NEW DELHI: Avenue Supermarts’ CEO Ignatius Navil Noronha, India’s richest CEO, sold just over 52,000 shares in the retail company in the September quarter, shareholding data suggests.
Noronha held 1,30,74,043 shares (or 2.02 per cent) stake in
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 stock’s Friday closing of Rs 5,329.65 on BSE.
As per the recent IIFL Wealth Hurun India Rich List, Ignatius Navil Noronha is the richest professional manager residing in India with a net worth of Rs 5,100 crore. His boss Radhakishan Damani, the founder of Avenue Supermarts, is now India’s seventh-richest person, with a net worth of Rs 1,54,300 crore, as per the rich list, whose cutoff date was September 15.
The Damani-led company on Saturday said its 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.
Earnings before interest, tax, depreciation and amortization (Ebitda) for the quarter came in at Rs 669 crore compared with Rs 330 crore in the corresponding quarter of last year. 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.
On the other hand, sequential profit growth is seen in the range of 203-391 per cent and the yearly growth in the range of 66-136 per cent.
The company suffered heavily due to the lockdown in place to combat Covid-19 pandemic. Its stores were shut, and thus it had to accelerate its online business. But as the virus cases have come down drastically, its business operations are also likely to improve.
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