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NEW DELHI: It’s a flight, Spiderman style!When Radhakishan Damani-promoted Avenue Supermarts got listed on the bourses just over a year ago – 13 months to be precise – it had a market-cap of Rs 40,000 crore. On Friday, it was eyeing the Rs 1,00,000 crore mark.This leaves Damani’s wealth (including his family’s) at $12 billion (as estimated by Forbes) and his CEO & MD Navil Noronha’s at Rs 2,000 crore, making him possibly the richest Indian professional!Noronha owns 1,37,00,000 shares in Avenue Supermarts, roughly a 2.2 per cent stake. He joined D-Mart in January 2004 as head of operations and later got promoted as CEO in 2007 and MD & CEO in 2011.The company went public in March 2017 and last week the stock hit a fresh record high of Rs 1,516. At this price, the stock was up 407 per cent from its issue price of Rs 299 and enjoyed an m-cap of over Rs 94,000 crore.Some brokerages have raised the red flag on the stock, saying it has gone up too much, too fast.If Avenue does manage to cross the Rs 1,00,000 crore mark, it would be only the 30th firm on BSE to have crossed that limit at prevailing price.Brokerage Edelweiss Securities calls Avenue one among the rarest of profitable retailers. D-Mart has successfully created a strong business moat and a unique business model.The firm has an efficient store format, good product mix and strong back-end distribution and packing centres, and has managed to sustain a low-cost structure. The company has managed to grow operating cash flow and RoCE despite rapid store expansion.The company is expected to report over 20 per cent same-store sale (SSS) growth for March quarter.“Led by a favourable product mix, efficient inventory management through centralised sourcing as well as improving efficiencies, we expect Ebitda margins to improve by 250 bps YoY. A jump in other incomes and reduction in interest expense should aid overall earnings growth,” Edelweiss Securities said.Avenue is scheduled to report fourth quarter earnings on May 5.Damani opened his first retail store in Powai in 2002. When Noronha joined D-Mart in 2004, the company had three operational stores. Today, it boasts of a 141-store network with a retail business area of 4.4 million square feet.Noronha brought eight years of experience with Hindustan Unilever (HUL), where he looked after sales, market research and modern trade. He was account manager for modern trade when he left HUL.From building the team from the early days to acquiring and setting up of stores in new territories, he has played a key role in the D-Mart journey. Noronha is over two decades old in the consumer goods industry. In February 2016, he was reappointed as MD of Avenue Supermarts for five years up to January 31, 2021.A science graduate from SIES College of Arts, Science and Commerce in Mumbai , Noronha also hold a postgraduate degree in marketing management from Narsee Monjee Institute of Management Studies.The company has been performing quarter after quarter, but the speed at which the stock has grown has begun to raise eyebrows. Some analysts say the stock valuation worries them.The prevailing valuation factors in an ideal scenario of strong, double-digit same-store sale (SSS) growth with sustained improvement in margins for a long term, which, in a grocery retail, is difficult, says Jefferies.The brokerage has a ‘hold’ rating on the stock with a price target of Rs 1,370. The stock traded at Rs 1,490 on Friday, almost 1 per cent below its all-time high.Motilal Oswal Securities has a ‘sell’ rating on the stock with a target of Rs 1,487. Prabhudas Lilladher has a 'reduce' rating, with a price target of Rs 1,469. Kotak Securities has a ‘sell’ rating on the stock and expects it to fall to Rs 810.