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PressRelease

BSE:500257

NSE:LUPIN

REUTERS:LUPIN.BO

BLOOMBERG:LPCIN

StrongGrowth,RecordProfits
QuarterIIIResults,FY201314
NetSalesup21%;EBITDAup28%;Netprofitup42%
DeclaresInterimDividendof150%

Mumbai,February03,2014:LupinLimitedreporteditsperformanceforthethirdquarterended31stDecember,
2013.TheseunauditedresultsweretakenonrecordbytheBoardofDirectorsatameetinginMumbaitoday.

Keyfinancial&performancehighlights

Netsalesgrewby21%toRs.29,830m.duringQ3,FY201314,upfromRs.24,659m.(Q3,FY201213)
9M,FY201314:YoYgrowthof16%toRs.80,351m.fromRs.69,243m.

EBITDAmargingrewby28%toRs.8,057m.duringQ3,FY201314,upfromRs.6,314m.(Q3,FY2012
13)
9M,FY201314:YoYgrowthof37%toRs.22,371m.fromRs.16,329m.

Profitbeforetaxgrewby33%toRs.7,379m.duringQ3,FY201314,upfromRs.5,550m.(Q3,FY2012
13)
9M,FY201314:YoYgrowthof45%toRs.20,360m.fromRs.14,020m.

Netprofitgrewby42%toRs.4,761m.duringQ3,FY201314,upfromRs.3,352m.(Q3,FY201213)
9M,FY201314:YoYgrowthof42%toRs.12,834m.fromRs.9,061m.

BoardofDirectorsapproveInterimDividendof150%

Commenting on the results, Nilesh Gupta, Managing Director, Lupin Limited, said We have had a robust
quarterwithrecordprofits,driveninparticularbystrongbusinessgrowthintheUS.OthermarketslikeIndiaare
getting back on track also. In addition, our consistent focus on ramping up operational efficiencies has led to
highermarginsandbetterprofitability."

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PressRelease

BSE:500257

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REUTERS:LUPIN.BO

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UnauditedconsolidatedfinancialresultsforthequarterendedDecember,2013(YoYcomparison)
FiguresinRs.M

Particulars
Netsales
Otheroperatingincome
Totalrevenue

Rawmaterialconsumed
Grossmargin(excl.other
operatingincome)

Employeescost
Manufacturing&other
expenses
Operatingmargin

Otherincome
EBITDA

Depreciation
EBIT

Interest&financecharges
PBT

Tax
PAT

Minorityinterest&shareofloss
inassociates
Netprofit

Q3201314

%ofnetsales

Q3201213

%ofnetsales

YoYgrowth%

29,830

100.0%

24,659

100.0%

21.0%

390

1.3%

352

1.4%

10.8%

30,220

101.3%

25,011

20.8%

11,210
18,620

37.6%
62.4%

9,357
15,302

101.4%

37.9%
62.1%

13.0%
26.0%

3,787
7,490

12.7%
25.1%

3,198
6,406

7,733

25.9%

6,049

324
8,057

1.1%
27.0%

265
6,314

637
7,420

2.1%
24.9%

688
5,626

41
7,379

0.1%
24.7%

76
5,550

2,542
4,837

8.5%
16.2%

2,116
3,434

76

0.3%

82

24.5%

1.1%
25.6%

2.8%
22.8%

0.3%
22.5%

8.6%
13.9%

0.3%

4,761

16.0%

3,352

13.6%

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19.8%
21.7%

18.4%
16.9%
27.8%
22.3%
27.6%
7.4%
31.9%
46.0%
33.0%
20.1%
40.9%
7.3%
42.0%

PressRelease

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Profit&losshighlights
Material cost decreased by 0.3% to 37.6% of net sales at Rs. 11,210 m. during Q3, FY 201314 as
comparedtoRs.9,357m.forQ3,FY201213.
Manufacturing&otherexpensesdecreasedby0.9%to25.1%ofnetsalesatRs.7,490m.duringQ3,FY
201314ascomparedtoRs.6,406m.forQ3,FY201213.
Personnel cost decreased by 0.3% to 12.7% of net sales, at Rs. 3,787 m. during Q3, FY 201314, as
againstRs.3,198m.(Q3,FY201213).
RevenueexpenditureonR&Dstoodat9.1%ofnetsalesatRs.2,710m.,ascomparedtoRs.2,382m.for
Q3,FY201213.
TheoverallimpactofforeignexchangeonnetprofitwasalossofRs.688m.,ofwhichRs.255m.forex
gain is reflected in other income, while the corresponding forex loss is captured across various other
P&Llines.
Balancesheethighlights

OperatingworkingcapitalincreasedtoRs.27,695m.ason31stDecember,2013asagainstRs.26,743m.
ason30thSeptember,2013.Theworkingcapitalnumberofdaysstoodat94daysason31stDecember,
2013asagainst96dayson30thSeptember,2013.
CapitalExpenditurewasRs.1,041m.inthequarter.
TheCompanynowisdebtfreeatthenetdebtlevel.

BusinessSegmentsRevenueMix

Particulars
Q32013
Q32012
YOY
14
13
growth%
Formulations
US(including
IP)
Europe
India
Japan
SouthAfrica
Restofworld
API
Totalnetsales

26,857
13,567

22,306
10,390

20%
31%

661
6,504
3,720
983
1,422
2,973
29,830

598
5,708
3,658
831
1,121
2,353
24,659

11%
14%
2%
18%
27%
26%
21%

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PressRelease

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Operationalhighlights

US&Europe
USformulationsales(includingIP)grewby31%toRs.13,567m.duringQ3,FY201314,asagainstRs.10,390m.
forQ3,FY201213,contributing45%ofoverallsales.USbrandsbusinessstoodat11%oftotalUSsales,whereas
thegenericsbusinesscontributed89%inQ3,FY201314.
Indollarterms,USformulationsrevenuesincreasedby12%toUSD215m.forQ3,FY201314.
TheCompanylaunched5productsintheUSduringthequarterandnowhas62productsinthemarket.
Lupinisthemarketleaderin26productsintheUSgenericmarketandisamongsttheTop3bymarket
sharein44products(IMSHealth,September2013).

Indiaformulations
The Indian formulations business contributed 22% of the Companys overall revenues for the quarter. The
CompanysIndiaformulationbusinessgrewby14%,recordingrevenuesofRs.6,504m.duringQ3,FY201314,
ascomparedtoRs.5,708m.forQ3,FY201213.

Japan
LupinsJapanSales(Kyowa+Irom)clockedinatRs.3,720m.duringthequarter.Japannowcontributes12%to
Lupinsconsolidatedrevenues.TotalrevenuesincreasedtoJPY6,046m.fromJPY5,497m.,agrowthof10%in
JPYterms.

Kyowa revenues (excluding Irom) stand at Rs. 2,787 m. for Q3, FY 201314. In JPY terms, Kyowa revenues
(excludingIrom)increasedtoJPY4,530mfromJPY3,910m.inthepreviousyear,agrowthof16%.

SouthAfrica
Lupins South African Business, Pharma Dynamics clocked in revenues of Rs. 983 m. during Q3, FY 201314,
representingagrowth of18%.Totalrevenues increasedtoZAR 161m.from ZAR131 m., a growthof23% in
localcurrencyterms.

API
APInetsalesgrewby26%toRs.2,973m.duringthequarterascomparedtoRs.2,353m.forQ3,FY201213
andcontributed10%toLupinsconsolidatedrevenues.

R&D
RevenueexpenditureonR&DforQ3,FY201314stoodatRs.2,710m.,9.1%tonetsalesasagainstRs.2,382m.,
9.7%tonetsalesforQ3,FY201213.RevenueexpenditureonR&Dfor9M,FY201314stoodatRs.6,838m.,
8.5%tonetsalesasagainstRs.5,099m.7.4%tonetsalesfor9M,FY201213.

Lupinfiled5ANDAsandreceived5 ANDAapprovalsinthequarter.CumulativeANDAfilings withthe USFDA


nowstandat186withthecompanyhavingreceived96approvalstodate.TheCompanyreceived5approvals
fromEuropeanregulatoryauthoritiesinthequarter.

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PressRelease

BSE:500257

NSE:LUPIN

REUTERS:LUPIN.BO

BLOOMBERG:LPCIN

AboutLupinLimited
Headquartered in Mumbai, Lupin is an innovation led transnational pharmaceutical company producing and
developingawiderangeofbrandedandgenericformulationsandAPIs.TheCompanyisasignificantplayerin
the Cardiovascular, Diabetology, Asthma, Pediatric, CNS, GI, AntiInfective and NSAID space and holds global
leadershippositionsintheAntiTBandCephalosporinsegment.

Lupinisthe5thlargestandfastestgrowinggenericsplayerintheUS(5.3%marketsharebyprescriptions,IMS
Health)andthe3rdlargestIndianpharmaceuticalcompanybysales.TheCompanyisalsothefastestgrowingtop
10genericpharmaceuticalplayersinJapanandSouthAfrica(IMS).

ForthefinancialyearendedMarch2013,Lupin'sConsolidatedTotalIncomeandProfitafterTaxwereRs.94,616
million (USD 1.74 billion) and Rs. 13,142 million (USD 242 million) respectively. Please visit
http://www.lupinworld.comformoreinformation.

Forfurtherinformationorqueriespleasecontact

ShamsherGorawara
HeadCorporateCommunications
LupinLimited:
Ph:+919820338555
Email:shamshergorawara@lupinpharma.com

or

AlpeshDalal
HeadM&AandInvestorRelations
LupinLimited
Ph:+919820023511
Email:alpeshdalal@lupinpharma.com

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