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	Quarter Ended 31/12/2008 (Unaudited)		Quarter Ended 31/12/2007(Unaudited)	Nine Months Ended 31/12/2008 (Unaudited)		Nine Months Ended 31/12/2007 (Unaudited)		Accounting Year Ended 31/03/2008 (Audited)

1) Sales (Gross)	97,188		73,811	277,319		200,502		277,301
Less: Excise Duty		1,004	1,682	4,066		4,903		6,664
Sales (Net)		96,184	72,129	273,253		195,599		270,637
Other Operating Income		2,184	13,496	6,542		16,087		18,532
2) Total Income		98,368	85,625	279,795		211,686		289,169
3) Expenditure
Decrease/(Increase) in stock in trade and work-in-progress		( 5,085)	(4,458)	(11,176)		( 17,086)		(21,320)
Consumption of raw and packing materials		28,523	26,706	84,711		75,882		101,951
Purchase of traded goods goods		15,140	9,003	37,798		26,780		35,749
Employees cost		12,052	8,298	35,079		22,362		30,760
Depreciation and amortisation		2,194	1,745	6,135		4,418		6,474
Manufacturing and other expenses		30,155	20,432	80,887		56,046		79,912
Total		82,979	61,726	233,434		168,402		233,526
4 ) Profit from Operations before Other Income, Interest & Exceptional Items	15,389		23,899	46,361		43,284		55,643
5 ) Other Income	30		398	415			1,279	2,113
6) Profit from Interest & Exceptional Items		15,419	24,297	46,776		44.563		57.756
7) Interest and financial Charges		1,456	1,008		3,747		2,699	3,735
8) Profit after Interest but before Exceptional items		13,963	23,289	43,029		41,864		54,021
9) Exceptional Items	-		-	-		-		-
10) Profit after Ordinary Activities before tax	13,963		23,289	43,029		41,864		54,021
11) Tax Expense
- Current and Deferred tax	1,892		4,884	7,260		9,610		12,032
- Fringe benefit tax	293		315	1,177		1,024		1,148
12) Net Profit Ordinary Activities after tax	11,778		18,090	34,592		31,230		40,841
13) Extraordinary items (net of tax expense)	-		-	-		-		-
14) Net Profit before minority interest and share of loss in Associates		11,778	18,090	34,592		31,230		40,841
15) a) Minority Interest		(3)	4	7		(8)		13
b) Share of Loss in Associates		131	-	169		-		3
16) Net profit		11,650	18,086	34,416		31,238		40,825
17) Paid up equity share capital (Face value Rs.10/- each)		8,279	8,206	8,279		8,206		8,208
18) Reserves excluding Revaluation Reserves								119,760
19) Earnings Per Share [EPS] (Not Annualised) Rs.
Basic		14.08	22.04	41.80		38.34		50.01
Diluted		13.87	21.82	41.12		37.93		49.78
20) Public Shareholding
Number of share		40855751	40095666	40855751		40095666		40117137
Percentage of shareholding		49.35	48.86	49.35		48.86		48.88
NOTES:
1. The above Consolidated Financial results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on January 29, 2009. 2. The Company is exclusively in the Pharmaceutical business and has only one reportable primary segment. 3. The Consolidated Financial Statements include the financial statements of the subsidiaries Lupin Pharmaceuticals Inc. - U.S.A., Kyowa Pharmaceuticals Industry Co., Limited - Japan, Novodigm Limited - India, Max Pharma Pty Limited - Australia, Lupin Pharmacare Limited - India, Lupin Australia Pty Limited - Australia, Lupin Holdings B.V. - Netherlands, Pharma Dynamics (Proprietary) Limited - South Africa, Hormosan Pharma GmbH - Germany, Lupin Herbal Limited - India, Lupin Atlantis Holdings S.A. - Switzerland and Amel Touhoko - Japan and Associates Generic Heealth Pty. Limited - Australia and Shinko Yakuhin - Japan. 4. The Consolidated Financial Statements are prepared in accordance with Accounting Standard 21 "Consolidated Financial Statements" and Accounting Standard 23 "Accounting for Investments in Associates in Consolidated Financial Statements". 5. The aggregate amount of revenue expenditure incurred on Research and development and shown in the respective heads of account is as under:

Quarter
Ended
31/12/2008

Quarter
Ended
31/12/2007

Nine Months Ended 31/12/2008

Nine Months Ended 31/12/2007

Accounting
Year Ended
31/03/2008

Rs. in Lakhs

5,986

3,724

16,740

10,606

16,564

6. During the quarter, 9,515 (year to date 141,445) 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. 1 lakh (year to date Rs. 14 lakhs) and securities premium by Rs. 30 lakhs (year to date Rs. 431 lakhs).

7. During the quarter, in accordance with the term of issue, Foreign Currency Convertible Bonds aggregating US$ 6 million (year to date US$ 7 million) were converted into 489,488 (year to date 571,069) 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. 49 lakhs (year to date Rs. 57 lakhs) and securities premium by Rs. 2,727 lakhs (year to date Rs. 3,181 lakhs).

8. Other operating income for the quarter and nine months ended December 31, 2007 and year ended March 31, 2008 includes Rs. 11,272 lakhs on account of sale of rights in patent applications.

9. the Company, during the previous quarter through its wholly owned subsidiary Lupin Holdingd B.V., Netherlands acquired 100% equity shares of Hormosan Pharma GmbH, Germany and 60% equity shares of Pharma Dynamics (Proprietary) Limited, South Africa and also subscribed to 36.65% of equity shares of Generic Health Pty. Limited, Australia, thereby becoming its largest shareholder.

10. The Company during the previous quarter recognized an amount aggregating Rs. 2,974 lakhs towards the termination benefits payable to the permanent workers under he 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.

11. There was no unresolved investor complaint pending as on October 1, 2008. The Company received 9 complaints during the quarter which were resolved. There was no unresolved complaint pending as on December 31, 2008.

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

By order of the Board
For Lupin Limited

Place: Mumbai
Dated: January 29, 2009

Dr. Desh Bandhu Gupta
Chairman

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