1. Investor Presentation
November 2005 1

2. Safe Harbour Statement
Materials and information provided during this presentation may contain ‘forward-looking statements’. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.
Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited, to technological advances and patents attained by competitors, challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment, and governmental laws and regulations affecting domestic and foreign operations.
Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited, to inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. 2

3. Agenda Pharmaceutical Industry Overview
Lupin – A Differentiated Business Model
Financial Overview
Business Strategy and Investment Highlights 3

4. Pharmaceutical Industry Overview

5. Global Pharmaceutical Industry Overview
Estimated to be a US$550 billion market in 2004 (including estimated unaudited pharmaceutical sales)
Market expected to grow at a rate of 7% to 9%
Regulated markets account for almost 90% of the market in terms of revenue
North America is the single largest market accounting for approx. 50% of global sales and is expected to grow at a CAGR of 10%
EU was the fastest growing market, growing at a CAGR of 26% in the period 2002 – 2004
Global Pharmaceutical Sales*
CAGR – 13.7%
Emerging Trends
Growing importance of generics in regulated markets
Pressure from healthcare providers and insurance companies to reduce healthcare costs driving usage of generic drugs
Increasing patent expirations driving generic drug availability
Legislative changes such as the enactment of the Hatch-Waxman act and changes to the Medicare Act in the US providing a major boost
Stringent testing requirements and declining R&D productivity has led to limited new drug pipeline
Increasing pressure on big pharmaceutical companies to enhance new drug pipeline
Source: IMS World Review (Industry Sales based on Audited Numbers)
Key Generic Drug Markets
The generic drugs market which is expected to grow at 10%-12% over the next few years is a key growth area for emerging pharmaceutical manufacturers 4

6. Factors driving the Indian Pharmaceutical Industry
Generic Exports and API Outsourcing
Indian Pharmaceutical Market Overview
India is well positioned to target generic exports and API outsourcing opportunities in the regulated markets
Skilled work force with strong chemistry skills
Significant and sustainable cost advantage over international peers
Good understanding of the regulatory framework
India has largest number of US FDA approved plants outside the US
Largest number of DMF filings outside US
Indian companies are among the leading players participating in Para IV challenges
Approximately US$5 bn in 2004 with exports accounting for an additional US$2.5 bn
Amongst top 4 markets by volume globally
Strong branded generics market
Market growing at a rate 6%-8% as a result of growing awareness, increasing penetration & increasing affordability
Emerging segments such as CNS, diabetes etc. growing at 15-20% +
Introduction of product patents in India in 2005 are expected to lead to a greater emphasis on drug discovery and development
Growth Opportunities
R&D Outsourcing
Skilled work force at competitive costs
Significant progress in development of pharma & R&D infrastructure over last 5 years
Focus on early stage processes for NCEs, NDDS, clinical trials, process re-engineering and dedicated manufacturing
A combination of strong chemistry skills, regulatory capabilities and quality manufacturing has positioned India favorably to capitalize on the global pharmaceutical opportunity 5

7. Lupin – A Differentiated Business Model

8. Business Overview Among the top 6 pharmaceutical companies in India
Leading global player in anti-TB & Cephalosporins
Strong position in prils and emerging global player in statins
Globally accredited manufacturing facilities
Strong R&D Focus
14 ANDAs, 15 DMFs, 4 COS, 2 E-DMFs filed in FY2005
Four NCE molecules in clinical stage
R&D spend in FY2005 – US$18 mm
Focused on US, EU, Australia, Japan, India, China and CIS
Share in Revenues from America & Europe increased from 10% in FY2001 to 24% in FY2005
Employs 4,259 people
Home to 260 scientists
Therapeutic Mix - FY 2005
Geographical Mix - FY2005 6

9. Product Profile - API & Intermediates
Proven process chemistry as well as fermentation skills
Major therapeutic focus areas: anti-TB, cephalosporins (both orals and injectables), prils and statins
Quality and cost leadership
Relationship Driven model
Going Forward
Extending global dominance across a wider portfolio
Increasing strategic partnerships / alliances
Reap benefits of new and expanded capacities
Product
Therapeutic Segment
Global Rank
Ethambutol
Anti-TB 1
Rifampicin
Pyrazinamide
7ACCA
Cephalosporin - Intermediate 2
7ADCA
Lisinopril
Cardiovascular
Amongst the top 2 globally in each area of focus 7

10. Product Profile - Finished Dosages
US Specialty
US Generics
Focus on $ 7 Bn pediatric market thru a dedicated sales force
Foundation laid with the launch of Suprax® - showing an increasing Rx trend
Co-promotion with Cornerstone BioPharma for Suprax® with focus on primary care physicians
Looking at justifiable brand acquisitions and in-licensing opportunities
Positioning to market other products from own NDDS platform
Fast building a pipeline of finished products for the US market
~50 products in current pipeline with brand value of +$ 60 Bn
7 ANDA approved till date, 15 pending approval
$756 mn Ceftriaxone launched in July 2005 with Baxter Healthcare and Henry Schein
API supply to Baxter Healthcare for Premix Frozen
7 products planned for launch in FY 2006
Target = +15 ANDA filings every year
Target = +25 product basket by FY 2008
Success Strategy: Focus generic opportunities in regulated markets 8

11. Product Profile - Finished Dosages
India
Other Markets
Portfolio of over 80 finished products with focus on anti-TB, anti-infectives, NSAIDS cardiovasculars and diabetes
20 brands in the 'Top 3' of their respective product segments
Business growing at a rate of 9% as against 2% growth in the overall industry
18 new products launched in 2005 including anti-Asthma
1350 strong field force for marketing
Marketing divisions with specific therapeutic focus
Extending reach to access rural markets thru brand building
Fast building a pipeline of finished products for the other markets with strong R&D focus
Partnership business model in EU with own setup in select markets
+350 EOIs received till date
Plan to file 8-12 dossiers in FY 2006
Entering Japanese generic market thru alliances
Co-operation agreement with Kyowa Pharma signed for multiple products
Consolidating presence in CIS market by introducing more products
Entering the Australian market with value added generics through alliances
Success Strategy: Strong R&D focus with broad market specific product offering 9

12. US / EU Product Development
Filings till date 22 -
Approvals till date 7
Target filings in FY06
+15
8-12
Target launches in FY06
Products under development
25-30
Target filings going forward per year
6-8 10

13. Globally Accredited Facilities
LOCATION
PRODUCTS
APPROVALS
Mandideep,
Madhya Pradesh
Cephalosporins
Prils
USFDA, UK MHRA, TGA
USFDA
Tarapur,
Maharashtra
Rifampicin
Lovastatin
USFDA, UK MHRA -
Ankleshwar,
Gujarat
Ethambutol
Intermediates
Aurangabad,
Pyazinamide
Lisinopril
WHO, MCC (South Africa)
Verna,
Goa
Non-cephalosporin Oral Formulations
Pune, Maharashtra
R&D
Ankleshwar
Mandideep
Tarapur
Pune
Aurangabad
Goa
Manufacturing
Research Center 11

14. Strong Research & Development Focus
Process
NDDS
Proven abilities in process chemistry and fermentation
Ability to develop products with high technology barriers
30 DMF and 75 EDMFs filed
First licensing deal signed for anti-infective product
Three patented platforms for delivery systems
Two products launched in India
Process
ANDA
NCE
NDDS
ANDA
NCE
22 ANDAs filed,7 approved - including $756mn Ceftriaxone
Broad range of filings with wide therapeutic coverage
Anti-migraine and anti-psoriasis (herbal) in Phase IIa trials
Anti -tb and anti-psoriasis (chemical) in phase I trials
Anti-diabetes and anti-bacterial in pre-clinical stages 12

15. Experienced Management Team
NAME
POSITION
BRIEF PROFILE
Desh Bandhu Gupta, Ph.D
Chairman
Founded the company in 1968
Started his career teaching chemistry at Birla Institute of Science and Technology, Pilani, Rajashthan
Kamal K Sharma, Ph.D
Managing Director
Experience of more than three decades at a range of senior management positions managing projects, corporate development and general management in the pharmaceuticals and chemicals industries
Satish Khanna
Group President, API
Strengthened Lupin's API business and secured the company's position among top manufacturers, globally
Rich experience of more than 25 years in leading companies including Mitsu Industries, Tata Chemicals and Union Carbide
Vinita Gupta Sharma
President, Lupin Pharmaceuticals Inc, US
Has led Lupin's foray in the advanced markets of the US and Europe and in cementing alliances with global majors
Himadri Sen, Ph.D
President, Pharma research
Spearheading Lupin's drive for NDDS, ANDA and patent fillings
Has worked with leading Indian and global pharma companies in the areas of pharma research, technology development and transfer and manufacturing support
Shakti Chakraborty
President, India Region Formulations
Has driven Lupin's entry in the lifestyle segments
Experience of more than three decades with leading pharmaceutical companies like Wockhardt, Aristo Pharma
Vinod Dhawan
President--Business Development
Heads the AAMLA region, responsible for the development of Lupin’s business strategy for these markets.
Has worked with Ranbaxy in their international business
Divakar Kaza
President, Human Resources
Responsible for developing HR management strategy and align it with overall business strategy of the company
Brings along with him rich business experience of about 2 decades in organizations like Wipro, General Electric etc
Indrajit Banerjee
President, Finance & Planning
Responsible for the finance, IT and planning functions and align it with overall business strategy of the company
Rich experience of more than 2 decades in organizations like Indal, Lucent Technologies
Harish Narula
President Corporate Affairs
Heads the company’s business initiatives in the CIS region
Supports the businesses through various Embassies and trade Associations
Nilesh Gupta
Exec VP, IPMG
Responsible for driving product identification for the advanced markets identifying in-licensing and out-licensing opportunities 13

16. Financial Overview

17. EBITDA / Interest Coverage
Financial Profile
Revenues
Net Income
160
175
214
268
271
140
180
200
220
240
260
280
Revenue (US$ MM)
CAGR – 14.1%
13.8
16.6
17.6
22.7
19.4
10.0
13.0
16.0
19.0
22.0
25.0
FY2001
FY2002
FY2003
FY2004
FY2005
Net Income (US$ MM)
FY2001
FY2002
FY2003
FY2004
FY2005
EBITDA / Interest Coverage
Debt / Equity
2.3
2.9
5.4
5.3 -
1.0
2.0
3.0
4.0
5.0
6.0
FY2001
FY2002
FY2003
FY2004
FY2005
EBITDAa/ Interest (x)
1.8
2.0
1.7
0.8
0.9 -
0.5
1.0
1.5
2.5
FY2001
FY2002
FY2003
FY2004
FY2005
Debt / Equity (x) 14

18. Regulated Markets Driving Growth
Half Year Ended Sep 30
YOY
2004
2005
Growth
Income Statement Data
Revenue
141.1
178.3
26.4%
EBITDA
17.0
34.3
101.8%
EBIT
13.4
30.0
124.8%
Interest
3.0
2.9
(2.9%)
PBT
10.3
27.1
162.2%
PAT
8.7
20.1
131.7%
Key Ratios
EBITDA Margins
12.6%
19.9% -
PAT Margins
6.4%
11.7%
EBITDA/ Interest
5.6x
11.7x
(US$ Millions)
Key Highlights
Revenue increased by 26%
Export Revenue increased by 36%
Buoyant off-take in regulated market with sales increasing by 85% to US$38.9 mm
Finished dosage increased by 533%
API revenue increased by 15%
Profit margins improved substantially with reduction in costs 15

19. Business Strategy and Investment Highlights

20. Business Strategy
Continued growth of Anti-TB and Cephalosporin Business
Strengthen Presence in Lifestyle Drugs
Sustainable
Growth
Strong Corporate Governance
Penetrate Regulated Markets
Broad Basing the Product Basket
ANDA, NDDS and NCE 16

21. Investment Highlights
Leadership status in the global anti – TB and cephalosporin market
Strong growth opportunity driven by Lupin’s entry into regulated markets which are supported by its strong DMF and ANDA pipeline
US FDA/ EDQM/ Australian TGA compliant manufacturing facilities
Increased focus on research programme including ANDA, NDDS and NCE providing multiple drivers of growth going forward
Marketing tie-ups with global players 17

22. Thank You