The net worth of India's richest temple is higher than IT major Wipro, FMCG firm Nestle, and cement major UltraTech.
Tirumala temple (TTD Website)
For the first time since the British established it in 1933, the Tirumala Tirupati Devasthanams (TTD) — which manages the famous Tirumala temple, the richest in the world — declared the conglomerate’s net worth, on Sunday, 6 November.
The current value of the TTD is estimated at ₹2.50 lakh crore. The assets of the Temple also include land parcels, buildings, cash, and gold deposits in banks, given by the devotees as donations.
The total value of the assets of the temple was released on white paper by AV Dharma Reddy, the executive officer of TTD.
TTD Assets. (Official Website)
The total cash deposits of the temple in various nationalised banks and scheduled banks are ₹15,938.68 crore as on 30 September, 2022.
This figure has grown from ₹13,025 in June 2019.
The gold deposits in the TTD’s gold monetization scheme, offered by the Central government, have increased to 10,258.37 kgs, from about 7,339.74 kgs in 2019.
As per a temple official’s input to PTI, the TTD is growing wealthier as offerings in cash and gold made by devotees at the hill temple are rising.
Also, fixed deposits in banks are generating more income due to the increase in interest rates.
Despite the financial stress caused by the Covid-19-induced economic slowdown, the Tirumala temple’s hundi collections have been on the upswing since May this year.
And hundi collections for the month of August were the highest ever in the temple’s history at ₹140.34 crore.
On an average day in August, devotees who thronged the Tirumala to have a darshan of the presiding deity offered around ₹4.6 crore.
PTI reports that the total value of the Tirumala temples has now surpassed the market capitalisation of major Indian firms like the IT giant Wipro, food and beverage company Nestle, and UltraTech Cements.
TTD assets compared to corporate entities.
The Estate Department of the Temple also released detailed information regarding the immovable properties owned by the TTD in September this year.
The net worth of the 960 properties, spanning about 7,123 acres, owned by the Tirumala Temples across the country is ₹85,705 crore.
The released value is estimated without considering the antique value of several ornaments that the TTD possess and also the value of the “priceless” properties at the seven hills which the devotees revere, said the TTD authorities.
Tirumala Tirupati Temple. (TTD Official Website)
Among all the banks, both public and private, HDFC Limited holds the highest cash deposits of TTD at ₹2,122.85 crore. In total, TTD deposited its hundi collections and other donations in around 24 different banks.
As per the provisions of TTD Rules, surplus amounts of TTD are being invested in scheduled banks at the H1 rate of interest.
TTD deposits cash after inviting quotations from eligible scheduled banks/institutions as per the investment guidelines and procedures approved by the TTD Board.
Further, in respect of private sector banks, they have to be approved by the state government and should have the highest credit rating so as to be eligible to provide quotations.
The banks which form part of RBI’s Prompt Corrective Action process (PCA) — those that are stressed — are not invited to participate in the quotations.
“TTD Board has already resolved not to invest in central government or state government securities and, accordingly, no investments are being made in these,” said TTD Executive Officer, Dharma Reddy during a recent dial-your-EO programme.
The gold offerings received through Srivari Hundi are being sent to the Government of India’s Mint for melting, refining and investing under the Gold Monetization Scheme in Long-term Gold deposits of 12 years.
(With inputs from SNV Sudhir)
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