There has been a significant management change in Avenue Supermarts, the parent company of retail chain DMart. The company’s CEO and Managing Director Neville Noronha, who has contributed to the company for almost 20 years, has resigned from his post. Noronha played a key role in the company’s growth after joining DMart in January 2004, helping the brand grow from 5 stores to a supermarket with over 380 stores. The DMart brand is promoted by veteran investor Radhakishan Damani and his family, and has stores spread across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan.
Appointment of new CEO
According to the statement issued by Avenue Supermarts, Anshul Asawa of Unilever will now take over as the new CEO. Asawa is currently Unilever’s Country Head in Thailand and General Manager of the Home Care Business Unit in Greater Asia. He is an alumnus of IIT Roorkee and IIM Lucknow and has been working with Unilever for the last 30 years.
quarterly results
Avenue Supermarts’ net profit increased by 4.8 per cent to Rs 723.54 crore in the third quarter of the current financial year, compared to Rs 690.41 crore in the same quarter of the last financial year. The company’s operating income increased by 17.68 per cent to Rs 15,972.55 crore in the quarter, as against Rs 13,572 crore in the same quarter of the previous financial year.
profit margin position
According to the company, the net profit margin in the third quarter stood at 4.5 percent, which was 5.1 percent in the same quarter of the last financial year. Meanwhile, the company’s total expenses increased by 18.52 percent to Rs 15,001.64 crore in the October-December 2024 quarter. Avenue Supermarts’ total income increased by 17.57 percent to Rs 15,996.69 crore during the period.
