6,370.0

5,303.3

26,098.6

20,288.7

174.3

122.7

661.7

579.4

6,195.7

5,180.6

25,436.9

19,709.3

256.7

6,452.4

4) Expenditure

• Decrease/(Increase) in stock in trade and work-in-progress

(575.8)

(73.4)

(1,841.7)

• Consumption of raw and packing materials

2,324.1

2,028.6

9,708.7

• Purchase of traded goods goods

754.8

455.0

3,095.2

• Employees cost

598.4

462.7

2,418.2

1,875.0

• Depreciation and amortisation

153.4

125.2

561.1

463.7

• Manufacturing and other expenses

2,167.9

1,558.1

7,549.3

5,771.0

Total

5,422.8

4,556.2

21,490.8

17,237.4

85.1

-

944.5

• Current and deferred tax

  165.9

425.2

1,028.0

866.9

• Fringe benefit tax

12.2

13.7

114.6

80.0

766.4

-

766.4

820.8

• Basic

9.34

16.56

54.31

37.10

• Diluted

9.33

16.48

54.06

36.93

Number of share

40117137

38295606

40117137

38295606

48.88

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 May 14, 2008.

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 14, 2008 recommended a dividend of Rs. 10/- per equity share of the face value of Rs.10/- each (including special dividend of Rs.5/- per equity share) aggregating Rs. 960.3 million, 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 as under:

482.0

405.0

1,546.4

1,359.0

5. During the year, the Company received income of Rs. 1127.2 million (previous year Rs. 1143.2 million) on account of sale of rights in Patent Applications for 'Perindopril' which has been included in the Other Income.

6. During the year, 80,231 (previous year 50,936) 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, thereby resulting in an increase in the paid up share capital by Rs. 0.8 million (previous year 0.6 million) and securities premium by Rs. 25.3 million (previous year Rs. 17.4 million).

7. During the year, in accordance with the terms of issue, Foreign Currency Convertible Bonds aggregating US$ 20.3 million were converted into 1,656,100 equity shares of Rs.10/- each, fully paid up, at a predetermined price of Rs. 567.04 per share, thereby resulting in an increase in the paid up share capital by Rs. 16.6 million and securities premium by Rs. 922.5 million.

8. The Company, during the year based on the Announcement of The Institute of Chartered Accountants of India “Accounting for Derivatives" together with the principles of prudence as enunciated in Accounting Standard-1 “Disclosure of Accounting Policies” has accounted for derivative forward and option contracts at fair values, considering the principles of recognition and measurement stated in Accounting Standard - 30 “Financial instruments, Recognition and Measurement". On that basis, changes in the fair value of the derivative instruments as at 31st March, 2008 have been recognised in the Cash Flow Hedge Reserve and in the Profit and Loss Account.

9. During the year, the Company through its wholly owned subsidiary Lupin Holdings B.V., Netherlands, acquired 90.3% equity shares of Kyowa Pharmaceutical Industry Co., Limited, Japan, a leading generic company.

10. During the year, the Company acquired 100% equity shares of Novodigm Limited (formerly known as Rubamin Laboratories Limited), Vadodara, a company mainly engaged in the manufacture of advanced intermediates for Active Pharmaceutical Ingredients (APIs).

11. There was no unresolved investor complaint pending as on January 1, 2008. The Company received 17 complaints during the quarter which were resolved. There was no unresolved complaint pending as on March 31, 2008.

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

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