TCS` brand value up by $1.4bn, highest in IT services in 2020
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The brand value of Tata Consultancy Services (TCS) grew by $1.4 billion in 2020 over the prior year which is the highest absolute growth among the 25 companies assessed in a pandemic-hit year, a new report said on Tuesday.
TCS has further consolidated its position among the top 3 most valuable brands in the IT services sector, according to Brand Finance, the world's leading brand valuation firm.
According to the Brand Finance ‘IT Services 25 2021' report, TCS grew in a challenging year when the brand value of IT services companies collectively dropped by 3 per cent.
At 10 per cent growth over the prior year, TCS has outperformed its peers in the top 3 category.
"With what was a very tough 2020, led so ably by its CEO Rajesh Gopinathan, TCS has excelled itself once again. Along with 10 per cent growth in its brand, its market cap also hit pole position in its industry and it is increasingly closing in on the top two in the IT services sector table," said David Haigh, CEO, Brand Finance.
"2021 will, undoubtedly, be another great year for TCS and its brand."
The seamless adaptation to new ways of working and the increased agility engendered by location-agnostic remote working models have led to faster execution on the ground and enhanced customer satisfaction, helping TCS win more business and gain market share, the report mentioned.
"This recognition of our brand strength is a stellar reaffirmation of the continued trust that our customers have placed in us over the years," said Rajashree R, CMO, TCS.
"We are proud and excited to embark on the next phase of our growth, building on our beliefs, and harnessing the passion, dedication and strength of our 469,000 associates who are the true custodians of Brand TCS".
TCS was recognised as a ‘Superbrand' across the US and the UK, based on the strength of its brand reputation across channels, business performance, industry-leading job creation, scale of employee training and development, and dedication to nationwide corporate social responsibility initiatives.
