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Avenue Supermarts' Radhakishan Damani becomes India's 6th richest person

Damani's net worth is now more than Gautam Adani ($10.8 billion) and Sunil Mittal ($9.6 billion), according to data from Bloomberg Billionaires Index

twitter-logoBusinessToday.In | May 15, 2020 | Updated 17:26 IST
Avenue Supermarts' Radhakishan Damani becomes India's 6th richest person
Avenue Supermarts founder Radhakishan Damani Damani owns 37.19% stake or 23.34 crore shares in the firm

Avenue Supermarts founder Radhakishan Damani has become India's sixth richest person with a net worth of $11.9 billion after the firm's stock price hit an all-time high. Damani's net worth is now more than Gautam Adani ($10.8 billion) and Sunil Mittal ($9.6 billion), according to data from Bloomberg Billionaires Index.

Radhakishan Damani who is also a well known stock market investor also has stake in firms such as India Cements, VST Industries and Simplex Infrastructures among others.

In Avenue Supermarts, Damani owns 37.19% stake or 23.34 crore shares. His wife Shrikantadevi Radhakishan Damani holds 3.54% stake in the firm. His brother Gopikishan Shivkishan Damani owns 8.12% stake in the operator of leading retailer D-Mart.

Also read: Avenue Supermarts share price hits all-time high after QIP launch

Avenue Supermarts is the parent firm of D-Mart which is among the most profitable food and grocery retail chains in India.

On Monday, Avenue Supermarts share price hit its all-time high of Rs 2,537 rising 11% on BSE. It became the 18th most valuable company on BSE in terms of market capitalisation. Avenue Supermarts' market capitalisation stood at Rs 1,55,948.65 crore on BSE. It surpassed Nestle India and Bajaj Finserv which were on 19th and 20th positions, respectively. While market capitalisation of Nestle India stood at Rs 1,55,886 crore, Bajaj Finserv closed at market cap of Rs 1,53,196 crore today.

Paring some gains, Avenue Supermarts share price closed 8.63% or 197 points higher at Rs 2,484 against the previous close of Rs 2,286 on BSE.

The past year has been particularly good with Avenue Supermarts stock gaining 67.82%. In comparison, Sensex rose 13% during the period. The stock has gained 32.3% since the beginning of this year.  The stock is overvalued, according to analysts but this has not prevented the scrip from hitting new highs of late.

The firm logged a 53.3 per cent year-on-year rise in standalone profit at Rs 394 crore in Q3 of current fiscal compared with Rs 257 crore recorded in the corresponding quarter of last fiscal.

Revenue rose 23.90 per cent to Rs 6,752 crore compared with Rs 5,451 crore reported for the year-ago period. EBITDA rose to Rs 593 crore from Rs 453 crore year on year. EBITDA margin for the quarter came in at 8.8 per cent, a rise of 50 basis points over 8.3 per cent.

By Aseem Thapliyal

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