Tirupati's world famous Lord Venkateswara temple's net worth is Rs 2.5 lakh crore, according to official sources. The temple's assets includes land parcels, buildings, cash, and gold deposits in the banks, given as offerings to the temple by devotees.
On Saturday, 5 November, Tirumala Tirupati Devasthanams (TTD), the trust that oversees the ancient hill shrine, released a list of its assets, including fixed and gold deposits. The temple's net worth is, in fact, greater than the market capitalisation of IT services company Wipro, FMCG giant Nestle, the Oil and Natural Gas Corporation (ONGC) and the Indian Oil Corporation (IOC).
What do its assets include? And which companies have a higher evaluation than the temple trust's net worth. The Quint answers all these questions below.
Explained | How Is Tirupati Temple Richer Than Nestle, Wipro, and Other Giants?
1. What Do Its Assets Include and How Much Is the Net Worth?
The TTD's assets include 10.25 tonnes of gold deposits in banks, 2.5 tonnes of gold jewellery, about Rs 16,000 crore of deposits in banks, and 960 properties spread over 7,123 acres across India. The combined value of all these assets is over Rs 2.5 lakh crore.
AV Dharma Reddy, TTD executive officer told The Times of India that the net worth of the temple trust has gone up to Rs 2.26 lakh crore. "TTD’s investments in the form of fixed deposits in various banks in 2019 was 13,025 crore, which has now increased to 15,938 crores. In the last three years, the investment increased by 2,900 crores,” said Reddy.
The temple authorities also declared that the present trust board has strengthened its investment guidelines since 2019. It also denied social media reports that alleged that the TTD chairman and the board decided to invest the surplus funds in the Securities of the Andhra Pradesh government.
Expand2. TTD's Investments in Fixed Deposits
The TTD's fixed deposits with several public sector undertakings and private banks have as on 30 September crossed Rs 15,938 crore as against Rs 13,025 crore in June 2019.
Gold Deposits by TTD
The TTD had 7.3 tonnes of gold deposits in 2019. It has gone upto 10.25 tonnes as of 30 September 2022.
In its around Rs 3,100 crore annual budget for 2022-23 presented in February, the TTD projected over Rs 668 crore as income from interest from cash deposits in banks. The temple trust predicted that it would earn Rs 1,000 crore in the form of cash offerings alone by devotees in the hundi of the hill temple.
Expand3. What About the Market Capital of Other Firms?
According to stock exchange data, the net worth of TTD is more than several blue-chip Indian companies.
IT firm Wipro had a market value of Rs 2.14 lakh crore at close of trading on Friday, 4 November
UltraTech Cement had a market cap of Rs 1.99 lakh crore
FMCG giant Nestle India unit, with a market cap of Rs 1.96 lakh crore, too was valued below it.
State-owned oil firms Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), NTPC Ltd, auto manufacturers Mahindra and Mahindra and Tata Motors, world's largest coal producer Coal India Ltd, mining conglomerate Vedanta, real estate company DLF and several others, were valued below the temple.
Expand4. Which Firms Have a Market Cap Higher Than TTD?
About 24 firms have a market valuation larger than the temple trust's net worth. They include:
Mukesh Ambani's Reliance Industries Ltd at Rs 17.53 lakh crore
HDFC Bank at Rs 8.34 lakh crore
Tata Consultancy Services at Rs 11.76 lakh crore
Infosys at Rs 6.37 lakh crore
ICICI Bank at Rs 6.31 lakh crore
Hindustan Unilever Ltd at Rs 5.92 lakh crore
State Bank of India at Rs 5.29 lakh crore
Bharti Airtel at Rs 4.54 lakh crore
ITC at Rs 4.38 lakh crore
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)
Expand
What Do Its Assets Include and How Much Is the Net Worth?
The TTD's assets include 10.25 tonnes of gold deposits in banks, 2.5 tonnes of gold jewellery, about Rs 16,000 crore of deposits in banks, and 960 properties spread over 7,123 acres across India. The combined value of all these assets is over Rs 2.5 lakh crore.
AV Dharma Reddy, TTD executive officer told The Times of India that the net worth of the temple trust has gone up to Rs 2.26 lakh crore. "TTD’s investments in the form of fixed deposits in various banks in 2019 was 13,025 crore, which has now increased to 15,938 crores. In the last three years, the investment increased by 2,900 crores,” said Reddy.
The temple authorities also declared that the present trust board has strengthened its investment guidelines since 2019. It also denied social media reports that alleged that the TTD chairman and the board decided to invest the surplus funds in the Securities of the Andhra Pradesh government.
TTD's Investments in Fixed Deposits
The TTD's fixed deposits with several public sector undertakings and private banks have as on 30 September crossed Rs 15,938 crore as against Rs 13,025 crore in June 2019.
Gold Deposits by TTD
The TTD had 7.3 tonnes of gold deposits in 2019. It has gone upto 10.25 tonnes as of 30 September 2022.
In its around Rs 3,100 crore annual budget for 2022-23 presented in February, the TTD projected over Rs 668 crore as income from interest from cash deposits in banks. The temple trust predicted that it would earn Rs 1,000 crore in the form of cash offerings alone by devotees in the hundi of the hill temple.
What About the Market Capital of Other Firms?
According to stock exchange data, the net worth of TTD is more than several blue-chip Indian companies.
IT firm Wipro had a market value of Rs 2.14 lakh crore at close of trading on Friday, 4 November
UltraTech Cement had a market cap of Rs 1.99 lakh crore
FMCG giant Nestle India unit, with a market cap of Rs 1.96 lakh crore, too was valued below it.
State-owned oil firms Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), NTPC Ltd, auto manufacturers Mahindra and Mahindra and Tata Motors, world's largest coal producer Coal India Ltd, mining conglomerate Vedanta, real estate company DLF and several others, were valued below the temple.
Which Firms Have a Market Cap Higher Than TTD?
About 24 firms have a market valuation larger than the temple trust's net worth. They include:
Mukesh Ambani's Reliance Industries Ltd at Rs 17.53 lakh crore
HDFC Bank at Rs 8.34 lakh crore
Tata Consultancy Services at Rs 11.76 lakh crore
Infosys at Rs 6.37 lakh crore
ICICI Bank at Rs 6.31 lakh crore
Hindustan Unilever Ltd at Rs 5.92 lakh crore
State Bank of India at Rs 5.29 lakh crore
Bharti Airtel at Rs 4.54 lakh crore
ITC at Rs 4.38 lakh crore
(At The Quint, we question everything. Play an active role in shaping our journalism by becoming a member today.)