Navil Noronha, the CEO of DMart, is hailed as the country’s richest professional manager. The businessman has an estimated net worth of around Rs 5,146 crore according to a report by Mint. Coming from the city of Mumbai he completed his Management degree at the Narsee Monjee Institute of Management Studies. Often touted as being a professional who likes to keep a low profile, this businessman has, for the most part, flown under the radar. It must be noted that his net worth is only a calculation based on the stocks that he owns and does not include the salary or the other compensations that he receives.
Noronha achieved this wealth thanks to the five-fold rise in the share price of Avenue Supermarts Ltd, which runs DMart retail stores. This rise happened around four years ago and as a result, it was not only the founder of DMart, Radhakishan Damani, who profited, but also investors and shareholders. Just last year alone, the shares jumped around 116 per cent. This left Noronha’s 2.03 per cent holdings in India’s second-largest organised retailer worth almost as much as the equity held by Goyal in Zomato.
Before joining DMart, Noronha was working as a sales executive, in the areas of market researcher and modern trade with the fast-moving consumer goods (FMCG) giant, Hindustan Unilever. Thanks to his extensive background and in-depth experience, Damani, the founder of DMart, had offered him the position of Head of Business, which Noronha took up in 2004. He is described as a businessman who is dedicated to his business.
It was reported that he had only missed one day of work since he joined and that too was for the celebration of his daughter’s birthday according to GQ India. In terms of the milestones he has achieved at DMart, he was the initiator of the 48-hour supplier payment policy. This policy basically ensures that all the suppliers for DMart are paid within 48 hours of the delivery being received. As a result of this, the suppliers allow a 2 to 3 per cent gross margin to DMart in light of the efficient pay turnaround time.
It should be noted that the company itself has been facing issues over the past 18 months or so thanks to the pandemic. Due to fewer people walking into the stores, the revenue has been significantly impacted. With everything shifting to the digital realm, many of these retailers have been forced to take to the online domain to ship out their inventory in an attempt to stay afloat and turn a profit. It is in large part thanks to Noronha that the company has managed to maintain such levels of success over the past five years. When compared to competitors like Tata Tesco-owned Star, Aditya Birla Retail and Spencer, DMart has been the only one to show a profitable output.
Noronha is admired in the industry for being a humble chief of the company. Since the company’s IPO, he has only ever missed one day, as mentioned before. As per reports, even his office is a modest one, being only a quarter of the size of the offices usually taken up by CEOs.
It is fair to say that despite having achieved a high economical standing, he still remains true to his passions, his job and his roots. If there is one lesson to be learnt here it is consistency and humility backed by ambition that proves to be the greatest tools to succeed.
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