Dear Shareholders,

I am pleased to present to you Lupin’s FY22 Integrated Report.

Each year begins with new aspirations and a positive outlook for the future. As we started FY22, coming out of the first year of the COVID-19 pandemic, amidst all the wins and challenges that we had seen, we knew that we had done our part towards our long-term goal of becoming leaders in the products, therapies and markets in which we operate. In FY22, through new lockdowns, new variants, and multiple other challenges, we as a Company and a team remained resilient and agile – continuing to deliver on our mission and focused on our goals.

On the business front, Lupin’s India business has consistently outperformed the Indian pharma market as the business continues to expand its presence in chronic therapies. We have grown our market share in key therapy areas of interest including Respiratory, Diabetes, Cardiology and Gastrointestinal diseases. In addition, this year we launched Lupin Diagnostics – this launch aligns with our commitment to Building Better Health, and places Lupin on the path towards becoming a holistic healthcare player.

Our U.S. business encountered headwinds from rising competition, declining prices and input cost pressures. Despite this, we maintained our ranking as the third-largest company in the U.S. in terms of prescriptions, increasing volumes by 9.71%. We remained focused on the ramp-up of our inhalation business while continuing to work towards achieving market leadership in our key therapy areas.

This year, we invested 8.7% of sales into Research and Development. Our key wins included receiving USD 50 Mn for achieving key NCE milestones on our partnered MEK program, 19 ANDA and 8 DMF filings, as well as the approval of important global institution sale products.

Commitment to Corporate Social Responsibility runs deep in Lupin. While we have focused on improving “Livelihoods” in our villages of focus for over three decades, with the launch of our new “Lives” pillar, our CSR initiatives will be now be equally focused on diseases of national importance, in line with the WHO framework for healthcare delivery. Our emphasis is on high impact programs in the areas of Cardiovascular Disease, Diabetes, COPD and Asthma, all of which are also in line with Lupin’s therapeutic expertise.

Within this report, we have placed strong emphasis on the implementation of Environmental Social Governance initiatives. The report summarizes our present position on several important issues for us as an organization and is reflective of our goals and targets going forward. On the Governance front we are committed to the highest ethical and responsibility standards and practices.

One of Dr. Desh Bandhu Gupta’s favorite quotes was, “Whatever the human mind can conceive and believe, it can achieve”. It is of great pride to me that every Lupinytt has displayed this entrepreneurial spirit and is committed to together taking our great legacy ahead.