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Wockhardt posts a smart turnaround

The smile usually doesn’t leave Habil Khorakiwala’s face. But the cheer in that smile had gone missing in last four years, as his pharma company, Wockhardt, plunged into one crisis after another. on Monday, the cheer came back, with the firm posting a spectacular 95 per cent growth in net profit in the June quarter. Wockhardt is also set to exit the corporate debt restructuring programme it entered in 2009 when its debt touched Rs 3,800 crore. But following a series of sale of non-core assets, the pharma major’s debt-equity ratio has come down from a high of 5:1 to below ...