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DMart CEO Ignatius Noronha has become a billionaire after his wealth grew manifoldsThe president (CEO) of Avenue Supermarts Limited (ASL), Ignatius Navil Noronha has actually ended up being a billionaire expert supervisor after his wealth grew manifold following a rise in the company's shares.ASL runs the DMart retailers chains across the nation, and its shares have seen a 113 percent dive in 2021.
On Monday, the company's shares were trading 10 per cent higher.According to a number of 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 business.
In June this year, his stake in the retail company was at 2.03 per cent.
Under Mr Noronha, who finished his management degree from the Narsee Monjee Institute of Management Studies in Mumbai, the consolidated profit of ASL jumped substantially to Rs 418 crore in the September quarter.The earning comparatively in the matching quarter of last year was Rs 199 crore and the numbers are remarkable, considering the truth that the company deals with stiff competitors from giants like Reliance JioMart, Flipkart and Amazon.The value of the 2.02 percent stake held by Mr Noronha is now pegged at over Rs 7,700 crore.The IIFL Wealth Hurun India Rich List 2021 just recently featured him as the richest professional manager living in India.While talking about the business's performance, Mr Noronha stated DMart earnings grew by 46.6 percent over the corresponding quarter of in 2015 after the Coronavirus-related lockdown limitations were alleviated further.
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