These results were taken on record by the Board of Directors at a meeting held in Mumbai on 06.02.

Highlights of Q3FY20 consolidated financials :

Sales / Income from operations at Rs. 8,039 crores, a growth of 5% over same quarter last year.
 India sales at Rs. 2,517 crores, growth of 13% over Q3 last year.
 US finished dosage sales at US$ 350 million, decline of 3% over Q3 last year.
 Emerging Markets sales at US$ 195 million, down by 4% Q3 last year.
 Rest of World sales at US$ 155 million, growth of 24% over Q3 last year.
 R&D investments at Rs. 527 crores (6.6% of sales) compared to Rs. 465 crores (6% of sales) for Q3FY19.
 EBITDA at Rs. 1,725 crores, with resulting EBITDA margin of 21.5%.
 Net profit for quarter at Rs. 914 crores, with resulting net profit margin at 11.4%.

Highlights of 9months FY20 consolidated financials :

Sales / Income from operations at Rs. 24,247 crores, growth of 12% over same period last year.

 India sales at Rs. 7,345 crores, up by 18% over 9 months last year.

 US finished dosage sales at US$ 1,113 million, up by 3% over 9 months last year.

 Emerging Markets sales at US$ 589 million, flat over 9 months last year.

 Rest of World sales at US$ 483 million, growth of 42% over 9 months last year.

 EBITDA at Rs. 5,221 crores up by 4% over 9 months last year, with resulting EBITDA margin of 21.5%. Net profit for 9month,FY20 at Rs. 3,365 crores, with resulting net profit margin at 13.9%. Adjusted for theexceptional item of Rs. 1,214 crores for 9 months last year, net profit growth was 4%.

Dilip Shanghvi, Managing Director of the Company said, “Our branded business in India is doing well and has recorded double-digit growth, for Q3 as well as for the nine month period. For the international business, we continued our efforts to enhance our portfolio in new markets by entering into a licensing agreement with AstraZeneca in China for some of our novel oncology products. Simultaneously, we continue to enhance our global
specialty business which is gradually becoming a meaningful growth engine."

Dividend
The Board of Directors have declared an interim dividend of Rs. 3 per equity share of Re. 1 each.
India Business – Market Leadership
Sale of branded formulations in India for Q3FY20 was Rs. 2,517 crores, up by 13% over Q3 last year and
accounted for 31% of total consolidated sales. For the 9 month, sales were at 7,345 crores, up by 18% over same
period last year.

Sun Pharma is ranked No. 1 and holds approximately 8.2% market share in the over Rs. 140,000 crore Indian
pharmaceutical market as per AIOCD AWACS Dec-2019 report. For Q3FY20, the company launched 27 new
products in the Indian market.

US Formulations (including Taro
Sales in the US were US$ 350 million for the quarter, a decline of 3% over same period last year and accounted
for 31% of total consolidated sales. For 9 month sales were US$ 1,113 million recording a growth of 3% over
same period last year. We recently commercialized Cequa in the US and the launch has been received well.

Taro Performance
Taro posted Q3FY20 sales of US$ 148 million, down 16% over Q3 last year. For the 9 month, sales were US$ 470
million, down by 4% over 9 month last year. Taro’s net profit for Q3 was US$ 68 million, and for 9mFY20 was US$
190 million, down by 15% over 9 month last year.

Emerging Markets

Our sales in emerging markets were at US$ 195 million for Q3, a decline of 4% over same quarter last year. The
decline was primarily led by lower tender business revenues in South Africa. Overall sales in emerging markets
accounted for 17% of total consolidated sales for the quarter. For the 9 month, sales were US$ 589 million, flat
over 9 month last year.

Rest of World Markets

Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were US$ 155 million in
Q3FY20, a growth of 24% over Q3 last year and accounting for approximately 14% of total consolidated sales.
The main growth driver was the consolidation of Pola Pharma (Japan) business. For the 9 month, sales were US$
483 million, up by 42% over 9 month last year.

Active Pharmaceutical Ingredients (API): Strategic strength

Our API business imparts benefits of vertical integration for our formulations business. We continue to increase the
API supply for captive consumption for key products. For Q3FY20, external sales of API were at Rs. 503 crores, up
by 18% over Q3 last year. For the 9 month, API sales were at Rs. 1,432 crores, up by 15% over 9 month last
year.

Research – Investing for future

Consolidated R&D investment for Q3FY20 was Rs. 527 crores, or 6.6% of sales as compared to Rs. 465 crores or
6% of sales for Q3 last year. For the 9 month, R&D expense was Rs. 1,437 crores, or 6% of sales.
We have a comprehensive product offering in the US market consisting of approved ANDAs for 481 products while
filings for 94 ANDAs await US FDA approval, including 19 tentative approvals. For the quarter, 7 ANDAs were filed
and 9 approvals were received. Additionally, the pipeline includes 55 approved NDAs while 4 NDAs await US FDA
approval.