The Chief Executive Officer (CEO) of Avenue Supermarts Limited (ASL), Ignatius Navil Noronha has become a billionaire professional manager after his wealth increased manifold following the rise in the company’s shares.
ASL operates a nationwide DMart retail store chain and its shares have seen a jump of 113 per cent in 2021. On Monday, the company’s shares were trading with a gain of 10 percent.
According to multiple media reports, Mr. Noronha sold over 52,000 shares of DMart in September and held a 2.02 percent stake (1,30,74,043 shares) in the retail company. His stake in the retail company stood at 2.03 per cent in June this year.
Under Mr. Noronha, who completed his management degree from Narsee Monjee Institute of Management Studies in Mumbai, ASL’s consolidated profit grew significantly to Rs 418 crore in the September quarter.
Comparative earnings in the same quarter last year stood at Rs 199 crore and the number is impressive considering the fact that the company is facing stiff competition from giants like Reliance JioMart, Flipkart and Amazon.
Mr. Noronha’s 2.02 per cent stake is now valued at over Rs 7,700 crore.
The IIFL Wealth Hurun India Rich List 2021 recently featured him as the richest professional manager to live in India.
Talking about the company’s performance, Mr Noronha said that DMart’s revenue grew by 46.6 per cent as compared to the same quarter last year, when the coronavirus-related lockdown restrictions were further eased.