My Dear Shareholder''s
 
 When I started Lupin over 40 years ago, the dream was simple - to
 provide as many people as possible with affordable medicines that would
 address the most prevalent diseases of the highest social priority,
 such as tuberculosis. I discovered that by working hard on a noble
 ambition, growth and success followed.
 
 Embedded in Lupin is a formula for this growth. Growth fueled by a
 boundless vision, the determination to succeed and reach for our
 dreams.  These fundamental philosophies are what drive Lupin -
 creativity, performance and innovation.
 
 Lupin has delivered the highest growth performance consistently over
 the past ten years. We expect the future to be no different and we
 continue to invest in new therapy areas, reach out to new territories
 and dive deeper into our existing markets. As we have grown as a
 company, we realized that our ambitions were bigger than generic
 products alone and that we had the means to go up the value chain into
 specialty products and proprietary research and development. That is
 the journey we are on today - to become a global specialty
 pharmaceutical company offering a wide portfolio of generic and
 proprietary products globally.
 
 As always, it is a pleasure for me to address you and to share our
 results for the previous year. We have carefully put together all the
 pieces of our story, to be counted amongst the leading pharmaceutical
 companies in the world.  Lupin is Built to Grow.
 
 With Best Wishes
 
 Dr Desh Bandhu Gupta 
 
 Founder and Chairman 
 
 Lupin Limited