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February 10, 2023

 BSE Limited Department of Corporate Services, P. J. Towers, Dalal Street,

MUMBAI - 400 001.

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.

Dear Sir/Madam,

Sub: Investor Presentation Q3 FY23

Pursuant to Regulation 30(2) read with Schedule III Part A Para A(15)(a) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are pleased to enclose a copy of the Investor Presentation Q3 FY 23.

The above is for your information and dissemination.

Thanking you,

For LUPIN LIMITED

Rajvardhan

Vishnu Satam

Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, st=Maharashtra, 2.5.4.20=c19d8ef961d9fa59e973a093a4d3924b2532eb2f496ea7e2abcf74700f5 375b7, postalCode=400104, street=2404,SEJAL TOWER,SEJAL PARK,LINK ROAD,GOREGAON WEST,Mumbai,Motilal Nagar,Borivali,Mumbai Suburban, pseudonym=9a4b7cd219ea516ad56e6d651dcbbe5b, title=0191, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f726cdb67a2ff09c4 242771b2a, o=Personal, cn=Rajvardhan Vishnu Satam Date: 2023.02.10 15:59:44 +05'30'

R. V. SATAM COMPANY SECRETARY

(ACS - 11973)

Encl.: a/a

Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com

www.lupin.com

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–

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Safe Harbor Statement

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Materials and information this contain statements. These statements are based on provided during presentation may forward-looking 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 fluctuations. Risks and uncertainties with to forward- currency exchange particularly apply respect product-related looking statements. Product risks and uncertainties include, but are not limited to, technological advances and patents obtained 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.

You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation.

The Company does not undertake any obligation to update forward-looking statements to reflect new information, future events, or otherwise after the date thereof.

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Q3 FY23 Performance

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Q3 FY23 Key Highlights Continued focus on profitable growth by optimization of direct and indirect costs

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Key Metrics Business Performance INR in mn
India North America
mn
42,446
mn mn
15,213 US: $177
Revenue
3% YoY 11% QoQ
3.8% YoY 3.7% QoQ
mn Growth Markets EMEA
5,506
13%
EBITDA 4,187 mn 3,802 mn
Margin
23% YoY 11% YoY
36% YoY 18% QoQ
API ROW
mn
1,535
4% 2,815 mn 1,158 mn
Net Income
of sales
13% QoQ 17% YoY
18% QoQ
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Q3 FY23 Financial Snapshot Continued focus on profitable growth by optimization of direct and indirect costs

Key Financials INR in mn

Segmental breakup

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Revenue (In INR mn and %)
Q3 FY23 Q2 FY23 Q3 FY22
India,
North
15,213, 36%
America,
15,271, 36%
Sales 42,446 40,912 40,875
Total,
42,446, 100%
EBITDA 5,506 4,680 4,039
API,
2,815, 6%
Growth
ROW,
Markets,
1,158, 3%
EMEA, 4,187, 10% PBT 2,461 2,096 1,671
3,802, 9%
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India: An ongoing story of sustained outperformance in Rx

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Lupin has grown at par with the market ex-in-
licensed portfolio (ex IL)
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Overall Non-IL
10.2% Lupin grew at par with
7.6% 7.5%
6.2% market at 10% in Q3
2.8%
1.1% excluding in-licensed
portfolio
Q1 FY23 Q2 FY23 Q3 FY23
MKT Gr% Lupin Gr% 12.8% 13.4%
5.8%
4.3% Cardiac and respiratory
are back on growth
trajectory
-10.8%
-16.2% • Cardiac, GI,
Q1 FY23 Q2 FY23 Q3 FY23 Respiratory and
MKT Gr% Lupin Gr% Gynaecology
10.3% 9.7% 11.2% 10.7%
registered double-digit
0.5% growth in Q3 FY23
•
Diabetes is recovering
Q1-FY 23-2.8% Q2-FY 23 Q3-FY 23 from impact of patent
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• Diabetes is recovering from impact of patent expiries in segment

multiple new introductions in the quarter

4 in 2 in 2 in Diabetes Care Respiratory Neuro/CNS

• Launched a total of ~50 products in FY22

• On track to launch 60+ products in FY23

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Leveraging Respiratory platform by targeting
first to market complex dosage forms
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Difizma – novel DPI combination launched in Jan-23

• Indacaterol, Glycopyrronium and Mometasone

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India: Increasing footprint by adjacencies and new divisions

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Building end to end healthcare ecosystem
by adding adjacencies and digital connect
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Leveraging leadership by adding 6
new divisions
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Softovac continues to grow and stays market leader Aptivate continues to grow Strengthening by continued expansion and digital ecosystem Going beyond the pill with digital offering and patient neuro-rehab Building capacity of HCPs and empowering patients HUMRAHI by education Digitally assisting retailers and channel partners

#2 rank #3 rank #3 rank Respiratory Diabetes Care Cardiac Orian Metacare Pinnacle CV GI Gynaecology Extra-urban Ariser Phoenix Neo Rural catering

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Significant field strength: enhancing
depth and reach
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~8.22 lakhs ~1,000 ~7,100 PCPM[1] New MEs[1] Total MEs[1] Additions for new ~9,300 total For India Branded divisions salesforce[1]

1. For Q3 FY23

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Note:

1. ME: Marketing Executive; Total ME and sales force corresponds to FY24 budgeted headcount

North America: Investing to increase complex share

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Leadership: Delivering ~6% New product sales driving
TRx volume of the U.S. US growth ($ mn)
181 177
159
121
#3 #1
in the US [1] in 42 products [2]
Q4 FY22 Q1 FY23 Q2FY23 Q3FY23
Maintaining market Top 3 in 107
leadership products [2] -12% YoY 11% QoQ
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Growing Respiratory
portfolio
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21.1% 43.4%
Albuterol Arfometerol
market share market share
In generics Brand + generic
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Q3 FY23 Key Highlights
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• QoQ growth was driven by NPLs, seasonality and NDA brands

• Launched Formoterol (gPerforomist), Diclofenac 2% (Pennsaid AG), Rufinamide Tablets and Paliperidone ER Tablets in Q3FY23

• Total 8 launches in YTD FY23

• Current pipeline includes 55 FTFs incl. 21 exclusive FTF

• Substantial investments in Inhalation, Injectables and Biosimilars pipeline and capabilities (Development and Manufacturing)

• 167 ANDAs pending approval; 30+ strong pipeline of Injectables (filed + under development)

Note:

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1. IQVIA Qtr Dec-22 by prescriptions 2. iQVIA Qtr Dec-22 NSP data

Other Markets: Consistently growing

Other Developed Markets: Germany and Australia driving growth

Emerging Markets: Steady growth

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• BRL 70 mn sales in Q3 FY23 (growth 43% YoY); OTC growth 29.7% Vs market 27.6% by

• Brazil value

• • In reference market, ranks 10[th] position in value terms​[2]

• • MXN 217 mn sales in Q3 FY23 (growth of 11% YoY)

• Mexico • Market leader in Ophthal (#2 in units and #5 in value terms)[3]

• Strongest Quarter for Germany: EUR 11.4 mn vs EUR 8.8 mn (YoY)

• EU5 • Mens health, Namuscla and Tempil key growth drivers

• • 8[th] largest generics player[1] ; Market leader in CVS space

• South Africa • ZAR 308 mn sales in Q3 FY23 versus ZAR 319 mn in Q3 FY22​

• • 4[th] largest generics player[2]

• Australia • SCP acquisition performing well

• API + Global • API revenues grew 13% QoQ in Q3 FY23​ Institutional •

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• Continued leadership in anti-TB Institutional business and increased ARV presence

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Note:

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1. IQVIA Dec-22 by sales

2. IQVIA MAT Nov 22

3. IQVIA Midas Sales Audit Dec-22

Key Financial Metrics: FY23 Quarterly Trend

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R&D (INR mn) Capex (INR Mn)
15.0% 1,800
1,613
3,478 3,376 1,540 1,555
13.0%
1,500
2,896
11.0%
1,200
9.0%
9.6%
4.5%
8.3% 7.0% 900
3.8%
3.7%
6.8%
5.0%
600
3.0%
300
1.0%
-1.0% 0
Q1 FY23 Q2 FY23 Q3 FY23 Q1 FY23 Q2 FY23 Q3 FY23
R&D (INR Mn)
Capex (INR Mn)
R&D (% of Sales) Capex (% of Sales)
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Net debt/ Equity
0.27
0.25
0.21
Q1 FY23 Q2 FY23 Q3 FY23
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P&L Highlights- Q3 FY23

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Sustainability: YTD FY23 Updates Committed to accountability and public disclosure of ESG initiatives and metrics

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• Lupin has made significant progress in FY23 as an organization and made investments to enhance its ESG journey

• Maintaining momentum towards enhancing our ESG systems and processes

Agency

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2022

2021

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17 46

First time respondent

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C
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First time respondent

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24 40

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Environment

• Adding 22+ MW renewable capacity in 2023 to increase total capacity to 36+ MW

• • Scope 3 GHG assessment kick-started

• TCFD Reporting and Climate Risk Assessment process has begun

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Social

• Initiating human rights assessment at all Lupin premises in FY24 after implementing Human Rights policy in FY23

• Employee Volunteering Program institutionalized in India : 5,155 hours clocked YTD

• • Diversity Councils have been formed Globally and the sensitization program for the council has been initiated

• Investing in increasing capacities and increasing registrations in FY23 for anti-TB and ARVs in low / middle income countries to increase Access to medicines

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Governance

• Application process to UNGC has been started

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BB BB

• Reviews being conducted to strengthen and enhance existing ESG policies

• Working towards developing a more inclusive and diverse work environment, through employee trainings

• Kick-started the development of the supplier assessment framework to assess all third party suppliers

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LUPIN AT A GLANCE

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Lupin Today

Global Presence

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10 [th]
Largest Generic
company
(by sales [1] )
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$2.2 bn
Annual sales in
FY22
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$311 mn
EBITDA in
FY22 [(2)]
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Reaching lives
in 100+
countries
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20,500+ Lupinytts

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Local Leadership

3[rd ] 6[th] Largest in India Pharma the US Market Rank (by prescriptions[3] ) (by sales[3] )

4[th] 8[th] Largest Australia South Africa 3 Gx[3] Generic Rank

With Global Infrastructure

15 Manufacturing sites

7 R&D sites

Across India, the US, Netherlands, Brazil and Mexico

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Purposeful diversification (9MFY23)

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API
7%
North
India
America
38%
32%
Growth
ROW
EMEA Markets
3%
9% 11%
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And Growing Sustainability

• FY22: GHG emissions savings >4.3 MtCO2e • FY22: Renewable energy utilization increased by 5.3 MW

• 8%

• IQVIA MAT Nov-22

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1. Global ranking based on FY22 sales:

2. Excluding one time items

Vision: A Pharmaceutical Company Focused on Delivering High Quality Medicines to Patients Around the World

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Global Other United India Developed Emerging API States Region Markets Markets Evolving portfolio and Global operational Delivering innovative Global reach and scale Meaningful scale pipeline in Complex efficiency and brands at above market achieving competitive positions us as a partner of platforms (Inhalation, presence driving leverage costs to serve internal as Growth through organic choice for innovative Biosimilars and on CAPEX and R&D across well as external and in-organic (licensing, pharma companies in Injectables) the platforms through customers and partnering, and South Africa, Brazil, Scaled product platforms markets with similar contribute meaningfully in legacy oral, ophthalmic regulatory regimes acquisitions) means, as Mexico, Philippines and to Global Public Health and dermatology (US, UK, Europe, Canada well as strategic market South East Asia and Australia) adjacencies Leading Partner for Global Institutions on TB care Continuous Improvement Culture Best in Class Global Quality

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Lupin – Awards and Accolades

Organizational Awards

Leadership and Other Awards

• ATD (Association of Talent Development) BEST Award

• Vinita Gupta , named among India’s 20 Most Influential Women in Healthcare by BW Healthcare World

• Three Awards at Business Leadership Award 2022

• Rajendra Chunodkar named among the Game Changers in Manufacturing by Fortune India

• ‘Factories of the Future’ at the Economic Times Promising Plant Awards 2022

• Lupin's Pithampur team wins two awards - 1 Platinum, and 1 Gold at the CII National Technology Competition

• Excellence in Patient Centric Initiative at Zee Health Awards 2022

• Lupin's corporate communication team named among the Top 30 Corporate Communications Team for 2022 by Reputation Today

• ‘ Digital Pharma Marketing Excellence Award ’ for ‘Leveraging Technology for Patient Care' at the 6th Edition of DIGIPHARMAX Conclave on Emerging Health Trends in Pharma Digital Marketing & Awards 2022

• Dabhasa Site Recognized in the silver category at the India Green Manufacturing Challenge 2021-22 organized by International Research Institute for Manufacturing

• Team Pithampur won four awards at 43rd CII National Kaizen Competition

• Marketing Campaign Of The Year by ET India Pharmaworld Awards for its Awareness, Screening, and Treatment (AST) Campaign

• Team Synox Wins Best Marketing Campaign of the Year at ETHealthworld India Pharma World Awards

• Businessworld's Diversity and Inclusion Award 2022 for " Outstanding Diversity Network "

• Lupin Diagnostics Bags the Award for Best Pathology Lab (National Category) at The Economic Times ET Healthcare Awards 2022

• Cyber Security Excellence Awards 2022 for the Best Zero Security in the Healthcare & Pharma category

• Team IRF won Three Awards at the IHW Digital Health Summit & Awards 2022

• Team Goa won First prize and one platinum award at 16th CII Six Sigma National Level Competition 2022

• Bioprocessing Excellence in South Asia Award at the prestigious Asia Pacific Bioprocessing Excellence Awards 2022 by IMAPAC

• Softovac recognized as Epitome of New-Age Success at the Most Preferred Brands 2022 Event

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Thank you

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youtube.com/c/LupinGlobal twitter.com/LupinGlobal linkedin.com/company/lupin/ facebook.com/LupinWorld/

REGISTERED OFFICE

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• 3[rd] Floor, Kalpataru Inspire, Off Western Express Highway, Santacruz (East), Mumbai – 400 055. India, Phone: +91 22 6640 2323 | Fax: +91 22 6640 2051 | www.lupin.com

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