding the digital banking wave.
Similarly, telecom companies experienced a 17% boost in brand values this year.
Soumya Mohanty, Managing Director & Chief Client Officer- South Asia, Insights Division at Kantar, added that “great diversity” exists in India’s top 75 brands this year.
“They are a combination of established names and dynamic young brands, both global and local in footprint. What they have in common is their ability to be essentially Indian.”
The Kantar BrandZ report ranks India’s 75 most valuable brands annually through consumer surveys and financial analysis. Determined through extensive consumer research, the report provides insights into what drives India’s strongest brands.
