Brand value of Tata Consultancy Services (TCS) has risen to $16.78 billion, posting an increase of 12.5 per cent, according to Brand Finance 2022 Global 500 IT Services Ranking report.
With this increase TCS has become the second most valuable brand in the IT services sector globally.
"This growth is attributed to the company's investments in its brand and its employees, customer equity and strong financial performance," TCS said in a statement.
"TCS continues to rise up the IT services rankings to become the second most valuable brand in the sector for the first time. This great achievement is the result of strong financial growth, strong and continued investments in a new global brand positioning last year, further investment in sponsorship platforms such as TCS London Marathon, TCS Waterfront Marathon in Canada, but also new sports such as golf and a move into Formula-E with the Jaguar TCS Racing Team," David Haigh, Chief Executive Officer and Chairman, Brand Finance, said.
TCS has made consistent, long-term efforts over the past decade to increase its brand value, including investing in major brand sponsorships. In 2021 alone it added the TCS London Marathon and the TCS Toronto Waterfront Marathon to its roster of 11 running sponsorships, announced its partnership for the Jaguar TCS racing team in Formula-E motorsports, and forayed into golf by partnering with the Dutch Open.
The company has also made significant investments in its brand by developing its Building on Belief brand positioning to articulate its mission and relationship with customers as it embarks on its next decade of transformation-led growth. Its employer brand and reputation for employee care also contributed to its enhanced ranking.
TCS' sustained investments in building deep capabilities on new technologies, research and innovation, intellectual property, and customer-specific contextual knowledge have made it the preferred growth and transformation partner to leading corporations across the world. Strong revenue growth in 2021 saw TCS cross an important milestone, hitting $25 billion in revenue for the first time, with an industry-leading operating profit margin of over 25 per cent, TCS said in the statement.
"2021 was a historic year for Brand TCS as we launched our new brand positioning -- Building on belief which captures our aspirations and convictions. With our differentiated 'customer focused' strategy, superior execution, investments in building newer capabilities and sustained focus on research and innovation over the last decade, we are indeed well positioned to capitalise on the multi-year technology transformation opportunities that lie ahead," Rajashree R, CMO, TCS, said.
( With inputs from ANI )
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