India’s richest CEO Navil Noronha is now a billionaire

Ignatius Navil Noronha, the chief executive officer of Avenue Supermarts Ltd which owns the DMart retail chain, has seen his net worth rise above a billion dollars since after an incredible 113% rise in company's stock this year.

Noronha was born and brought up in Mumbai and graduated from the Narsee Monjee Institute of Management Studies with a management degree.

Noronha previously worked for FMCG giant Hindustan Unilever. Radhakishnan Damani, the founder of Avenue Supermarts, recruited him as the chief of business in 2004. In 2007, he became the company's CEO.

Avenue Supermarts' stock soared to a new peak of 5,899 on the BSE, gaining as much as 10.7% intraday. Stocks have been moving upward for seven days in a row, gaining about 40% during that time. The 47-years-old Noronha has now surpassed Rs 7,744 crore in net worth, making him India's richest professional manager. Noronha's wealth gain resulted from a 19-fold increase in the value of Avenue Supermarts' stock.

In the second quarter, the firm opened eight additional locations, bringing the total number of outlets to 246 by the end of September 2021. The company announced improved profits on Saturday.

Over the previous year, revenues climbed by 46%. Gross margins grew by 25 basis points to 14.3% annual growth.