1.  We have audited the attached Consolidated Balance Sheet of LUPIN
 LIMITED (the Company), and its subsidiaries, (the Company and its
 subsidiaries constitute “the Group”) as at 31st March, 2011, the
 Consolidated Proft and Loss Account and the Consolidated Cash Flow
 Statement of the Group for the year ended on that date, both annexed
 thereto.  The Consolidated Financial Statements include investments in
 associates accounted on the equity method in accordance with Accounting
 Standard 23 (Accounting for Investments in Associates in Consolidated
 Financial Statements) as notifed under the Companies (Accounting
 Standards) Rules, 2006. These financial statements are the
 responsibility of the Companys Management and have been prepared on
 the basis of the separate financial statements and other information
 regarding components. Our responsibility is to express an opinion on
 these Consolidated Financial Statements based on our audit.
 
 2.  We conducted our audit in accordance with the auditing standards
 generally accepted in India. Those standards require that we plan and
 perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatements. An audit
 includes examining, on a test basis, evidence supporting the amounts
 and the disclosures in the financial statements. An audit also includes
 assessing the accounting principles used and the signifcant estimates
 made by the Management, as well as evaluating the overall financial
 statement presentation. We believe that our audit provides a reasonable
 basis for our opinion.
 
 3.  We did not audit the financial statements of 13 subsidiaries, whose
 financial statements refect total assets of Rs. 9454 million as at 31st
 March, 2011, total revenues of Rs. 9217 million and net cash inflows
 amounting to Rs. 231.4 million for the year ended on that date as
 considered in the Consolidated Financial Statements. These financial
 statements have been audited by other auditors whose reports have been
 furnished to us and our opinion in so far as it relates to the amounts
 included in respect of these subsidiaries is based solely on the
 reports of the other auditors.
 
 4.  We report that the Consolidated Financial Statements have been
 prepared by the Company in accordance with the requirements of
 Accounting Standard 21 (Consolidated Financial Statements) and
 Accounting Standard 23 (Accounting for Investment in Associates in
 Consolidated Financial Statements) as notifed under the Companies
 (Accounting Standards) Rules, 2006.
 
 5.  Based on our audit and on consideration of the separate audit
 reports on the individual financial statements of the Company, its
 aforesaid subsidiaries and an associate, and to the best of our
 information and according to the explanations given to us, in our
 opinion, the Consolidated Financial Statements give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 (i) in the case of the Consolidated Balance Sheet, of the state of
 affairs of the Group as at 31st March, 2011;
 
 (ii) in the case of the Consolidated Proft and Loss Account, of the
 proft of the Group for the year ended on that date; and
 
 (iii) in the case of the Consolidated Cash Flow Statement, of the cash
 flows of the Group for the year ended on that date.
 
                                           For Deloitte Haskins & Sells
 
                                                  Chartered Accountants
 
                                              (Registration No.117366W)
 
                                                            K. A. Katki
 
 Place : Mumbai                                                 Partner
 
 Dated : May 12, 2011                             Membership No. 038568