Business
Radhakishan Damani is richer by over ₹2,600 crore as DMart shares rally
Radhakishan Damani and his family, promoters of Avenue Supermarts Ltd (DMart) saw notional value of their stakes surge amid a 5.6 per cent rally on the counter. Radhakishan Damani was worth $21.2 billion, as per Bloomberg Billionaire index before his net worth rose as DMart shares jumped 5.6 per cent to hit a fresh 52-week high of ₹4,710.15 on BSE today (April 4). With this, the company’s market capitalisation topped the ₹3 lakh crore mark as it reported standalone revenue from operations at ₹12,393.46 crore for the March quarter.
Radhakishan Damani owns 14,98,48,238 shares or 23.03 per cent in DMart as on December 31 while his wife Shrikantadevi Radhakishan Damani owns 65,00,000 shares or 1 per cent stake in Avenue Supermarts. His brother Gopikishan Shivkishan Damani holds 3,64,69,012 shares or 5.60 per cent stake at the end of December quarter.
On Wednesday, Radhakishan Damani’s stake was worth ₹66,805 crore which jumped to ₹69,430.22 crore, up ₹2,625 crore while his brother stake which was worth ₹16,251.43 crore moved up 16890.06 crore, up ₹638 crore. His wife’s stake is now worth ₹3,016 crore, up over ₹100 crore in a day.
Motilal Oswal said DMart’s strong sales growth for the March quarter was supported by high productivity and footprint as it said, “We have seen growth in revenue/sqft in the last 3-4 quarters (each quarter growing by around 4-6 per cent YoY). In the last three years, revenue/sqft remained subdued due to addition of larger store sizes and weak discretionary spending (contributing 23- 25 per cent of revenue). However, this trend has been gradually reversing in the last 3-4 quarters, as evidenced by the narrowing gap between the revenue/store growth and revenue/square foot growth.”
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