Chairman's Letter

Transforming
Hope into Healing

Dear Shareholders,

At Lupin, our unwavering focus has been on providing the best to the communities that we serve. This belief is reflected in our delivery of high quality healthcare offerings that enhance patient outcomes, and in our efforts to uplift communities through our social initiatives and beyond the pill programs. Driven by our commitment to business excellence and innovation, our goal is to be a trusted partner for quality medicines, transforming Hope into Healing.

This has been a pivotal year for Lupin. We have witnessed remarkable success, strategic progress, and significant advancement in our journey. While this has been the year of execution, we are confident of our plans and strategies to strengthen our position and drive sustainable growth.

Our Performance and Shareholder Returns

I am very pleased to share that FY24 stands out as a stellar year for us in terms of both financial performance and growth. We continued to improve our operating margins and maintained growth momentum over the year. Our key regions, the U.S., India, EMEA, and APAC, have been the driving force behind our significant revenue growth. Overcoming multiple headwinds, we have consistently enhanced our operating margins, a testament to our strategic strength and agility.
"Driven by our commitment to business excellence and innovation, our goal is to be a trusted partner for quality medicines, transforming Hope into Healing."

In India, we achieved a growth of 25% higher than the Indian Pharma Market. Our core therapy areas, including Cardiology and Respiratory, have grown well ahead of the market, with our key products supporting the growth. We also ranked #1 in the industry for new introductions. Backed by a larger workforce and a pipeline of new products, we are deeply committed to further strengthen our position in India.

Our U.S. business performed exceptionally well, contributing to half of the company’s growth, backed by the launch of Tiotropium DPI, base business stabilization and multiple product launches in the generics market. With the continued ramp up of Tiotropium and new product launches in FY25, we expect to sustain and grow our U.S. business.

All other major regions recorded double-digit growth, driven by markets such as Germany, Australia, and the Philippines. Our acquisitions have expanded our footprint in Europe with complex injectables in France and respiratory brands in Europe and Canada. Our API Plus devision had a remarkable year, growing by 21%, backed by key product launches.

Prioritizing Quality and Compliance

We have made strong strides in Quality and Compliance, with positive inspection outcomes, resolution of warning letters, and regulatory clearances. We continue to prioritize sustainable compliance across all our manufacturing units, further reinforcing our position as a trusted partner delivering high-quality medicines.

Way Forward Building a solid pipeline

We have remained steadfast in our commitment to R&D and innovation, which will continue to be a strategic priority, with significant investments directed toward developing complex products in the inhalation and injectables space. Our robust new product pipeline, including several first-to-market products, puts us in a position of strength for future growth.

In our quest to transform the lives of patients globally, we remain firm in our focus on patient-centricity and the community, with innovation, collaboration and sustainability being at the core of our culture.

Commitment to our Founder’s Legacy of Sustainability

Inspired by our Founder, Dr. Desh Bandhu Gupta, we prioritize responsible leadership. We embarked on our ESG journey four years ago, and 2024 has been a milestone year in this continuum. Our leap in the Dow Jones Sustainability Index with a score of 69 and inclusion in the S&P Global Sustainability Yearbook is a reaffirmation of our commitment to ESG.

I thank our Board for its strategic leadership, our leadership team for their relentless pursuit of excellence, and every member of the Lupin family whose efforts contribute to our success. With the support of our partners and shareholders, we continue to strive to achieve our goals of enhancing patient outcomes and transforming Hope into Healing.

Warm Regards,
Manju Deshbandhu Gupta
Chairman
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