Lupin LtdQuarter 2

Investor Presentation

Corporate Highlights – Q2 10-11 18 consecutive quarters of growth in sales and profits

Net sales grew by 26% to Rs. 14,051 million during Q2, FY 2010-11, up from Rs. 11,147 million (Q2 FY 09-10)

Net profits grew by 34% to Rs. 2,150 million during Q2, FY 2010-11, as compared to Rs 1,603 Mn. (Q2 FY 09-10)

Growth across all geographies US business grew by 44% in USD terms Japan grew by 17% in JPY terms S African business grew at 26% in ZAR terms India Region sales continued growth rate at 16%

Capex spend at Rs 92 Crores to meet expected demand during the quarter. Revenue Expenditure on R&D increased by 0.8% to Rs. 1157 Mn., amounting to

8.2% of Net Sales during Q2, FY 2010-11, as against Rs. 822 Mn., 7.4% of Net Sales (Q2, FY 2009-10)

During the quarter the company filed 2 ANDA’s bringing the Cumulative filings as of Q2, FY 2010-11, to 132 filings, of which 45 have been approved by the US FDA

Acquired Majority stake in Generic Health.

Financial Trend Q2 2010-11….

Sales +26%

All figures are in Mn

Financial Highlights : Q2 10-11

Balance Sheet Ratios

Particulars Q2 10-11 FY 09-10

Operating Working Capital

13,219 11,869

No. of Days to Sales 89 91

ROCE (%) 23.0% 22.5%

Debt Equity Ratio 0.32 0.37

Rs Mn

Revenue Mix : Q2 10-11Business Break up

Geographical Break up FD Sales

Corporate Highlights FY 09-1015 consecutive quarters of growth in sales and profitsGrowth across all geographies

US business grew by 28% in dollar terms Japan grew by 10% in JPY terms S African business grew at 34% in ZAR terms India Region sales continued growth rate at 18%

Capex spend at Rs 443 Crores to meet expected demand Year of strong research delivery

37 ANDAs and 19 DMFs filed in the year IP settlements – Lotrel (Benazepril/Amlodipine), Namenda (Memantine) Licensing of Rifaximin ER to Salix for the US

Year of Regulatory compliance Mandideep facility cleared of Warning Letter in 7.5 months All plants inspected by FDA

Sales +25%

All figures are in Mn

CAGR29% CAGR 49%CAGR 45%

Financial Trend 09-10…..

Business Update

Generics – US Launched Losartan & Losartan Hctz (in Oct) 5th largest Generic player in the U.S. in terms

of prescriptions (IMS Health) Generics business grew by 59% No. 1 in 14out of 28 products marketed Top 3 in 26 of the 28 products

Advanced Markets – US and EuropeGenerics – EU Cefpodoxime Proxetil tabs

France – 72% market share Ceftiofur – Ranked #1 generic

Branded Branded portfolio forms 25%

of US Turnover

India Region Formulations

6 products find a place among the top 300 in the industry

12 new products launched in the Quarter

Aggressive focus on brand building

Extensive collaboration with thought leading institutions

Continues to be among the fastest growing pharma company in the domestic space @ 16%

Contributed 30% to Lupin’s overall revenues during Q1, FY 2010-11

Branded business grew by 20% Current Field Force strength at

4000

Rs Mn

Japan

Launched Latanoprost ED during FY 2010-11

Market leader in Risperidone in terms of units

Significant player in Amlodipine

Profit enhancement measures to yield greater results in the days to come

Registered Net Sales of Rs. 1568 Mn and contributed 11% to Lupin’s consolidated revenues during the quarter.

JPY Mn

South Africa

Growth sustained at over 26% in ZAR terms

Leaders in Amlodipine and Bilocor in unit sales

Sixth largest generic company in the S African market

Leading presence in CVS Several new products under

registration Future growth through

improved generics, IP challenges and in-licensing

ZAR Mn

ROW

New brand launches in Philippines Women’s health, primary care and pediatric segments

Brand acquisition and in-licensing – a common theme across markets

OTC promotion support in mass media

Created thrust in three countries across CIS – Russia, Ukraine and Kazakhstan

Strategic focus on tender / hospital business paying rich dividends in CIS

Increased focus on brand building and entry into retail chains

API and Intermediates

Cost, quality and reliability are the cornerstones of our API strategy

Global leadership in chosen therapies Cephs Ceph-intermediates Anti-TB range Lisinopril

India’s most profitable API entity – ROCE 36%

Achieved global cost, capacity and marketshare leadership in most products

Strategic input into formulations business

Research and DevelopmentTalent pool of 700+ scientists132 ANDAs, 105 DMFsLitigation Settlements – Loestrin Fe, Femcon Fe.Ability to churn out rich pipeline across geographiesIncreased focus on F2F and Para IV’sStrength in drug delivery

Bioadhesive Laser-drilled Matrix/coated Taste-masking

Revamping Drug Discovery Requisite infrastructure in place

Total expenditure Q2 2010-11 – Rs. 1,157 Mn, 8.2% of Net sales

Market Filings ApprovalUS 132 45EU 82 38

US Generics Pipeline

132 products filed, 45 approved

Para IV’s addressing market size of US$ 30 Bn

F2Fs – Desloratadine, Memantine, Duloxetine, Eszopiclone, Ziprasidone, Lanthanum Carbonate, Pregabalin, Lo-Seasonique, Seasonale

Exclusive F2Fs – Fortamet, Glumetza, Cipro DS

Differentiated products Oral contraceptives Ophthalmic Niche products – Niacin XR, Esomeprazole, Tricor, Sevelamer

The Way Ahead

Lupin’s Core Strength in GenericsLupin’s Core Strength in Generics

Managing the Environment Advantage

• Local market knowledge• Speed & agility• High quality products• Low cost manufacturing

Focal PointsFocal Points

Increase Market Share Increase Margins

Thank You