1. Lupin Investor Presentation Q3FY14

2. Vision: To be an innovation led transnational company

3. Safe harbor 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.

4. Lupin today
8th largest Market Cap amongst Global Generic Companies ~$5.7 billion
Revenues > $ 1.74 billion
Top 4 Pharmaceutical company in India
Secular growth across the geographies
Onshore presence in 10 countries (significant presence across 4 countries)
R&D 7.5% of net sales
Vertically integrated
12 manufacturing sites (5 US FDA approved) (2 sites in Japan)
Conversion rate: USD = INR 54.30

5. Awards & accolades
NDTV Business Leadership Awards - Pharma Company of the Year 2012
Lupin was ranked amongst top 2 pharma companies in the Great Place to Work survey ‘Best Companies to work for 2013, India’ and amongst the Top 50 companies overall
NSE included Lupin in the S&P CNX NIFTY index
Ernst & Young Entrepreneur of the Year 2011, for Life Sciences and Health Care: Dr Desh Bandhu Gupta
Ernst & Young Family Business Award 2012: Ms. Vinita Gupta
CVS Caremark Supplier Partner Award winner - Pharmacy Category for 2012

6. Consistent track record of growth
Net Sales - CAGR 27%
EBITDA - CAGR 29%
Figures in Rs. m
Evolved into a multinational company with >70 % of turnover from outside India
4th largest pharma company in India
5th largest and fastest growing generic player in the US by prescriptions
7th largest and the fastest growing generic player in Japan

7. Profit & shareholder returns
Net profit - CAGR 26%
Figures in Rs. m

8. Major markets (Net sales)
Business Mix – FY13
Geographical breakup
US sales split
Sales break up
Major markets (Net sales)

9. Corporate Highlights 9MFY14
16%
37%
42%
Consistent performance:
Net sales grew by 16% to Rs. 80,351 m during 9MFY14
PBT grew by 45% to Rs. 20,360 m during 9MFY14
US & Europe business (including IP) grew by 30%
South Africa grew by 19%
Continued investment for growth
Capital expenditure at Rs. 3,639 m
Revenue expenditure on R&D 8.5% of net sales at Rs. 6,838 m
Filed 12 ANDA & received 19 approvals

10. Q3FY14 performance

11. Corporate Highlights Q3FY14
21%
28%
42%
Consistent performance:
Net sales grew by 21% to Rs. 29,830 m during Q3FY14
PBT grew by 33% to Rs. 7,379 m during Q3FY14
US & Europe business (including IP) grew by 29%
South Africa grew by 18%
Continued investment for growth
Acquired Nanomi B.V. in Netherlands
Capex at Rs. 1,041 m
Revenue expenditure on R&D 9.1% of net sales at Rs. 2,710 m

12. Major markets (Net sales)
Business Mix – Q3FY14
Geographical breakup
US sales split
Sales break up
Major markets (Net sales)

13. Business update

14. United States & Europe
Net sales (Rs. m)
US business grew 31% to Rs. 13,567 m in Q3FY14 from Rs. 10,390 in Q3FY13 & contributed 45% to overall revenues
Brand business contributed 11% to US sales, while generics contributed 89%
5 products launched during the quarter
Current product portfolio of 62 products
No. 1 market share in 26 products & Top 3 market share in 44 products
Europe business grew 11% to Rs. 661 m in Q3FY14 from Rs. 598 m in Q3FY13 & contributed 2% to overall sales
29%
Acquired Nanomi B.V. in Netherlands. Nanomi has patented technology platforms to develop complex injectable products.
Filed 5 ANDAs & received 5 approvals during the quarter

15. India
India formulations sales grew by 14% to Rs. 6,504 m during Q3FY14
9th largest Indian company in domestic market**
Launched 8 new products during the quarter
Field force strength +5,000 no.’s
Entered into strategic partnership with MSD to co – market MSD’s PPV in India
Mfg data
** Source : (AICOD AWACS MAT Dec 13)

16. Japan & ROW South Africa 4th largest Generic Pharma company
Net Sales (JPY m)
South Africa
4th largest Generic Pharma company
# 1 CVS player in South Africa
5 products registered during the quarter
Philippines
Ranked 28th as per IMS MAT Nov 2013
Growth of 23% vs. industry growth at 3%
Oncology division & 2 products launched during the quarter
Australia
Launched Terbinafine during the quarter
Q3FY14 Japan sales stands at Rs. 3,720 m
Strong presence in CNS, CVS, GI & Respiratory segments
Focus on improving I’rom overall business quality
Commercialization for products developed in India
Kyowa field force size increased from 95 to 114
Azithromycin, TS 1, Pitavastatin & Valacyclovir launched during the quarter

17. API and intermediates
Cost, quality and reliability are the cornerstones of our API strategy
Strategic input into formulations business
Global leadership in chosen therapies
Cephs
Ceph-intermediates
Anti-TB range
Achieved global cost, capacity and market share leadership in most products

18. Globally Integrated Research & Manufacturing network
Nagpur

19. R&D
7,098
R&D spends (Rs. m)
R&D expenditure Q3FY14 stands at Rs. 2,710 m, 9.1% of net sales
Talent pool of scientists
186 ANDA filings, of which 96 have been approved by the USFDA
Filed 5 ANDA & received 5 approvals during the quarter
Increased focus on F2F
NDDD:
Pipeline of 10 programs in various phases of drug discovery
Bio-similars:
Approval received for GCSF (Filgrastim)
Pipeline of 10 drugs in various phases of development

20. Globally integrated supply chain
Highlights
Capex of Rs. 1,041 m during Q3FY14
Successful inspections of plants by various regulatory agencies without critical observations:
USFDA : Tarapur, Dabhasa, Indore & Aurangabad (Zero 483 in all inspections)
MHRA : Indore, Mandideep
TGA : Mandideep
ANVISA: Ankleshwar, Tarapur
MCC: Aurangabad
Frost & Sullivan in association with The Economic Times conferred “Manufacturing Excellence Award”
Supply chain initiative rolled out to efficiently meet global scale up & complexity challenges
Capabilities
10 manufacturing locations (2 in Japan) housing 12 sites
5 API sites
7 formulation sites
5 FDA inspected sites
Manufacturing capabilities across tablets, capsules, liquids, injectables and MDIs
Combined capacity of ~ 20b dosage units
Mihan formulation site for US commissioned Sep’13
OCs launched in U.S. market from Indore
Investments in - ophthalmology, derma and inhalers

21. Growth Levers & Enablers
Healthy pipeline
Value added generics
Specialties
NDDR program
Geographical expansion
Brands
Platform technologies
R&D
M&A
People & Capability
Supply Chain
Disruptive costs
Supply chain efficiency
Leadership pipeline & capability building
Sustainability initiatives (people, planet & profitability)

22. Thank You