DMart CEO Neville Noronha resigns, Unilever’s Anshul Asawa to take over; 10 things you need to know

DMart announced that its CEO and managing director Neville Noronha has stepped down from his position after a 20-year stint.

• Noronha has not offered to renew his role as chief executive officer (CEO) and managing director (MD) after the end of his current term in January 2026.
• Avenue Supermarts also announced that it has picked Unilever Plc’s Anshul Asawa as its new CEO designate.
• Asawa will join the company in March 2025 and Neville will support him for a smooth transition over the next year.
• Asawa is expected to take over as the MD and CEO on February 1, 2026, after Neville’s term concludes.
• Asawa is an IIT Roorkee and IIM Lucknow alumnus and will join DMart after a 30-year-long stint at Unilever.
• Asawa currently serves as the Country Head of Unilever in Thailand and the General Manager of the Home Care business unit in Greater Asia.
• He has held top positions in sales, marketing and distribution, during his stint at Unilever.
• Commenting on Noronha’s exit, DMart said in a filing to the stock exchanges, “After more than two decades of exceptional leadership and a glorious tenure at the helm of the business, Neville has chosen not to extend his contract. The board of directors honour his decision and expresses profound gratitude for his extraordinary contribution to the company.”
• CB Bhave, chairman of the board of directors of Avenue Supermarts, also praised Noronha’s tenure at the company. Bhave said, “A leader who saw the big picture but never lost the eye for detail, Neville ensured that growth and profits were not ends in themselves; rather, they were the by-products of efficiency, fairness and customer value. The entire board of the company joins me in this sentiment.”
• Noronha also made a statement on his exit and offered full support to DMart. “I remain committed to a smooth transition till my tenure ends and available even after that for any counsel the company may need from time to time,” he said.

Meanwhile, DMart shares dropped as much as 5.86% to an intraday low of ₹3,469.95 apiece on the NSE in morning trade on Monday. However, the stock recovered some of early losses to trade 3.71% lower at ₹3,549 apiece on the NSE at 10:30 am.

DMart Q3FY25 results highlight

• Avenue Supermarts’ net profit for the quarter ended December 2024 increased 4.8% year-on-year (YoY) to ₹723.54 crore compared to ₹690.41 crore a year ago.
• The company’s revenue from operations rose 17.68% YoY to ₹15,972.55 crore in Q3FY25 against ₹13,572.47 crore in the same quarter of the preceding fiscal.
• DMart’s profit margins in Q3FY25 stood at 4.5%, declining marginally compared to 5.1% in Q3FY24.
• Its total income, which included other income, surged 17.57% YoY to ₹15,996.69 crore in the December quarter.