Lupin Investor Presentation Q2FY14

1. LupinInvestor Presentation Q2FY14

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

9. Corporate Highlights H1FY14 13% 43% 41% • Consistent performance: • Net sales grew by 13% to Rs. 50,521 m during H1FY14 • PBT grew by 53% to Rs. 12,981 m during H1FY14 • US & Europe business (including IP) grew by 30% • South Africa grew by 19% • Continued investment for growth • Capital expenditure at Rs. 2,527 m • Revenue expenditure on R&D 8.2% of net sales at Rs. 4,128 m • Filed 8 ANDA & received 14 approvals

10. Q2FY14 performance

11. Corporate Highlights Q2FY14 42% 40% 18% • Consistent performance: • Net sales grew by 18% to Rs. 26,315 m during Q2FY14 • PBT grew by 53% to Rs. 6,755 m during Q2FY14 • US & Europe business (including IP) grew by 31% • South Africa grew by 24% • Continued investment for growth • Capital expenditure at Rs. 1,438 m • Revenue expenditure on R&D 8.3% of net sales at Rs. 2,172 m • Filed 7 ANDA & received 6 approvals

12. Business Mix – Q2FY14 US sales split Geographical breakup Major markets (Net sales) Sales break up

13. Business update

14. United States & Europe Net sales (Rs. m) • US business grew 32% to Rs. 10,349 m in Q2FY14 from Rs. 7,818 in Q2FY13 & contributed 39% to overall revenues • Brand business contributed 10% to US sales, while generics contributed 90% • Received 6 approvals during the quarter • 5 products launched during the quarter • Current product portfolio of 57 products • No. 1 market share in 25 products & Top 3 market share in 40 products • Europe business grew 18% to Rs. 741 m in Q2FY14 from Rs. 626 in Q2FY13 & contributed 3% to overall sales 31%

15. India • India formulations sales grew by 9% to Rs. 6,635 m during Q2FY14 • 9thlargest Indian company in domestic market** • Launched 7 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 ** Source : (AICOD AWACS MAT Sept 13)

16. Japan & ROW Net Sales (JPY m) • South Africa • 4th largest Generic Pharma company • # 1 CVS player in South Africa • 3 products registered during the quarter • 1 product launched during the quarter • Philippines • Ranked 32nd as per IMS MAT Aug 2013 • Growth of 9% vs. industry growth at 3% • 2 products launched during the quarter • Australia • 2new products launched during the quarter • Q2FY14 Japan sales stands at Rs. 3,093 m • Strong presence in CNS, CVS, GI and Respiratory segments • New packaging facility at Sanda complete • Focus on improving I’rom overall business quality • Commercialization for products developed in India • Kyowa field force size increased from 75 to 100

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 Q2FY14 stands at Rs. 2,172 m, 8.3% of net sales • Talent pool of 1200+ scientists • 183 ANDA filings, of which 92 have been approved by the U.S. FDA • Filed 7 ANDA & received 6 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. 1,438 m during Q2FY14 • 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 • Disruptive costs • Supply chain efficiency • Leadership pipeline & capability building • Sustainability initiatives (people, planet & profitability)

22. Thank You