DMart’s Ignatius Navil Noronha is now a billionaire

DMart’s Ignatius Navil Noronha is now a billionaire

NEW DELHI: CEO Ignatius Navil Noronha turned into a billionaire on Monday as the company’s shares rallied over 10 per cent. Following the retailer’s strong Q2 numbers, the stock touched an all-time high of Rs 5,899.90, valuing Noronha’s 2.02 per cent stake in the firm at Rs 7,720 crore.

The rupee quoted at Rs 75.28 per dollar earlier in the day, valuing one billion dollar at Rs 7,528 crore in rupee terms.

DMart’s m-cap stood roughly at Rs 3,82,182 crore. At this valuation, Radhakishan Damani and his family’s stake in the company was worth Rs 2,86,598 crore.

Under Noronha, shares of Avenue Supermarts (DMart) have rallied nearly 20 times over its issue price of Rs 299 since its listing in March 2017. Over this period, Noronha’s holding in the company has stayed above 2 per cent.

That said, data showed Noronha sold just over 52,000 shares in the retail company in the September quarter.

Noronha held 1,30,74,043 shares (or 2.02 per cent) stake in DMart as of September quarter, down 52,192 shares over 1,31,26,235 shares (or 2.03 per cent stake) he held as of June 30. A total of 52,192 DMart shares were worth Rs 28 crore as of DMart’s Friday closing of Rs 5,329.65 on BSE.

Avenue Supermarts’ consolidated profit more than doubled to Rs 418 crore in the September quarter compared with Rs 199 crore in the corresponding quarter of last year.

Consolidated revenue for the quarter climbed 46.79 per cent YoY to Rs 7,789 crore from Rs 5,306 crore in the same period last year. The company’s Ebitda margin rose 240 basis points YoY to 8.6 per cent in the September quarter compared with 6.2 per cent in the year-ago quarter. PAT margin was up 160 basis points to 5.3 per cent from 3.7 per cent YoY.

As per the recent IIFL Wealth Hurun India Rich List, Ignatius Navil Noronha was the richest professional manager residing in India.

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