Ipca Laboratories Ltd.

1 Ipca Laboratories PresentationJune 2018 Company OverviewIncorporation:1949 Present Management :Since 1975 Total income F. Y. 2017-18:` Crs / US$ 505 MnExports F. Y. 2017-18:` Crs / US$ 243 MnExports F. Y. 2017-18:` Crs / US$ 243 MnNumber of Employees:13,294 including 6131in marketing and distributionBusiness Model:Fully integrated pharmaceuticalcompany producing Brandedand Generics Formulations,APIs and IntermediatesFive Years Highlights2013-14 2014-15 2015-16 2016-17 2017-18 Domestic Income ( ` Crs )1, , , , , Income (US $ Mn) Income ( ` Crs )2, , , , , Income ( ` Crs )2, , , , , Income (US $ Mn) Income ( ` Crs )3, , , , , Income (US $ Mn) Profit After Tax ( ` Crs ) Profit After Tax (US $ Mn) FacilitiesFormulationsManufacturing FacilitiesFormulationsLocationDosage FormApprovals / InspectionsAthal, SilvassaTablets & CapsulesUK-MHRA, TGA-Australia,MCC-South Africa,WHO-GenevaRatlam, Madhya PradeshTablets, Liquids, Injectables & OintmentsMCC-South Africa,INVIMA ColombiaKandla, GujaratBetalactum Tablets, Capsules & Dry SyrupsUK-MHRA, MCC-South AfricaSilvassaTablets & CapsulesUK-MHRA, TGA-Australia, HPB-CanadaManufacturing FacilitiesFormulationsLocationDosage FormApprovals / InspectionsDehradun, UttaranchalTablets & Cephalosporin InjectablesWHO-GMPI ndore (SEZ), Madhya PradeshTablets & CapsulesUK-MHRA, HPB Canada,MCC-South AfricaSikkimTablets & CapsulesGMPP ithampur, Dhar , Madhya PradeshHigh Potency Oral Solid DosageWHO-GMPINVIMA ColombiaTarapur, PalgharTabletsManufacturing FacilitiesActive Pharmaceutical Ingredients (APIs)

2 Manufacturing FacilitiesAPIsLocationApprovals / InspectionsRatlam, Madhya PradeshTGA-Australia, EDQM, Danish Regulatory Authority, PMDA-Japan, WHO-Geneva, HPB CanadaIndore, Madhya PradeshWHO-GMPA nkleshwar, Gujarat PMDA JapanAnkleshwar, Gujarat PMDA JapanNandesari, GujaratWHO-GMPA urangabad, MaharashtraWHO-GMPM ahad, MaharashtraGMPRanu (Tehsil Padra), GujaratRevenue Break-upRevenue Break-up2017 - 1876%24%TotalRevenueFormulationsAPIs76%2 4%60%40%TotalRevenueExportsDomestic48%52 %84%16%DomesticFormulationsAPIs89%11%71% 29%ExportsFormulationsAPIs64%36%Revenue Break-upDomestic Exports Total Domestic Exports TotalBranded ` Crs` Crs` Crs` Crs2017-18 Generic Formulations - - Formulations / Intermediates - - ` Crs US$ Mn` Crs US$ Mn% GrowthTotal 2017 - 2016 - 17# After forex gain of ` Crs as against of Rs.

3 ` Crs for previous % # % # % 2017-18FY ` Crs US$ Mn` Crs US$ Mn% GrowthTotal FY19Q1 FY 18# After forex loss of ` Crs as against forex gain of Rs. ` Crs for previous % # % # % Characteristics FY 2017-18 FY 2016-17 Return on Capital Employed % (PBIT / Capital Employed) on Net Worth % (PAT / Net Worth) Asset Turnover Ratio (Total Income / Net Fixed Assets) Employed Turnover Ratio (Total Capital Employed Turnover Ratio (Total Income / Capital Employed) Coverage Ratio (to term loan) (Net Fixed Assets / Total Long Term Borrowings) Term Debt Equity Ratio (Total Long Term Borrowings / Net Worth) Turnover Ratio (Days) (Trade Receivables / Turnover) x 3656859 Creditors Turnover Ratio (Days) (Trade Payables / Purchases) x 365105103 Inventory Turnover Ratio (Days) (Inventory / Turnover) x 365101103 FinancialsGrowthFY 2017-18FY 2016-17 Net Total 17 Therapeutic Segment2017 18 Exports DomesticExports Domestic23%41%Non Steroidal Anti-Inflammatory Drugs (NSAID))

4 20%44%32%21%Cardiovasculars & Anti-Diabetics31%21%16%12%Anti-Malarials 18%8%13%6%Anti-Bacterials10%6%Financials Contribution of Therapeutic Groups2%4%Gastro-Intestinal (GI) Products2%4%5%3%Neuro Psychiatry6%3%1%5%Cough Preparations2%4%-4%Dermatology-5%-2%Urol ogy-3%-1%Neutraceuticals-1%8%1%Others11% 1%100%100%Total100%100%Branded FormulationsDomesticBranded FormulationsDomesticAll India Rank IMS Health : 20th (MAT June 18).25 Depots & 2 C&F Therapy Focused Marketing Strength (PSR/ BA) 2000 brands among top 300 brands (HCQS, Zerodol-P & Zerodol-SP).Market leaders in Anti-malarials & Rheumatoid FormulationsDomestic` CrsUS$ 221 Mn` CrsUS$ 178 Mn` CrsUS$ 190 Mn` CrsUS$ 215Mn2016 - 172014 - 15 Sales2017 - 182015 - 16 Future Growth DriversBranded FormulationsDomesticThe company introduced 20 new Brands / line extensions in the India market during research as a tool to launch innovative combination formulations / Brand building with focused Brand building with focused licensing/ out licensing to build business in the promoted optimization, strategies to identify need gaps to build, enter, maintain andexit BusinessExports to nearly 120 countries across the Star Trading top 10 pharmaceutical exporters from sales from Business44% sales from to promote brands in more than 30 countries of CIS, South East Asia, Middle East, Latin America and offices in Russia, Ukraine, Vietnam, Philippines, Kenya, Columbia, Sri Lanka, Malaysia and Nigeria (subsidiary company).

5 Formulation dossiers for branded formulations registered in 55 Business` CrsUS$ 242 Mn` CrsUS$ 222 MnInternational Business` CrsUS$ 272 Mn` CrsUS$ 243 Mn2014 - 152015 - 162016 - 17US$ 222 MnSales2017 - 18 International BusinessContinent FormulationsBulk Drugs / Intermediates Total% Exports 2017 18 (```` Crs) ` CrsUS$ 154 Mn` CrsUS$ 192 MnInternationalFormulations` CrsUS$ 143 Mn` CrsUS$ 154 Mn2016 - 172017 - 182014 - 152015 - 16 SalesUS$ 143 MnInternationalBranded Formulations` CrsUS$ 45 Mn` CrsUS$ 53 MnInternationalBranded Formulations` CrsUS$ 37 Mn` CrsUS$ 50Mn2016 - 172015 - 162017 - 182014 15 SalesUS$ 37 MnThrust on brand building in Pain, CVS, CNS, Anti-infective and Anti-malarial expansion in covered countries through additional field in business lines - Institutions and of new products -Existing developed formulations are identified for InternationalBranded FormulationsFuture Growth DriversIntroduction of new products -Existing developed formulations are identified for registration and launch across all RegisteredProducts Under RegistrationUnited Kingdom / Europe611` Crs` CrsUS$ 139 MnAustralia /New Zealand656 South Africa4222 United States / Canada33282016 - 172017 - 182014 - 152015- 16` CrsUS$ 110 MnSales` CrsUS$ 106 Mn` CrsUS$ 104 MnDossiers developed by company approved in UK are being taken for registration in other EU formulations registered to be backed by own of generic dossiers with or without supply Growth DriversSale of generic dossiers with or without supply manufacturing tie up with 3 marketing partners for sale/distribution of Generic ANDAs filed of which 18 ANDAs

6 Are to 10 ANDAs targeted for filing for every (b) (2) projects/ Sustained Release Growth Drivers North America505 (b) (2) projects/ Sustained Release contract development and manufacturing ` CrsUS$ 88 Mn` CrsUS$ 80 MnInternationalAPIs` CrsUS$ 79 Mn` CrsUS$ 88 Mn2017 - 182014 - 152015 - 162016 - 17 SalesUS$ 79 MnInternationalAPIs Drug Master FilesSr. of the APIUS- FDAC anada- HPFBWHOJ apan -PMDA Australia EDQM1 AtenololaaaaaaaaaaaaCEPaaaa2 Artemetheraaaaaaaa3 Artesunateaaaa4 Artesunate Sterileaaaa5 Amodiaquine Hclaaaa6 Amlodipine Besylateaaaaaaaa6 Amlodipine Besylateaaaaaaaa7 AllopurinolaaaaaaaaCEPaaaa8 Beventalol Hclaaaa9 Benzaroneaaaa10 Benzbromaroneaaaa11 Bendroflumethiazideaaaa12 Bisoprolol Fumarateaaaaaaaaaaaa13 Carvedilolaaaaaaaaaaaa14 Cetrizine DihydrochlorideaaaaCEPaaaa15 Chloroquine PhosphateaaaaaaaaInternationalAPIs Drug Master FilesSr. of the APIUS- FDAC anada- HPFBWHOJ apan -PMDA Australia EDQM16 Chlorthalidoneaaaaaaaaaaaa17 Citalopram HBRaaaa18 Dihydroartemesininaaaa19 Etodolacaaaaaaaa20 Famotidineaaaaaaaa21 Fenofibrateaaaaaaaa21 Fenofibrateaaaaaaaa22 Fluconazoleaaaa23 Flumequineaaaa24 FurosemideaaaaaaaaaaaaCEPaaaa25 Glimepirideaaaaaaaaaaaa26 HydrochlorothiazideaaaaaaaaaaaaCEPaaaa27 Hydroxyzine Di Hclaaaaaaaa28 Hydroxychloroquine Sulphateaaaaaaaaaaaa29 Indapamideaaaaaaaaaaaa30 Losartan PotassiumaaaaaaaaCEPaaaaInternationalAPI s Drug Master FilesSr.

7 Of the APIUS- FDAC anada- HPFBWHOJ apan -PMDA Australia EDQM31 Lumefantrineaaaa32 Methylphenidateaaaaaaaa33 Mesalamine/ Mesalazineaaaaaaaa34 Metformin HCLaaaaaaaaaaaa35 Metoclopramide HClaaaaaaaaCEPaaaa36 Metoclopramide Baseaaaa36 Metoclopramide Baseaaaa37 Metoprolol Succinateaaaaaaaa38 Metoprolol Tartrateaaaaaaaaaaaaaaaa39 Midodrine Hydrochlorideaaaa40 Nabumetoneaaaaaaaa41 Nifedipineaaaaaaaa42 Ondansetron Hydrochlorideaaaaaaaaaaaa43 Ondansetron Baseaaaa44 Paroxetine Hclaaaa45 Primaquine PhosphateaaaaaaaaInternationalAPIs Drug Master FilesSr. of the APIUS- FDAC anada- HPFBWHOJ apan -PMDA Australia EDQM46 Piperaquine Phosphateaaaa47 Probenecid aaaa48 Proguanil Hydrochlorideaaaaaaaa49 Propranolol HClaaaaaaaaaaaaCEPaaaa50 Pyrantel Pamoateaaaaaaaaaaaa51 Pyrimethamine Hclaaaaaaaa51 Pyrimethamine Hclaaaaaaaa52 Promethazine Hydrochlorideaaaa53 Quetiapine Fumarateaaaaaaaa54 Risperidoneaaaa55 Residronate Sodiumaaaa56 Ractopamine Hclaaaaaaaa57 Sodium Alendronateaaaaaaaaaaaa58 Telmisartanaaaa59 Torsemideaaaaaaaa60 Tramadol HydrochlorideaaaaaaaaaaaaInternationalAP Is Drug Master FilesSr.

8 Of the APIUS- FDAC anada- HPFBWHOJ apan -PMDA Australia EDQM61 TrimethoprimaaaaaaaaCEPaaaa62 Triamtereneaaaaaaaa63 Valsartanaaaaaaaa64 Venlafexineaaaa65 Warfarin Sodium Clathrateaaaaaaaa66 Warfarin SodiumCEPaaaa66 Warfarin SodiumCEPaaaa67 Zaltoprofen aaaa68 Zoledronic AcidaaaaTotal47207151343 Note : Australia accept CEP issued by EDQMP ursuing MNC tie-ups for supply process Patent filed for Growth DriversOwn API manufacturing to back formulations, especially for the Generic strategic business relationship with smaller API manufacturers for increasing product Growth Driversincreasing product & DevelopmentAPIs & FormulationsResearch & DevelopmentAPIs & FormulationsR & D SpendingYear`Crs% to scientist manpower of over focus on developing APIs with non-infringing process and development of finished dosage of NDDS for domestic and international & DevelopmentAPIs & Formulations228 patent applications / fermentation research facility established and working under contract research on two contract research activities for APIs & Formulations for international & DevelopmentAPIs & FormulationsFuture StrategyAcquisition of 100% share capital of Pisgah Labs Inc.

9 , USA by Company s subsidiariesAcquisition of 100% share capital of Pisgah Labs Inc., USA by Ipca Pharmaceutical Inc., USA (Company s Wholly owned subsidiary) and Onyx Scientific Ltd., (Onyx) (Company s wholly owned step down subsidiary) for US$ millions free of Labs Inc., North Carolina , USA was originally founded in the year 1981 as contract manufacturer and developer of active pharmaceutical ingredients (APIs) and Labs Inc. has been a chemistry solutions provider for over three decades and will continue to Pisgah Labs Inc. has been a chemistry solutions provider for over three decades and will continue to operate out of its North Carolina manufacturing facility under the Pisgah trade name. Onyx and Pisgah s capabilities in chemistry services will dovetail effectively with company s capabilities in supporting Phase II to commercial scale programmes and also enable the company to manufacture small volume APIs for US the financial year ended 30thApril, 2017, Pisgah had a total income of US$ millions and EBIDTA of US $ acquisition was completed upon signing of Stock Purchase Agreement and transfer of shares in the name of the Company s subsidiaries on 16thJanuary ,2018 in youNo part of this corporate presentation may be re-produced, quoted or circulated without prior approval of Ipca Laboratories presentation may include forward looking statements based on our current business expectations.

10 Our actual results may differ from what is projected in this corporate presentation. The viewers of this presentation may use their own judgment and calculation before making any decision on any matter based on the information given company also disclaims any obligation to revise any of the information given in this presentation.