1. The above financial results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at its meeting held on May 13, 2009.

2. Information on segments has been disclosed on a consolidated basis in accordance with Accounting Standard 17 Segment Reporting.

3. The Board of Directors has, at its meeting held on May 13, 2009 recommended a dividend of Rs.12.50 per equity share of the face value of Rs. 10/- each aggregating Rs. 12112 lakhs, inclusive of tax on dividend.

4. The aggregate amount of revenue expenditure incurred on Research and Development and shown in the respective heads of account is shown below:

For the year ended March 31, 2009 is Rs 19050 Lakhs

5. During the quarter, 26,141 (year-to-date 167,586) equity shares of Rs.10/ each fully paid-up were allotted on exercise of the vested stock options in accordance with the terms of exercise under the Lupin Employees Stock Option Plans, resulting in an increase in the paid-up share capital by Rs.3 lakhs (year-to-date Rs 17 lakhs) and securities premium by Rs 88 lakhs (year-to-date Rs. 519 lakhs).

6. During the quarter, in accordance with the terms of issue, Foreign Currency Convertible Bonds aggregating US$ Nil (year-to-date US$7 million) were converted into Nil (year-to-date 571069) equity shares of Rs 10/- each, fully paid- up, at a predetermined price of Rs 567.04 per share, resulting in an increase in the paid-up share capital by Rs. Nil (year-to-date Rs 57 lakhs) and securities premium by Rs. Nil (year-to-date Rs. 3,181 lakhs).

7. Other operating income for the year ended March 31, 2008 includes Rs 11,272 lakhs on account of sale of rights in patent applications.

8. The Company, during the year, through its wholly owned subsidiary Lupin Holdings B.V., Netherlands acquired 100% equity shares of Hormosan Pharma GmbH, Germany, 60% equity shares of Pharma Dynamics (Proprietary) Ltd., South Africa and 51% equity shares of Multicare Pharmaceuticals Philippines Inc, Philippines, and also subscribed to 36.65% of equity shares of Generic Health Pty. Ltd.. Australia thereby becoming its largest shareholder.

9. The Company, during the year, recognised an amount aggregating Rs. 3,221 lakhs towards the termination benefits paid to the permanent workers under the Voluntary Retirement Scheme (VRS) and discounted value of the pensions payable under the said scheme, consequent to implementation of the VRS scheme on restructuring of operations of its manufacturing plant located at Aurangabad.

10. Figures for the previous periods have been regrouped, wherever necessary, to correspond with the figures of the current period.

Dr. Desh Bandhu Gupta
Chairman