The chief executive officer (CEO) of Avenue Supermarts Limited (ASL), Ignatius Navil Noronha has become a billionaire professional manager after his wealth grew manifold following a rise in the company's shares.
ASL operates the DMart retail stores chains across the country, and its shares have seen a 113 per cent jump in 2021. On Monday, the company's shares were trading 10 per cent higher.
According to several media reports, Mr Noronha sold over 52,000 shares of DMart in September to hold a 2.02 per cent stake (1,30,74,043 shares) in the retail company. In June this year, his stake in the retail company was at 2.03 per cent.
Under Mr Noronha, who completed his management degree from the Narsee Monjee Institute of Management Studies in Mumbai, the consolidated profit of ASL jumped significantly to Rs 418 crore in the September quarter.
The earning comparatively in the corresponding quarter of last year was Rs 199 crore and the numbers are impressive, considering the fact that the company faces stiff competition from giants like Reliance JioMart, Flipkart and Amazon.
The value of the 2.02 per cent stake held by Mr Noronha is now pegged at over Rs 7,700 crore.
The IIFL Wealth Hurun India Rich List 2021 recently featured him as the richest professional manager living in India.
While talking about the company's performance, Mr Noronha said DMart revenues grew by 46.6 per cent over the corresponding quarter of last year after the Coronavirus-related lockdown restrictions were eased further.