Top Indian brands saw significant growth in their brand values in 2022 despite the COVID-19 impact through the last two years.
Retaining its top position, Tata Group emerged as the most valuable brand at $24 billion. The company saw a 12 percent increase in its brand value this year.
Tata group strengthened its strategic business and leadership initiatives with brand building activities across the globe, said a report by brand valuation consultancy Brand Finance. It puts together India’s top 100 most valuable and strongest brands in its annual Brand Finance India 100 ranking.
Infosys is the second most valuable Indian brand with a 52 percent increase in brand value at $12.8 billion. The report noted that the Infosys brand saw significant growth during the pandemic, with its brand value increasing from under $7.1 billion pre-pandemic, up 80 percent to its current value.
While LIC saw a drop in ranking and took the third spot this year in ranking, the brand saw 28 percent growth in brand value at $11.1 billion. Reliance retained its fourth spot with a brand value of $8.6 billion, up 5 percent.
In addition, Taj Hotels emerged as the strongest brand with its value increasing 6 percent to USD 314 million. The report noted that brands in the hospitality industry had to reinvent their strategies due to the Covid-19 impact in the last two years. Taj was at the forefront of this with agility and strategic initiatives offering support to the healthcare sector, the report said.
Among the sectors that saw high brand value growth this year include banking, IT services and telecom. While value of brands in the banking sector grew 16 percent this year, value of IT services and telecom brands grew 15 percent and 7 percent respectively.
In the banking sector, State Bank of India (SBI) emerged as the top brand in South Asia with a 29 percent growth in brand value, valued at $7.5 billion and is the sixth most valuable brand in India.
When it comes to the IT services sector, the report said that 2022 has been a tipping point for the industry when the IT services space crossed $200 billion in total revenue and $5 million in total workforce. Brand value of TCS grew 12 percent to $16.7 billion and is among the top three most valuable brands globally at the second spot.
Other IT firms like Accenture, Wipro, HCL and Tech Mahindra saw their brand value increase 39 percent, 48 percent, 10 percent and 30 percent respectively. Brand value of Accenture, Wipro, HCL and Tech Mahindra currently stand at $36.2 billion, $6.4 billion, $6.1 billion and $3 billion, respectively.
In the telecommunications industry, Airtel ranks number one with a brand value of $7.7 billion, up 28 percent. At rank two is Jio with a brand value of $5.1 billion, up 5 percent, followed by VI with a brand value of $767 million. The report pointed out that India is the world’s second-largest telecommunications market with a subscriber base of 1.16 billion users and has registered strong growth in the last decade.
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