As we continue our ESG journey to build a more resilient organization, we consider our stakeholders to be the key drivers of our long-term value creation. We are dependent on our stakeholders to carry out our business and achieve our vision of providing positive health outcomes for all – right from the procurement of our raw materials to the distribution of our product and services to our customers and to Health Care Professionals, and managing the end-of-life impact of our products. To embed our commitment in a manner that resonates across the organization, each business function is accountable to communicate and engage with their stakeholders on relevant E, S and G aspects on an ongoing basis. We strongly believe that periodic and transparent communication of our ESG performance and management of ESG issues enables us to maintain a two-way communication channel with our stakeholders, and aligns with our larger societal goals and purpose.

To reinforce the importance of stakeholder feedback for driving our strategies around sustainable growth, in FY22 we conducted a second materiality assessment with internal and external stakeholders to gain insights into their expectations, concerns, interests as well as the risks and opportunities which may impact our business and value chain.

The first step of this process was to analyze the relevant ESG topics for the Biotechnology and Pharmaceutical Industry which enabled us to shortlist a set of sixty topics. After analyzing the macro business landscape and understanding the sector specific trends pertinent to our business and operating locations, forty topics were finalized for consideration. Aligned with the strategic objectives of the company, the topics were categorized under six themes.

These forty topics were shared with our internal and external stakeholders through a survey for their feedback on the relative priority of these ESG aspects with respect to our business operations globally. The stakeholders included representative samples of our employees, suppliers, business partners, customers, investors and NGOs.

The feedback from these stakeholders was critically reviewed by Senior Management at Lupin and the ESG aspects were assessed based on their potential impact upon our business and strategy over the short to medium-term. We identified seventeen topics to be of importance to both stakeholders and the business and these have now been included in our overall strategic decision-making process. These topics along with their relative prioritization by the stakeholders and the business management have been represented graphically here:

Our Six ESG Focus Themes

Our Materiality Matrix

Our initial assessment involved the evaluation of the potential impact of these seventeen topics and our strategy to manage these impacts1.
This is presented below: