Lupin Scaling new heights….

May 8, 2013

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.

Vision: To be an innovationled transnational

pharmaceutical company

Pharma Landscape

USA : 322 47 78 Canada: 22 6 7

France : 41 6 8 Germany : 45 7 10 UK : 22 5 7

Italy : 29 3.5 4.5 Spain : 23 2 3

Brazil : 30 15 28 Mexico : 10 4 8

China : 67 31 58 India : 1413 27

Pharma Mkt 2011- $956 bPharma Mkt 2016 - $ 1145 – 1235b

Australia : 13 1.5 2.5

Source; IMS market prognosis, May 2012

Global generics to grow from $242b to $400b in 2016

Generic Mkt 2011- $242 bGeneric Mkt 2016- $400 bOverall growth: 65%CAGR: 11%

2011 Total Mkt

2016 Gx

2011 Gx

Japan: 111 6 10

BRIC – Fuelling generics & overall growth

China

India

Brazil

Russia

Japan

Australia

USA

South Korea

UK

France

Germany

Canada

Spain

Italy

16%

15%

14%

14%

13%

12%

11%

8%

7%

5%

5%

4%

3%

3% Generics – 2011-16 CAGR Rapid growth in generics

driven by :

Economic growth

Healthcare

expenditure

New products

Structural changes in

healthcare systems

Source; IMS Health, Epsicom & Bloomberg

Industry Trends & Drivers

Tailwinds Headwinds

Generics are the obvious winners of any healthcare reform (affordable care)

Ageing population

Potential opportunities in the bio-similars space (regulatory pathway evolving across markets)

Industry under consolidation phase (lesser number of competitors). Partnering opportunities

Price control measures & inclination of moving branded generics to generic – generic (e.g. India, EU5)

Big Pharma pursuing BGx opportunities

Patent cliff - ~$60b of drugs going off patent in 5 years (2014 to 2018), as against ~$70b in 3 years (2011 to 2013)

Increasing regulatory costs & oversight

Momentum gained so far…

Lupin Today

Conversion rate: USD = INR 54.30

8th largest Market Cap amongst Global Generic Companies ~$5.7 billion

Revenues > $ 1.74 billion

Top 4 Pharmaceutical company in India

US and Domestic business outperforming industry

Onshore presence in 10 countries (significant presence across 4 countries)

R&D expenditure @ 7.5% of net sales

Vertically integrated

12 manufacturing sites (5 US FDA approved) (2 sites in Japan)

Awards & Accolades

NDTV Business Leadership Awards - Pharma Company of the Year 2012

Lupin was ranked 1st amongst pharma companies in the Great Place to Work

survey ‘Best Companies to work for 2012, 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

FY08 FY09 FY10 FY11 FY12 FY13

118 137 184

221 269

423

FY08 FY09 FY10 FY11 FY12 FY13

522 699

879 1,051

1,282

1,742

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

Net Sales - CAGR 27% EBITDA - CAGR 29%

Consistent track record of growth

Figures in USD m

FY08 FY09 FY10 FY11 FY12 FY13

0.18 0.22 0.29

0.36 0.36

0.54 Basic EPS (USD)

FY 08 FY 09 FY 10 FY 11 FY 12 FY13

100125 135 150 160

200Dividend %

Profit & shareholder returns

FY08 FY09 FY10 FY11 FY12 FY13

75 92

126 159 160

242

Net profit - CAGR 26%

Figures in USD m

FY12 FY13

Net Sales USD m

Corporate Highlights FY13

FY12 FY13

EBITDA USD m

FY12 FY13

Net Profit USD m

36% 58%

52%

Continued investment for growth

► Capital expenditure at USD 90 m.

► R&D revenue expenditure 7.5% of net sales at USD 131 m

► Filed 21 ANDAs

Net sales grew by 36% to USD 1,742 m during FY13

EBITDA margins grew to 24% during FY13 from 21%

Growth across all geographies

► US business (including IP) grew by 49%

► India Region Formulation sales grew at 24%

► Japan grew by 52% and South Africa grew by 26%

1,2821,742

269

423

160

242

Consistent execution leading to QoQ & YoY growth

Q1 Q2 Q3 Q4

284 321 330 347

409 412 454 467

Q1 Q2 Q3 Q4

39

49 43

29

52 53 62

75 Net Sales (USD m) PAT (USD m)

EBITDA %

Q1 Q2 Q3 Q4

19.2% 23.3% 21.0% 20.2%

21.7% 23.2% 25.6% 26.2%

FY12FY13

Major markets (Net sales)

Geographical breakup

Sales break up

US sales split

Business Mix – FY13

India, 28%

Outside India, 72%

API10%

Formula-tions90%

Brand21%

Generic79%

40%

2%25%

14%

3%

6% 10% US (including IP)

Europe

India

Japan

South Africa

Rest of world

API

Key financial indicators

Returns FY13 FY12 FY11

EBITDA 24.3% 21.0% 21.0%

PBT 20.3% 17.2% 17.0%

PAT 14.2% 12.8% 15.0%

ROCE 30.8% 20.0% 21.5%

Ratio FY13 FY12 FY11Debt Equity ratio (Net) 0.14 0.31 0.22

Working capital days 93 days 99 days 86 days

Profitability / Returns

Financial ratios

Geography wise performance

FY12 FY13

466

Net sales (USD m)

United States

Brand business grew by 13% while generics grew by 70%

Brands business ~21% of the US sales

US business clocked USD 693 m

Received approval for Suprax drops

14 ANDA approvals received & 10 products launched during the year

Strong base business

► #1 in 24 out of 46 products (IMS Mar’13)

► Top 3 in 37 out of 46 products (IMS Mar’13)

► 5th largest generics player (IMS Dec’12)

Challenges

Generic challenge for Antara

Strong Pipeline

116 pipeline products (market $ 54 b)

25 first to file generics, (market ~$13 b)

12 exclusives (market ~$1.62 b)

694

FY12 FY13

India

24%

Ranked 7th on Month MAT Jan’13 basis.

Chronic & Semi-Chronic therapies now constitute 60% of the portfolio

Gluconorm and Tonact contributed above Rs.1,000m in sale

Ranked 3rd in CVS segment as per growth rate.

CNS/Neuro segment grew 19.1% against market growth of 12.6%

Ranked 7th in Anti Diabetics segment with growth of 23.1%

Retained its top position with 44.6% market share in Anti TB segment

351

435Net sales (USD m)

India

CVS22%

Anti-TB9%

Anti - Asthma10%

Anti Biotics.16%

Anti Diabetic15%

Gastro Intestinal (GI)8%

CNS5%

Gynaecology4%

Others12%

Therapy Mix

Chronic & Semi-chronic therapies now account for 60% of the portfolio

FY12 FY13

Japan

Completed 5 years in the Japanese market

Sales increased from USD 86 million to USD 240 million during 5 years

In JPY terms consolidated net sales increased to JPY 19,785 m, entailing a YoY growth of 39%

Kyowa excluding Irom grew by 14% to JPY 13,984m

Supply chain integration from India:

► Goa facility received first 3 approvals in formulations

► Tarapur facility received 2 approvals in API

11 products launched during the year

159

240

Net sales (USD m)

FY12 FY13

ROW sales

Pharma Dynamics emerged as the 5th largest

generic company in South Africa and the no.1

CVS company during FY13.

Launched OTC products in Australia under

the umbrella of “Pharmacy Action”

Multicare amongst the fastest growing

generic companies in the Philippines,

improving its ranking from 39 to 34 last year

Largest supplier of Anti-TB products to WHO

113

154

Net sales (USD m)

FY12 FY13

API

Strategic input into formulations

business

#1 TB and Ceph player globally

API business grew by 12% from USD

466 m. to USD 694 m in FY13

Increasing focus on US API

466

694Net sales (USD m)

R&D

FY07 FY08 FY09 FY10 FY11 FY12 FY13

25 28 43

66 89 96

R&D spends (USD m)

Total expenditure at 7.5% of sales Talent pool of 1200+ scientists 176 ANDA filings, of which 78 have been

approved by the U.S. FDA & 138 US DMFs filed to date

Filed 21 ANDAs & received 14 approvals during the year

Increased focus on F2F (25 filings in pipeline)

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

131

Future direction

• Disruptive costs• Supply chain efficiency

• Geographical expansion• Brands• Platform technologies

• Leadership pipeline & capability building

• Sustainability initiatives (people, planet & profitability)

Growth Levers & Enablers

R&D M&A

People & Capability

Supply Chain

• Healthy pipeline• Value added generics• Specialties

•NDDR program

Thank You