Faced with a cash crunch, the Mumbai-based drug maker has only its research to fall back on. Will it yield a blockbuster?
Once a top-five Indian pharmaceuticals company, Mumbai-based Wockhardt is in serious trouble. The loss-making company is said to have delayed salaries this month.
It is in dire need of cash, having made losses in six out of the last seven financial years (the one year it made a profit, it sold some profitable assets). Though debt is down from where it was seven years ago, the company’s interest outgo for 2022-23 came in at Rs 302 crore, 3x its operating profit of Rs 101 crore. To top it off, its promoters, Habil Khorakiwala and family, have pledged 60% of their …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, Londo