The pharmaceutical industry plays a crucial role in developing new medicines and improving the health of individuals worldwide. With the rise of chronic conditions and an aging population, there is a growing demand for innovative healthcare solutions. The industry faces challenges such as emerging infectious diseases and the need to address multiple patient ailments.

New technologies like digitalization, big data, and artificial intelligence have the potential to revolutionize the pharmaceutical sector. These advancements can enhance drug development and patient care and create new revenue streams. We have adopted a long-term growth strategy focusing on cost optimization through digital initiatives and efficient capital allocation to seize these opportunities. Our research and development efforts are now directed towards more complex generics research, and we are investing in advancing our global generic R&D pipeline.


166417 Mn

Total Revenue From Operations

18715 Mn


7165 Mn

Profit Before Tax


Overview of Financial Performance

Despite facing challenges in the U.S. market, including accelerated price erosion and inflation in input materials, Lupin had a successful fiscal year in 2023. We achieved steady growth in operating margins and implemented margin improvement plan. Lupin’s India business recorded double-digit growth, while margins in U.S. improved quarter after quarter.

Lupin’s EBITDA performance reflected an increasing trend throughout FY23, trend and reaching 14% EBITDA margin in Q4. This was an outcome of various initiatives pursued by us for restoring EBITDA margins to a healthy core of over 18% in the near future. While Lupin made significant progress in optimizing sales returns, air freight and its product portfolio among other cost lines, secular inflation in input prices eroded some of the gains achieved. Also, factors such as the translation impact of expenses outside India, increased sales promotion spending in India, and minor investments in adjacency businesses offset these gains. We will continue to make notable progress in our cost optimization initiatives and remain optimistic about the opportunities in FY24.

In the inhalation segment, Lupin experienced growth through new product introductions and market share gains. We consolidated our position in arformoterol inhalation solution, achieving a year-end market share of approximately 48% in the U.S. Lupin’s India business registered close to 10% growth despite challenges in the in-licensed portfolio. In Europe, Lupin saw strong branded product sales, as we introduced our first Metered Dose Inhaler Luforbec and launched the orphan drug Namuscla in various markets. Also, Lupin acquired Medisol in France to enhance its injectables franchise.

Lupin’s R&D focus pivoted towards complex generics, including inhalation products, injectables, and biosimilars. We made significant progress in expanding filings in these complex areas, with more than 50% falling into this category. Lupin expects favorable outcomes from its programs in the coming quarters, with noticeable progress anticipated in the second half of the current fiscal year.

For more detailed information on Lupin’s financial performance during FY23, please refer to the standalone and consolidated financial statements presented in the Integrated Report.

Performance Highlights

Performance Highlights

Product Launches and Expansions

Lupin is excited about the upcoming launches of several new products, including Spiriva, Diazepam Gel and Nascobal Nasal Spray. These products provide Lupin with exclusivity or a first-to-market position, which will drive profitable growth in the U.S. market.

The FDA approval of Spiriva is particularly significant, and Lupin expects it to substantially contribute to its financial performance in FY24, given its competitive positioning.

With the introduction of these new products, combined with ongoing optimization efforts and a dedicated focus on building a specialized inhalation and injectables pipeline, Lupin is confident in its ability to grow its business over the next few years.

Lupin has successfully managed its working capital requirements while investing significantly in capital expenditures, research, and development. This balanced approach is reflected in the company’s strong financial performance, demonstrating its commitment to growth and value creation for its stakeholders

Unlocking the Power of Data:
Lupin’s Digital Transformation Journey

unlocking the power of data to revolutionize operations. Lupin harnesses the power of Robotic Process Automation (RPA) and analytical tools like Qlik Sense to automate critical tasks in our Indian operations. By significantly enhancing its Qlik Sense dashboards, we have embraced business transparency and facilitated data-driven decision-making. These improvements have paved the way for integrated data utilization, enabling meaningful insights in a user-friendly manner. For instance, implementing these dashboards has led to a 25% reduction in human efforts within the Generic Health subsidiary, eliminating the need for manual intervention. Lupin plans to extend the utilization of Qlik Sense dashboards to global locations, seamlessly integrating them into finance and supply chain modules across EMEA and APAC.

Recognizing the value of technology, Lupin has made strategic investments in advanced systems and processes to elevate our tax functions. Leveraging analytics and data-driven insights, we are now equipped to make strategic decisions with enhanced efficiency and accuracy in tax operations. Through the adoption of digital platforms, Lupin has streamlined tax compliance processes, ensuring seamless reporting and adherence to deadlines. With an unwavering commitment to staying updated with evolving tax requirements and industry best practices, Lupin ensures its tax business is agile and compliant.

From reconciliation and complex computations to invoice matching, and data validation, RPA has delivered remarkable efficiencies. The Indirect tax team has witnessed a staggering 61% reduction in time spent, allowing them to redirect their efforts towards value-added tasks. In Direct taxes, RPA streamlines the preparation of Form 15 CA, saving a minimum of ten man-days per month. These automated processes not only save time but also mitigate the risk of human error and provide real-time data and reports that empower decision-making.

Driving Transformation in the Sales Return Process

challenges for pharma companies, particularly when sales weren’t directly made with the returning partner. By leveraging the analytical capabilities of Qlik Sense, we have implemented system-based validations, while Robotics Process Automation (RPA) automated file uploads to SAP for seamless credit processing. Lupin’s Shared Service team has witnessed an astounding 70% reduction in time spent on this activity, empowering them to focus on more impactful endeavors.

Our Capital Allocation Strategy

Resource allocation lies at the core of our journey towards sustainable growth and long-term success. In line with our cost optimization strategy, we continuously drive efficiency, streamline operations, and maximize our financial performance. Through meticulous evaluations, we make informed decisions that not only promote sustainable growth but also preserve and enhance the value of our capitals.

Here’s an overview of our current capital allocation:

*In Mn Rupees.

Intellectual Capital
Manufactured Capital
Natural Capital
Social & Relationship Capital

Our Human Capital operating expenditure towards employee benefits expense was ₹30,872 Mn.

We remain committed to maintaining a transparent and responsible approach to resource allocation, continually monitoring our progress, and adapting our strategies to meet evolving challenges and opportunities.

Lupin’s ESG Journey:
Driving Sustainable Value Creation

Lupin’s commitment to environmental, social, and governance (ESG) principles is at the forefront of our strategic investments, which aim to create long-term value for all stakeholders. Our capital expenditure approach goes beyond financial returns, encompassing the integration of ESG considerations.

Our strategic investments span multiple facets of the value chain, addressing critical ESG challenges. We actively support renewable energy projects, propelling the transition to a sustainable future. Additionally, we prioritize effective water management and implement robust waste recycling practices, minimizing our environmental footprint.

To ensure the well-being of our employees and stakeholders, we maintain robust health and safety systems, providing a secure and nurturing workplace. Our unwavering commitment to product quality, digital technologies, and next-generation manufacturing, and information security underscores our dedication to innovation and sustainable growth, while upholding the highest operational standards.

Through these strategic capital expenditure decisions, Lupin drives positive change by aligning financial success with environmental and social progress.

Further details regarding our investments, performance, and their returns are outlined in the Manufactured, Intellectual, Human, Social and Relationship, and Natural Capital chapters.

Fostering Tax Transparency and Responsible Reporting

At Lupin, we uphold a steadfast commitment to maintaining a moral, transparent, and sustainable tax strategy aligned with our core values and Code of Business Conduct. Our approach to taxation is conservative, ensuring that we manage our tax liabilities within the boundaries of the law while adhering to accepted deadlines.

Our CFO is responsible for our tax position, supported by our global corporate tax department and reputable legal counsels. Compliance with applicable laws and regulations is of paramount importance to us. We prioritize transparent reporting to tax authorities, adhering to transfer pricing standards and following the OECD guidelines.

We are accountable to our internal and external stakeholders, to ensure alignment, compliance, and effective reporting. Our commitment to transparency extends beyond legal requirements as we strive to foster trust and confidence in our tax practices.

The group wide tax strategy for Lupin Healthcare is available at

Our latest Tax Transparency Report is available on our website.

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