The CEO of DMart, Navil Noronha, is the richest CEO in India, according to a report in Mint.
A more than fivefold increase in the share price of Avenue Supermarts Ltd, which runs DMart stores, since the company went public four years ago, has catapulted Noronha to the top of the CEO rich list, with a net worth of ₹5,146 crore, the website said.
Born and raised in Bombay, Noronha completed his management degree from the Narsee Monjee Institute of Management Studies.
He was working as an executive in sales, market research and modern trade with Hindustan Unilever before joining DMart. Impressed by his business acumen, Radhakishan Damani, the founder of DMart, offered him the position of head of business.
He is known for being grounded and humble. In fact, after their listing success, the now 42-year-old skipped work just for one day to celebrate his daughter’s birthday. An executive also told Business Standard that his cabin is one-fourth the size of the usual dimensions of a CEO’s cabin.
On business front, Noronha is considered a GOAT. He was the initiator of the 48-hour supplier payment policy which ensures that all the suppliers for DMart are paid within 48 hours of the delivery being received. This is one of the bigger contributors in enabling a low price of products for the retail king. The suppliers allow a 2-3% gross margin to D-Mart, just purely for their exceptional payment-delivery turnaround time. If you wonder how they afford such low prices, it’s because Noronha is busy devising pin-point plans for the same.