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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)	73,750		62,458	223,108		197,286		260,986
Less: Excise Duty		864	1,653	3,712		4,874		6,617
Sales (Net)		72,886	60,805	219,396		192,412		254,369
Other Operating Income		1,311	13,561	4,843		16,031		18,226
2) Total Income		74,197	74,366	224,239		208,443		272,595
3) Expenditure
Decrease/(Increase) in stock in trade and work-in-progress		(1,349)	(4,580)	(9,021)		(12,659)		(18,417)
Consumption of raw and packing materials		24,033	24,670	72,366		73,846		97,087
Purchase of traded goods goods		9,391	6,949	27,065		23,404		30,952
Employees cost		8,085	6,049	25,414		18,198		24,182
Depreciation and amortisation		1,638	1,419	4,754		4,077		5,611
Manufacturing and other expenses		20,793	17,835	62,225		53,814		75,493
Total		62,591	52,342	182,803		160,680		214,908
4 ) Profit from Operations before Other Income, Interest & Exceptional Items	11,606		22,024	41,436		47,763		57,687
5 ) Other Income	25		339	350			1,144	1,516
6) Profit from Interest & Exceptional Items		11,631	22,363	41,786		48,907		59,203
7) Interest and financial Charges		1,211	898		3,155		2,588	3,439
8) Profit after Interest but before Exceptional items		10,420	21,465	38,631		46,319		55,764
9) Exceptional Items	-		-	-		-		-
10) Profit after Ordinary Activities before tax	10,420		21,465	38,631		46,319		55,764
11) Tax Expense
- Current and Deferred tax	1,314		4,122	4,596		8,621		10,280
- Fringe benefit tax	292		315	1,175		1,024		1,146
12) Net Profit Ordinary Activities after tax	8,814		17,028	32,860		36,674		44,338
13) Extraordinary items (net of tax expense)	-		-	-		-		-
14) Net Profit		8,814	17,028	32,860		36,674		44,338
15) Paid up equity share capital (Face value Rs.10/- each)		8,279	8,206	8,279		8,206		8,208
16) Reserves excluding Revaluation Reserves								123,497
17) Earnings Per Share [EPS] (Not Annualised) Rs.
Basic		10.66	20.75	41.80		38.34		54.31
Diluted		10.49	20.55	41.12		37.93		54.06
18) 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 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. The statutory auditors of the Company have carried out limited review of the results pursuant to Clause 41 of the Listing Agreement. 2. The Company is exclusively in the Pharmaceutical business and has only one reportable primary segment. 3. 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

5,213

3,765

14,447

10,644

15,464

4. 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).

5. 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).

6. 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.

7. 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.

8. 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.

9. 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.

10. 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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