The net worth of Tirupati Temple is 2.5 trillion rupees; Richer than Wipro, Nestlé and ONGC


New Delhi: The net worth of the world-famous Lord Venkateswara in Tirupati has been recorded at over 2.5 crore (about US$30 billion), which is greater than the market value of major IT services Wipro, food and beverage company Nestle, and state-owned oil companies ONGC and IOC.

For the first time since its establishment in 1933, Tirumala Tirupati Devastanams, the caretaker of the temple dedicated to the Tirupati deity, has disclosed its financial situation.

Its assets include 960 properties across India, 10.25 tons of gold deposits in banks, 2.5 tons of gold jewellery, more than Rs 16,000 crore in bank accounts, and about 2.5 tons of gold. Over 2.5 crore is the sum of all these.

Several of India’s leading companies are worth more than the Tirupati Temple’s net worth at the current market price, according to stock exchange data.

At the close of trading on Friday, UltraTech Cement had a market capitalization of Rs 1.99 crore, while Bengaluru-based Wipro had a market capitalization of Rs 2.14 crore. With a market cap of Rs. 1.96 lakh crore, the India division of the Swiss multinational food and beverage company Nestlé was also undervalued.

The temple fund was worth less than the state-owned Oil and Natural Gas Corporation (ONGC) and the Indian Oil Corporation (IOC), as well as energy giant NTPC Ltd, car makers Mahindra, Mahindra and Tata Motors, the world’s largest coal producer Coal India Ltd, and mining conglomerate Vedanta , DLF Real Estate, and many other companies.

Only a small handful of companies have market values ​​greater than the net worth of the Temple Fund.

These include Reliance Industries Limited, which is owned by billionaire Mukesh Ambani, with revenue of Rs. 17.53 trillion, Tata Consulting Services, with revenue of Rs. 11.76 trillion, HDFC Bank, with revenue of Rs. 8.34 trillion, Infosys, with revenue of Rs. 6.37 trillion, ICICI Bank, with revenue of Rs. 6.31 trillion, Hindustan Unilever Ltd. , with returns of Rs. 5.92 trillion, State Bank of India, with revenue of Rs. 4.38 crore.

According to a temple official, Tirumala Tirupati Devasthanams (TTD) is getting richer and richer as gifts of cash and gold from pilgrims when climbing the hill temple and fixed deposits in banks generate more money with higher interest rates.

The property owned by TTD consists of plots of land, structures, money and gold deposits made in banks as donations to the temple by devotees.

According to temple officials, placing a value on valuable antique jewelry and real estate, such as huts and guesthouses on the Seven Hills to accommodate pilgrims, can be misunderstood and does not contribute to the overall estimated value of the assets.

Devotees adore the vast seven hills as the home of Lord Venkateswara and hold them in mind.

TTD projected around Rs 668 crore as interest income from cash deposits in banks in the range of Rs 3,100 crore in the 2022-2023 annual budget, which was submitted in February. In addition, it has been estimated at the hundi hill temple that about 2.5 crore devotees will make financial offerings totaling Rs 1,000 crore.

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