There has been a major change in the management of Avenue Supermarts, which is the parent company of retail chain DMart. The company’s CEO and Managing Director Neville Noronha has resigned from his post. Neville Noronha was heading DMart for almost 20 years and his role was very important in the growth of the company.
Noronha started his journey with DMart in January 2004 and was instrumental in transforming the brand from 5 stores to a supermarket with 380+ stores. The DMart brand, promoted by veteran investor Radhakishan Damani and his family, today has a strong presence in states such as Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab, and Rajasthan.
New CEO: Anshul Asawa
The company has informed that Anshul Asawa has been appointed as the new CEO of DMart.
- Asawa currently serves as Unilever’s Thailand Country Head and General Manager of the Home Care Business Unit in Greater Asia.
- He is an alumnus of IIT Roorkee and IIM Lucknow.
- Asawa has 30 years of experience at Unilever and will now be responsible for taking DMart to new heights.
third quarter results
Avenue Supermarts performed as follows in the third quarter of the current financial year (October-December 2024):
- Net Profit: 4.8% growth at ₹723.54 crore (previous year ₹690.41 crore).
- Operating Income: 17.68% growth at ₹15,972.55 crore (previous year ₹13,572 crore).
decline in profit margin
However, profit margins declined:
- Net profit margin: 4.5% (5.1% last year).
- Total expenditure: up 18.52% to ₹15,001.64 crore.
- Total income: up 17.57% to ₹15,996.69 crore.
future of dmart
This change comes at an important time for DMart. While Neville Noronha’s leadership took the company on a strong growth track, Anshul Asawa’s experience and strategic vision is expected to propel DMart to new heights.
Despite fluctuations in the company’s recent quarterly earnings and profit margins, DMart is all set to retain its leading position in the Indian retail market.
