Saturday, October 24
After serving Avenue Supermarts, one of India's richest CEOs Neville Noronha has decided to not renew his candidature at the parent company of DMart chain of retail stores. His term in the company ends in January 2026, a year from now, after which Unilever's Anshul Asawa will fill in his shoes."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 honours his decision and expresses profound gratitude for his extraordinary contribution to the company," Avenue Supermarts announced in a statement today.The company's board has appointed Anshul Asawa as the CEO Designate, effective March 15th, 2025.Noronha, who owned around 1.95% stake in the company at the end of the Septemb
Aneesa Haroon drops off her tattered school bag at her rural home in Pakistan and hurriedly grabs lunch before joining her father in the fields to pick vegetables.The 11-year-old's entry into school at the age of seven was a negotiation between teachers and her parents in her farming village on the outskirts of Karachi. "Initially, many parents were not in favour of educating their children," headteacher Rukhsar Amna told AFP."Some children were working in the fields, and their income was considered more valuable than education."Pakistan is facing a severe education crisis, with more than 26 million children out of school, the majority in rural areas, according to official government figures -- one of the highest rates in the world. This weekend, Pakistan will host a two-day international
Srinagar: Jammu and Kashmir experienced its driest year in five decades in 2024 as the below-normal precipitation continued for the fifth consecutive year, with a sharp 29 per cent deficit in rainfall compared to the annual average of 1232.3 mm, weather experts said on Saturday. "Jammu and Kashmir experienced its driest year in five decades in 2024, with rainfall levels plunging to just 870.9 mm against the normal annual average of 1232.3 mm -- a significant deficit of 29 per cent," a weather expert, Faizan Arif, said here. This marks the fifth consecutive year of below-normal precipitation in the Union Territory, he said. The weather expert said a closer look at the rainfall trends over the recent years highlights an alarming pattern. "2023 recorded 1146.6 mm which was 7 per cent belo
Avenue Supermarts, which operates the retail chain of DMart, on Saturday announced that its standalone Q3 revenue jumped 17.5% year-on-year (YoY) to Rs 15,565 crore while profit rose 6.5% YoY to Rs 785 crore.The retailer's EBITDA margin fell to 7.9% in Q3FY25 as compared to 8.5% in Q3FY24 while the PAT margin also decreased to 5% vs 5.5% on a YoY basis.During the quarter, same store revenue growth for 2 years and older stores was at 8.3%. "We continue to see increased intensity in discounting in the FMCG category and the consequent impact to high turnover per square feet stores in metro towns. However, this quarter the impact has relatively reduced versus the previous quarter (Q2 FY 2025)," Avenue Supermarts MD and CEO Neville Noronha said.DMart Ready recorded a growth of 21.5% in the firs
