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Tata Consultancy Services (TCS) has retained the top spot with a brand value of $43 billion in the latest edition of the Kantar BrandZ Top 75 Most Valuable Indian Brands Report. HDFC Bank, Infosys, and Airtel also held on to their positions among the top four, while State Bank of India came in at the fifth spot.
ICICI Bank, Asian Paints, Jio, Kotak Mahindra Bank, and HCL Tech were the other brands ranked among the Top 10 in the report.
“TCS continues to successfully capitalise on global demand for digital transformation, despite a tough year for the business technology category in general,” the report added.
The combined value of India’s Top 75 brands was estimated at $379 billion, down 4 per cent, compared to 2022. The report attributed the modest decrease to the ongoing global economic volatility. “The decline has been driven by brands in the Business Technology and Services Platforms category, which have a major presence in international markets, and therefore have been impacted by global pressures, recession threats, and geopolitical instability,” the Kantar BrandZ report noted, adding that this also indicates Indian brands’ resilence.
TVS (No 51, $1.90 b) and Mahindra (No 47, $2.01 b) saw big gains in brand value in the Top 75 rankings. TVS gained 59 per cent in value and leapt 24 places, while Mahindra grew its value by 48 per cent.
The financial services brands contributed the biggest chunk to the combined value of the rankings, led by Axis Bank and ICICI Bank. Telecom providers also performed strongly, witnessing a 17 per cent rise in total brand value, it added.
In a statement, Deepender Rana, Executive Managing Director-South Asia, Insights Division, Kantar, said: “The most valuable Indian brands have almost quintupled in value (4.9 times), compared to the most valuable global brands, which have grown by 2.4 times. So, Indian brands are significant value creators for our economy. We expect this trend to accelerate in the next decade as Indian brands don’t just thrive in India, but also explore growth overseas in their quest to become true multinational giants. “
The companies behind India’s most valuable brands have consistently outperformed the key market indices, the report noted.
The 2023 ranking is based on opinions of more than 127,634 respondents on 1,500 brands across 106 categories.
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