DMart CEO Ignatius Navil Noronha becomes the richest CEO in India as his net worth crosses the $1 billion mark

With an estimated net worth of Rs.7,744 crores after DMart’s stock price surged on the BSE, Noronha is now is the richest professional manager residing in India.

Ignatius Navil Noronha, the Chief Executive officer of retail corporation Avenue Supermarkets Ltd., became the richest CEO in India with his wealth crossing the $1 billion mark owing to DMart’s exponential growth in 2021. 

With an estimated net worth of Rs.7,744 crores after DMart’s stock price surged on the BSE, Noronha is now is the richest professional manager residing in India. He owns a 2.03 per cent stake in the retail company which amounts to 1,30,74,043 shares. 

DMart’s stocks hit a record high of Rs.5,899 on Monday, October 18, after opening at Rs. 5640.00 on the BSE, gaining as much as 10.7 per cent within the day. DMart’s total market cap also crossed Rs. 3.35 lakh crores as its stock has been trading high for seven consecutive sessions, increasing around 40 per cent during the time. 

The rise in Noronha’s wealth can be credited to the 19-fold rise in DMart’s share price, the scrip surging over 1,800 per cent from its issue price of Rs.299 when the company was first listed in 2017. 

The surge in Avenue Supermarkets’ share price has also made Radhakishan Damani, the founder of Avenue Supermarts, India’s seventh-richest person, with an estimated net worth of Rs 1,54,300 crore, as per the rich list. 

DMart has experienced mounting year-on-year growth in 2021 owing to easing lockdown restrictions. It recorded a net profit increase of 113.2 per cent in Q2FY22 at Rs.448 crores. Meanwhile, the total revenue of the retail corporation stood at Rs.7,649.64 crores, an increase of 46.6 per cent from the corresponding quarter last year. 

The company is expected to record a further improvement in performance metrics during the third quarter “led by gains from higher footfall given reduction in COVID-19 restrictions, rising consumer confidence due to vaccinations, higher-value sales due to inflation in FMCG and general merchandise, upcoming festive season and more locations and product offerings in DMart Ready,” Prabhudas Lilladher informed the investors in a note. 

 

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