1. Creating Lasting Value Investor Presentation- July 2011

2. Creating Lasting Value - Investor Presentation 2 Disclaimer Except for the historical information contained herein, statements in this presentation and the subsequent discussions, which include words or phrases such as “will”, “aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will pursue” and similar expressions or variations of such expressions may constitute "forward-looking statements". These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward- looking statements. These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to market risks as well as other risks. Sun Pharmaceutical Industries Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

3. Creating Lasting Value - Investor Presentation 3 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

4. Creating Lasting Value - Investor Presentation 4 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

5. 41% 39% 11% 9% Revenue Composition 2010-11 Annual sales : Rs 58,065 million 5 Year CAGR 27% India Branded Generics 5 Year CAGR 20% US Generics 5 Year CAGR 44% International Generics 5 Year CAGR 37% APIs 5 Year CAGR 14% Finished Dosage sales 91% 5 year CAGR 30% International sales 57% 5 year CAGR 37% 5

6. Creating Lasting Value - Investor Presentation 6 Creating Value, Continuously… 1983 Began with 5 products 1993 First Research Centre SPARC, Baroda 1994 IPO - Rs. 550 Mn raised 1995 First API Plant Panoli 1997 $7.5Mn invested in Caraco 2004 USD 350mn FCCB raised 2007 Demerger of innovative R&D to SPARC 10,000+ Employees Invested Rs. 21 billion in Research More than 60% of sales from international markets Sun Pharma Today ‘83 ‘11 23 Manufacturing facilities in 4 Continents PART OF 2010 Acquired Taro 2011 JV for Emerging Markets

7. Creating Lasting Value - Investor Presentation 7 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

8. Creating Lasting Value - Investor Presentation 8 Strategy and Approach Create sustainable revenue streams Focus: Chronic therapies Differentiation: Technically complex products Speed to market Seek cost leadership Vertical integration : Development through Manufacturing (API and Finished Dosage) to Marketing Optimize operational costs Balance profitability and investments for future Acquisitions yielding high ROI Development of complex generics

9. Creating Lasting Value - Investor Presentation 9 Growing Steadily Consistent top-line and bottom-line growth; continuing the trend despite increasing size Net Sales Net Profit (Figures in Rs million) 5733 16368 0 18,000 01-0202-0303-0404-0505-06 0 6,000 18160 57214 0 60,000 06-0707-0808-0909-1010-11 0 20,000 5,435 1,352 0 6000 96-9797-9898-9999-0000-01 0 1,500

10. Sustained Profitability Superior business model Margins consistently higher than peers* 74% 40% 50% 60% 70% 80% 90% 06-0707-0808-0909-1010-11 34% 0% 10% 20% 30% 40% 50% 06-0707-0808-0909-1010-11 32% -20% -10% 0% 10% 20% 30% 40% 50% 06-07 07-0808-0909-1010-11 Sun Pharma Range of other Top 10 Pharma Cos.Average Gross margin= (Net Sales – Material Cost) / Net Sales * 100 * Other top 10 Indian Pharma company include Biocon, DRL, Cipla, Ipca, Lupin, Wockhardt, Zydus Cadila, Aurobindo, Glenmark and Torrent Gross Margin EBITDA Margin Net Margin

11. Creating Lasting Value - Investor Presentation 11 Successful At Acquisitions Acquired 16 high potential yet under-performing businesses*; successful turnarounds Net Sales (MINR)Operating Margin(%)Operating Profit (MINR) 0 2,000 4,000 6,000 8,000 10,000 95-9696-9797-9898-9999-0000-0101-0202-0303-04 0 9 18 27 36 45 8 Early Acquisitions

12. Creating Lasting Value - Investor Presentation 12 Key Deals & Rationale YearDealsCountryRationale 2011Privatization of CaracoUS 2011 Formation of Sun-MSD JVEmerging Markets Develop and commercialize technology based combinations products 2010 Acquired Taro Pharmaceutical Industries Ltd. Israel Dermatology & Topical Product Manufacturing Plant at Israel & Canada 2009 Caraco acquired some products of Forest ’ s Inwood business USIncreased generic product offerings 2008Acquired Chattem Chemicals, Inc.Tennessee, US Import registration with DEA, API Plant approved by DEA in Tennessee, US 2005Assets of Able labsNew Jersey, USDosage form plant (NJ, US) and IP 2005Formulation plant in BryanOhio, USDosage form plant (Ohio, US) 2005Acquired ICN HungaryHungaryAPI and dosage form plant (Hungary) 1999Merged Milmet LabsIndiaOphthalmology brands 1998Brands from NatcoIndiaRespiratory brands 1997Acquired CaracoDetroit, USDosage form Plant 1997 Merged Tamilnadu Dadha Pharmaceuticals Ltd (TDPL) Chennai, India Gynecology and oncology brands; API and dosage form plant 1996Acquired MJ PharmaHalol, IndiaDosage form plant (now USFDA approved) 1996Bulk Drug plant from Knoll PharmaAhmednagar, IndiaAPI plant (now USFDA approved)

13. Creating Lasting Value - Investor Presentation 13 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

14. Creating Lasting Value - Investor Presentation 14 India Branded Generics : Strong Base Market Share : 4.3%* Leadership in chronic segment; Top 3 in over 50% of more than 500 brands Neuro-Psychiatry 28% Cardiology 19% Gastroenterology 11% Diabetology 14% Gynecology & Urology - 7% Musculo-Skeletal & Pain - 5% Antiasthamatic & Antiallergic - 4% Opthalmology - 5% Others 8% Therapywise Break-up * As per AWACS

15. Creating Lasting Value - Investor Presentation 15 Relentless Customer Focus 1999 Market Share indexed to 100 for all companies Therapy focused marketing 2,700+ sales representatives covering 140,000 specialist doctors Strong increase in prescription and sales market share

16. Creating Lasting Value - Investor Presentation 16 Therapy Focused Marketing Delivering promotional message to specialty customers. Cardiology, Diabetology Gastroenterology, Orthopedics Oncology Rheumatology, Dermatology Asthma, COPD Interventional Cardiology Fertility, Gynecology, Urology Psychiatry, Neurology Gynecology Ophthalmology

17. Creating Lasting Value - Investor Presentation 17 Preferred Choice of Doctors Top 10 Brands contribute 15% Of India Sale Leadership in key therapeutic areas* SpecialistFeb '06Feb ‘11 Psychiatrists11 Neurologists11 Cardiologists11 Orthopaedic21 Ophthalmologists11 Gastroenterologists21 Diabetologists12 Nephrologists42 Consulting Physicians52 Chest Physicians54 Gynaecologists106 Urologists88 Oncologists48 ENT Specialists1018 Brand NameTherapy area Pantocid Proton pump inhibitor/ antiulcerant Glucored GroupOral antidiabetic SustenWomen's healthcare Aztor CVS, cholesterol reducing agent Pantocid-D Proton pump inhibitor/ antiulcerant GemerOral antidiabetic Repace GroupCVS, Hypertension StrocitCNS, stroke ClopiletCVS, anticlotting agent Encorate chrono CNS, epilepsy *Ranks based on prescription share

18. Sitagliptin partnership for India Sun Pharma and MSD (India) entered a Strategic Partnership to co- market MSD's diabetes drugs, sitagliptin and sitagliptin plus metformin Sun Pharma has rights to market, promote and distribute in India under different brand names Partnership to deliver treatment benefits of DPP4 inhibitors to expanded base of diabetic patients by expanding market reach to a wider pool of doctors & patients Will extend the benefits of a new class of drugs like DPP4 inhibitors much earlier in patients disease cycle Creating Lasting Value - Investor Presentation 18

19. Creating Lasting Value - Investor Presentation 19 US Generics Integrated generic manufacturer with flexibility for manufacture onshore / offshore The 100% owned US generics subsidiary, markets own and Sun Pharma ANDAs Sun Pharmaceutical Industries, Inc. (SPI) Caraco Pharmaceutical Laboratories Ltd. A wholly owned subsidiary of Sun Pharma in US Approvals Therapy wise summary As on Mar-11 Taro Pharmaceutical Industries Ltd. The 66% owned subsidiary of Sun Pharma

20. Creating Lasting Value - Investor Presentation 20 ANDA Pipeline : Significant ramp up Products Filed and Approved Status As of Mar 11, ANDAs for 152 products await approval (including 20 tentative approvals)‏ 100 Products pending (with 12 tentative approval)‏ Sun Pharma 29 Products pending (with 4 tentative approval) Caraco Taro 23 Products pending (with 4 tentative approval) ( Taro numbers added for Mar 2011) 40 59 95 142 177 207 377 15 20 29 53 69 84 225 0 50 100 150 200 250 300 350 400 Mar-05Mar-06Mar-07Mar-08Mar-09Mar-10Mar-11 Cumulative Products FiledCumulative Products Approved

21. Creating Lasting Value - Investor Presentation 21 US Generics Letrozole Tablets Meprobamate Tablets USP Tamsulosin HCL Capsules Venlafaxine HCL Tablets Diltiazem HCL ER Capsules Galantamine HCL ER Capsules Risperidone Oral Solution Ondansetron HCL Tablets 16 ANDA Approvals in last 1 year Sumatriptan Succinate Injection Cetirizine HCl Oral Solution Imiquimod Cream 5% Atomoxetine HCL Capsules Desloratidine Tablets Mupirocin Ointment Naratriptan Tablets Ciclopirox Shampoo

22. Creating Lasting Value - Investor Presentation 22 Caraco Update On June 14, 2011, Caraco shareholder approved Merger Agreement with Sun Pharma and Consummation of the Merger Public shareholders to receive $5.25 cash per share Caraco's common stock will be delisted from the NYSE Amex

23. Taro Update Taro performance For Jan-Mar CY11, Taro net sales grew by 21% to $ 107.7 million when compared to same period last year Operating margin at 31% for the quarter Net income at $ 25.7 million for the quarter compared to $ 8.6 million in first quarter of 2010 In June 2011, Taro filed 20F for CY 2010 No reporting or audit backing. Taro Resolves FDA Warning Letter On April 25, 2011, the USFDA informed Taro that its Canadian manufacturing facility has an acceptable regulatory status and therefore the issues mentioned in its warning letter of Feb 2009 are considered to be resolved Creating Lasting Value - Investor Presentation 23

24. Creating Lasting Value - Investor Presentation 24 Europe Generic Markets Focused key markets Working on complex generic products, including injectables Filings from Indian site An API and Finished Dosage manufacturing site in Hungary with controlled substance capacity Focus Countries

25. Creating Lasting Value - Investor Presentation 25 International Branded Generic Markets Less Regulated Markets Product basket width and technology based products as growth drivers Replicating the speciality template 40 countries 600 strong local sales force promotes brands to doctors CIS Countries China Sri Lanka Map Not to Scale Mexico South Africa Other Markets Focus Markets Brazil Myanmar

26. Creating Lasting Value - Investor Presentation 26 Leveraging through Partnership Sun Pharma and Merck establish a Joint Venture for Emerging Markets excluding India JV to bring new combinations and formulations of incrementally innovative, branded generics to market Opportunity to use SPARC Proprietary Delivery Technologies Equally representation in JV for Sun Pharma & Merck JV to use partners infrastructure for development, manufacturing, regulatory and commercialization.

27. Creating Lasting Value - Investor Presentation 27 Speciality API High Margin Regulated Markets Business largely with end users in regulated markets Over 160 speciality APIs across 8 plants Strong regulatory capability 207 DMF / CEP filed 127 approved (Including Taro)

28. Strong Regulatory Capability International level quality processes and documentation

29. Creating Lasting Value - Investor Presentation 29 Integrated product dev and manufacturing network 29 Vertically integrated network across four continents enabling high quality, low cost and a quick market entry across the geographies Halol Ankleshwar Panoli Dadra Silvassa Karkhadi Bangladesh Plant Ahmednagar Maduranthakam Sikkim Plant Jammu Tiszavasvari (Hungary) Goiânia (Brazil) Iztapalapa (Mexico) Israel API and FormulationsAPIFormulations Global networked facilities are FDA, EMEA, TGA approved Ontario (Canada) Cranbury Bryan Tennessee Detroit Taro PharmaceuticalsSun Pharma

30. Creating Lasting Value - Investor Presentation 30 Finished Dosage Manufacturing 15 Manufacturing sites worldwide India : 6, US : 3, Canada : 1 Capacities available for a variety of finished dosage Tablets / Capsules Semisolids Liquids Suppository Injectables / Sterile VialsDry powder AmpoulesEye drops Pre-filled SyringesMDI GelsAerosols Lyophilized Units

31. Creating Lasting Value - Investor Presentation 31 API Manufacturing 8 World class locations with all sites ISO 14001, ISO 9002 approved India : 5, Israel : 1, US : 1, Hungary : 1 Over 25 API processes scaled up annually API Key Plants Panoli & Ahmednagar (both India)‏ International regulatory approvals: USFDA, European Stand alone units for peptides, anti-cancer, steroids, sex hormones Hungary & Tennessee (US) Controlled substances manufacture

32. Creating Lasting Value - Investor Presentation 32 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

33. Creating Lasting Value - Investor Presentation 33 Research and Development Generic R&D spend around 6% of net sales Strong research teams in generics, finished dosage development, biological support, chemistry 4 R&D centers with about 800 scientists Mumbai Balancing the risk Medium term Drug delivery systems Immediate term ANDA, DMF, Products for India Baroda

34. Creating Lasting Value - Investor Presentation 34 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

35. Creating Lasting Value - Investor Presentation 35 Corporate Governance Our philosophy on corporate governance envisages working towards high levels of transparency, accountability and consistent value systems across all facets of operations Committee chaired by Keki Mistry comprises Hasmukh Shah and S. Mohanchand Dadha Audit Committee Eminent Independent Directors Hasmukh Shah Chairman Gujarat Gas Former Chairman and Managing Director, IPCL Keki Mistry Vice Chairman and CEO, HDFC S. Mohanchand Dadha Former Chairman & Managing Director, TDPL Ashwin Dani Vice Chairman and Managing Director, Asian Paints Ltd.

36. Creating Lasting Value - Investor Presentation 36 Agenda Revenue Composition 1 Strategy & Approach History & Profile Growth Key Acquisitions Business Operations Geographies API, Finished Dosage & Manufacturing Research & Development Management & Governance Financials 2 3 4 5

37. Creating Lasting Value - Investor Presentation 37 Shareholding Pattern as on Mar 31, 2011 Rs 1,000 Invested in the 1994 IPO is currently worth more than Rs. 200,000 Earned dividend of Rs. 5,000 Mutual Funds 3% Promoter and promoter group 64% Bodies Corporate 5% Individuals and Others 6% Financial Inst / Banks 4% FIIs / Foreign Banks 18% Total Outstanding Share - 1035 Mn Total Free Float Share - 375 Mn Daily Average Trading - 1.08 Mn

38. Creating Lasting Value - Investor Presentation 38 Financials Market Capitalisation Rs. 514 billion / USD 11.53 billion* Figures in Rs million *Exchange Rate : 1 USD = Rs 44.72

39. Creating Lasting Value - Investor Presentation 39 Financial Ratios * Adjusted for stock split 2006-072007-082008-092009-102010-11 Growth (%) Net Sales30.5 57.1 27.3 (6.2) 42.8 Gross Profit35.7 69.0 29.6 (14.8) 46.4 EBITDA36.8 130.7 20.2 (26.9) 44.3 Net Profit36.8 89.6 22.2 (25.7) 34.4 Margins (%) Gross Margin73.0 78.5 79.9 72.6 74.5 EBITDA Margin (%)31.5 46.2 43.6 34.0 34.4 Net Margin36.7 44.3 42.5 33.7 31.7 Return (%) Return on Average Capital Employed22.7 35.5 31.5 19.5 22.0 Return on Average Net Worth37.0 38.3 30.2 18.2 21.0 Others Debt / Equity0.40 0.03 0.02 0.04 Fully Diluted EPS (Rs)*7.6 14.4 17.6 13.0 17.5 R&D Spend % of Net Sales13.0 8.5 7.8 6.6 5.8 Revenue11.4 8.1 7.3 6.2 5.4 Capital1.6 0.4 0.5 0.4

40. Guidance for FY12 Sales growth : 28-30% over FY11 R&D : 6% of sales Capex : Rs 450 crore ANDAs for 25 products to be filed 40

41. Creating Lasting Value - Investor Presentation 41 For updates and specific queries, please visit www.sunpharma.com or feel free to contact Uday Baldota Tel : +91 22 6645 5645, Ext 605 Tel Direct : +91 22 66455605 Mobile : +91 98670 10529 uday.baldota@sunpharma.com Mira Desai Tel : +91 22 6645 5645, Ext 606 Tel Direct : +91 22 66455606 Mobile : +91 98219 23797 mira.desai@sunpharma.com © 2010 Sun Pharmaceutical Industries Limited., All Rights Reserved. “SUN Pharma”, The Sun Pharmaceutical Industries Logo are trademarks of Sun Pharmaceutical Industries Limited. In addition to Company data, data from IMS – ORG, CMARC, Stock Exchanges and industry publications has been used for this presentation. This material was used during an oral presentation; it is not a complete record of the discussion. This work may not be used, sold, transferred, adapted, abridged, copied or reproduced in whole on or in part in any manner or form or in any media without the prior written consent. All product names and company names and logos mentioned herein are the trademarks or registered trademarks of their respective owners.