DMart CEO Ignatius Navil Noronha is now a billionaire, here's what made him so wealthy

New Delhi: Ignatius Navil Noronha, the chief executive officer of Avenue Supermarts Ltd, which owns the DMart retail chain, has seen his fortune rise to more than a billion dollars as the company's stock has risen by an incredible 113 percent this year.

On the BSE, the stock set a new all-time high of Rs 5,899 and surged as much as 10.7% in intraday trading, pushing its market capitalization above Rs 3.54 trillion. At 10 a.m., the stock was up 2% to Rs 5,431 per share. The stock has been trading upward for seven straight sessions, gaining about 40% during that time.

Noronha, 47, has now surpassed Rs 7,744 crore in net worth, making him India's richest professional manager. Noronha currently owns 13.13 million shares, or 2.03 percent of the firm.

Naronha amassed his fortune thanks to a 19-fold increase in the value of Avenue Supermarts' stock. The stock was first launched on the stock exchange on March 21, 2017, at an issue price of Rs 299 per share. Since then, the scrip has increased by approximately 1,800% from its initial price.

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

Noronha previously worked for Hindustan Unilever, a fast-moving consumer goods company. In 2004, he was hired as the head of business by Radhakishnan Damani, the founder of Avenue Supermarts. In 2007, he became the company's CEO.

DMart continues to offer the best discounts in most categories, resulting in increased loyalty, which is a major component in increasing foot traffic. The company caters to lower-middle, middle-, and upper-middle-income consumers who place a premium on value for money.

JioMart, Flipkart, and Amazon pose a threat to the company, but analysts believe it is well positioned in the domestic retail industry due to its strong execution capabilities, disciplined low prices and low costs strategy, lower cost of operation, and streamlined distribution network, all of which help DMart penetrate new markets.