Investor Presentation

November 2005
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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.

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

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Pharmaceutical Industry Overview
 Global Pharmaceutical Industry Overview
Estimated to be a US$550 billion market in 2004 (including estimated
Global Pharmaceutical Sales*
unaudited pharmaceutical sales)
Market expected to grow at a rate of 7% to 9% 525 466 518
59
450 401 55 9
Regulated markets account for almost 90% of the market in terms of 14 58
375 48 52

US$ Bn
revenue 11
47 144
300 115
North America is the single largest market accounting for approx. 50% 91
225
of global sales and is expected to grow at a CAGR of 10%
150
EU was the fastest growing market, growing at a CAGR of 26% in the 204 230 248
75
period 2002 2004
-
2002 2003 2004
Emerging Trends
North America EU Japan Rest of Europe Rest of World

Growing importance of generics in regulated markets Source: IMS World Review (Industry Sales based on Audited Numbers)

Pressure from healthcare providers and insurance companies to reduce Key Generic Drug Markets
healthcare costs driving usage of generic drugs France 1.9

Increasing patent expirations driving generic drug availability Italy 2.5

Legislative changes such as the enactment of the Hatch-Waxman act Japan 3.3
and changes to the Medicare Act in the US providing a major boost UK 4.1

Stringent testing requirements and declining R&D productivity has led Germany 5.3
to limited new drug pipeline India 5.7

Increasing pressure on big pharmaceutical companies to enhance new US 24.8

drug pipeline - 5.0 10.0 15.0 20.0 25.0 30.0
US$ Bn

The generic drugs market which is expected to grow at 10%-12% over the next few years is a
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key growth area for emerging pharmaceutical manufacturers
Factors driving the Indian Pharmaceutical
Industry
Generic Exports and API Outsourcing
Indian Pharmaceutical Market India is well positioned to target generic exports and API
Overview outsourcing opportunities in the regulated markets
Skilled work force with strong chemistry skills
Approximately US$5 bn in 2004 with Significant and sustainable cost advantage over

Growth Opportunities
exports accounting for an additional international peers
US$2.5 bn Good understanding of the regulatory framework
Amongst top 4 markets by volume India has largest number of US FDA approved plants
globally outside the US
Strong branded generics market Largest number of DMF filings outside US
Market growing at a rate 6%-8% as a Indian companies are among the leading players
result of growing awareness, increasing participating in Para IV challenges
penetration & increasing affordability
Emerging segments such as CNS, R&D Outsourcing
diabetes etc. growing at 15-20% +
Introduction of product patents in India in Skilled work force at competitive costs
2005 are expected to lead to a greater Significant progress in development of pharma & R&D
emphasis on drug discovery and infrastructure over last 5 years
development 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

5 has positioned India favorably to capitalize on the global pharmaceutical opportunity
Lupin A Differentiated Business
Model
 Business Overview
Among the top 6 pharmaceutical companies in India Therapeutic Mix - FY 2005
Leading global player in anti-TB & Cephalosporins
CVS
Strong position in prils and emerging global player in 21%

statins Cephs
43%
Globally accredited manufacturing facilities
Strong R&D Focus Anti-TB
24%
14 ANDAs, 15 DMFs, 4 COS, 2 E-DMFs filed in FY2005
Others
Four NCE molecules in clinical stage 12%

R&D spend in FY2005 US$18 mm Geographical Mix - FY2005

Focused on US, EU, Australia, Japan, India, China Others
2% America &
and CIS Europe
24%
Share in Revenues from America & Europe increased
from 10% in FY2001 to 24% in FY2005

Employs 4,259 people India

53%
Home to 260 scientists South East
Asia
6 21%
 Product Profile - API & Intermediates
Proven process chemistry as well as fermentation Global
Product Therapeutic Segment
skills Rank

Major therapeutic focus areas: anti-TB,

Ethambutol Anti-TB 1
cephalosporins (both orals and injectables), prils
and statins
Rifampicin Anti-TB 1
Quality and cost leadership
Relationship Driven model Pyrazinamide Anti-TB 1

Cephalosporin -
Going Forward 7ACCA 2
Intermediate
Extending global dominance across a wider portfolio Cephalosporin -
7ADCA 1
Intermediate
Increasing strategic partnerships / alliances
Reap benefits of new and expanded capacities Lisinopril Cardiovascular 1

Amongst the top 2 globally in each area of focus

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Product Profile - Finished Dosages
US Specialty
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
8 Success Strategy: Focus generic opportunities in regulated markets
US Generics
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
Product Profile - Finished Dosages
India
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
9 Success Strategy: Strong R&D focus with broad market specific product offering
Other Markets
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
 US / EU Product Development

US EU

Filings till date 22 -

Approvals till date 7 -

Target filings in FY06 +15 8-12

Target launches in FY06 7 0

Products under development 25-30 8-12

Target filings going forward per year +15 6-8

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 Globally Accredited Facilities
LOCATION PRODUCTS APPROVALS

Mandideep Mandideep, Cephalosporins USFDA, UK MHRA, TGA

Ankleshwar Madhya Pradesh Prils USFDA

Tarapur, Rifampicin USFDA, UK MHRA

Maharashtra Lovastatin -

Tarapur Ankleshwar, Ethambutol USFDA

Gujarat Intermediates USFDA

Aurangabad, Rifampicin WHO, MCC (South Africa)

Pune Aurangabad
Maharashtra Pyazinamide WHO, MCC (South Africa)
Ethambutol WHO, MCC (South Africa)
Lisinopril WHO, MCC (South Africa)
Goa
Manufacturing Verna, Non- USFDA
Goa cephalosporin
Oral
Research Center Formulations
Pune, R&D
Maharashtra

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Strong Research & Development Focus
Process NDDS

Proven abilities in process First licensing deal signed for anti-

chemistry and fermentation infective product

Ability to develop products with Three patented platforms for

high technology barriers NDDS delivery systems
Process
30 DMF and 75 EDMFs filed Two products launched in India

ANDA NCE NCE

ANDA

Anti-migraine and anti-psoriasis

22 ANDAs filed,7 approved - (herbal) in Phase IIa trials
including $756mn Ceftriaxone Anti -tb and anti-psoriasis
Broad range of filings with wide (chemical) in phase I trials
therapeutic coverage Anti-diabetes and anti-bacterial in
12 pre-clinical stages
 Experienced Management Team
NAME POSITION BRIEF PROFILE

Desh Bandhu Founded the company in 1968

Chairman
Gupta, Ph.D Started his career teaching chemistry at Birla Institute of Science and Technology, Pilani, Rajashthan
Kamal K Sharma, Managing Experience of more than three decades at a range of senior management positions managing projects, corporate
Ph.D Director development and general management in the pharmaceuticals and chemicals industries
Strengthened Lupin's API business and secured the company's position among top manufacturers, globally
Group President,
Satish Khanna Rich experience of more than 25 years in leading companies including Mitsu Industries, Tata Chemicals and Union
API
Carbide
President, Lupin
Vinita Gupta
Pharmaceuticals Has led Lupin's foray in the advanced markets of the US and Europe and in cementing alliances with global majors
Sharma
Inc, US
Spearheading Lupin's drive for NDDS, ANDA and patent fillings
President, Pharma
Himadri Sen, Ph.D Has worked with leading Indian and global pharma companies in the areas of pharma research, technology development
research
and transfer and manufacturing support
President, India
Shakti Has driven Lupin's entry in the lifestyle segments
Region
Chakraborty Experience of more than three decades with leading pharmaceutical companies like Wockhardt, Aristo Pharma
Formulations
President--Business Heads the AAMLA region, responsible for the development of Lupins business strategy for these markets.
Vinod Dhawan
Development Has worked with Ranbaxy in their international business

President, Human Responsible for developing HR management strategy and align it with overall business strategy of the company
Divakar Kaza
Resources Brings along with him rich business experience of about 2 decades in organizations like Wipro, General Electric etc

President, Finance Responsible for the finance, IT and planning functions and align it with overall business strategy of the company
Indrajit Banerjee
& Planning Rich experience of more than 2 decades in organizations like Indal, Lucent Technologies

President Corporate Heads the companys business initiatives in the CIS region
Harish Narula
Affairs Supports the businesses through various Embassies and trade Associations
Responsible for driving product identification for the advanced markets identifying in-licensing and out-licensing
Nilesh Gupta Exec VP, IPMG
opportunities

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Financial Overview
Financial Profile
Revenues Net Income

280 268 271 25.0

22.7

Net Income (US$ MM)

Revenue (US$ MM)

260
22.0
240 19.4
214 19.0 17.6
220 16.6
200 16.0
175 13.8
180
160 13.0
160
140 10.0
FY2001 FY2002 FY2003 FY2004 FY2005 FY2001 FY2002 FY2003 FY2004 FY2005
EBITDA / Interest Coverage Debt / Equity
6.0 5.4 5.3 2.5
2.0
EBITDAa/ Interest (x)

5.0 2.0 1.8

Debt / Equity (x)

1.7
4.0
2.9 1.5
2.9
3.0 2.3
1.0 0.8 0.9
2.0

1.0 0.5

- -
FY2001 FY2002 FY2003 FY2004 FY2005 FY2001 FY2002 FY2003 FY2004 FY2005

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Regulated Markets Driving Growth
Half Year Ended Sep 30 YOY Key Highlights
(US$ Millions)
2004 2005 Growth
Revenue increased by 26%
Income Statement Data
Export Revenue increased by 36%
Revenue 141.1 178.3 26.4%

EBITDA 17.0 34.3 101.8% Buoyant off-take in regulated market

EBIT 13.4 30.0 124.8% with sales increasing by 85% to
Interest 3.0 2.9 (2.9%)
US$38.9 mm

PBT 10.3 27.1 162.2% Finished dosage increased by 533%

PAT 8.7 20.1 131.7% API revenue increased by 15%

Key Ratios
Profit margins improved substantially
EBITDA Margins 12.6% 19.9% - with reduction in costs
PAT Margins 6.4% 11.7% -

EBITDA/ Interest 5.6x 11.7x -

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Business Strategy and Investment
Highlights
Business Strategy
Continued growth of
Strengthen Presence in
Anti-TB and
Lifestyle Drugs
Cephalosporin Business

Strong Corporate Sustainable Penetrate Regulated

Governance Growth Markets

Broad Basing the

ANDA, NDDS and NCE
Product Basket

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Investment Highlights

Leadership status in the global anti TB and cephalosporin market

Strong growth opportunity driven by Lupins 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

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Thank You