Business

India’s Wealest CEO Navil Noronha Becomes Millionaire

Ignatius Navil Noronha, CEO of Avenue Supermarts Ltd, which owns the DMart retail chain, has net worth of more than $ 1 billion after the company’s share price rose significantly by 113% this year.

Noronha was born and raised in Mumbai and graduated from the Narcy Monzi Institute of Business Administration with a bachelor’s degree in business administration.

Noronha previously worked for FMCG giant Hindustan Uniriver. Radhakishnan Damani, founder of Avenue Supermarts, hired him in 2004 as head of business. In 2007 he became CEO of the company.

Avenue Supermarts shares surged to a new peak of 5,899 at BSE, rising 10.7% during the day. Stock prices have risen for the seventh straight day, during which time they have risen about 40%. 47-year-old Noronha is now the wealthiest professional manager in India with a net worth of over Rs 7,744. The increase in Nologna’s wealth is due to a 19-fold increase in the value of Avenue Supermarts shares.

In the second quarter, the company opened eight more stores, increasing the total number of stores to 246 by the end of September 2021. The company announced an improvement in profits on Saturday.

Revenue increased 46% year-on-year. Gross profit margin increased by 25 basis points to annual growth of 14.3%.

India’s Wealest CEO Navil Noronha Becomes Millionaire

Source link India’s Wealest CEO Navil Noronha Becomes Millionaire

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