Avenue Supermarts Ltd., which runs the popular DMart retail chain, has named Anshul Asawa as the new CEO-in-training. He will take over from Ignatius Navil Noronha in February 2026. In the meantime, Noronha will stay in his role, and the company has promoted two other executives.
DMart recently reported a profit of 7.85 billion rupees (about $91 million), which is a 6.5% increase from last year. However, this profit still didn’t meet what experts expected, marking the ninth quarter in a row of disappointing results. DMart’s stock has fallen by 13% in 2024 while the overall market, shown by the NSE Nifty 50 Index, has gone up by about 9%. Investors are worried that online grocery services like Swiggy’s Instamart and Zomato’s BlinkIt are taking away customers.
Founded by stock market trader Radhakishan Damani, DMart is struggling as more stores offer discounts on consumer goods. However, the company noted that this quarter was slightly better than last.
Asawa, who has over 30 years of experience working with Unilever, mainly in Thailand and other parts of Asia, has led teams in different regions. DMart is noticing a big rise in demand for home delivery compared to pick-up points, so they plan to focus more on delivery services. Their online business, DMart Ready, saw sales jump by 21.5% for the nine months ending December 31.
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