Demonstrating resilience
amidst challenges

"Our values have held us in good stead at this time and they are the foundation on which we have built our success."

Manju D Gupta

Dear Shareholders,
It is with immense pleasure that I present to you Lupin’s first Integrated Report.

FY21 was different in every aspect and held more than its fair share of challenges. As the world and especially India reeled under the coronavirus pandemic that disrupted our collective sense of the normal, we saw crisis of unprecedented nature and effect. However, we also saw the best of human nature at this time. At Lupin, we continue to witness magnificent examples of resilience. I am very proud of our resolve to stand with our communities, to inspire hope and healing.

Through the year we stayed focused on our mission – safeguarding the health and well-being of our employees and their families, maximizing availability of our medicines globally, and supporting our communities, relief agencies and people on the front line of the global pandemic. In retrospect, our focus on becoming an agile, responsive company was well displayed during this period and it gives me confidence that we are wellpositioned for the long-term.

Despite COVID-19, we have strengthening our business in India as well as in the US and other markets, with multiple positive developments and launches. The launch of our lead respiratory product, Albuterol in the US, is an important milestone. On the Specialty front, we continued to make steady progress in Neurology, Gastrointestinal and Women’s Health.

Manju D Gupta

Innovation and research are critical to ensuring better health and creating financial value. In FY21, our total R&D spend was 9.6% of turnover. For the entire year, we reported net profit of INR 12,165 million with EBITDA margins improving to 18.8% in Q4FY21 as compared to 13.8% in Q4FY20. This was the outcome of our collective efforts to improve performance by focusing on growth drivers and cost optimization.

In India, the pandemic situation continues to remain serious, and therefore, we continue to support our people and our communities. We have put in place multiple task forces for employee hospitalization, medication and vaccination. We have also expanded the scope of our employee benefits from medical and term insurance to providing for the families of employees we lost to this terrible virus.

As a sustainable business, everything we do is inspired by a deep sense of purpose. Our values have held us in good stead at this time, and they are the foundation on which we have built our success. It is heartening to see Lupin rise to the challenge and continue to make a positive impact on the lives of people. Put together, Lupin, our employees and the promoter family contributed INR 16.7 crore toward COVID-19 relief efforts.

We are determined to come out stronger from this pandemic than we have ever been. I would like to thank our Lupin employees for their unflinching commitment, and our partners, shareholders and customers for your continued trust, confidence and support.

Warm regards,

Manju D. Gupta Chairman