Lupin Limited has received an Order from Office of the Principal Commissioner, Joint Commissioner, CGST and Central Excise Bhopal, Madhya Pradesh (`Bhopal GST Authority'), imposing penalty. The Company has received an Order from the Bhopal GST Authority imposing penalty of INR 13,949,127 under applicable provisions of the CGST Act, 2017, SGST Act, 2017 and IGST Act, 2017. Date of receipt of Order is April 30, 2024.

The Order has been passed on the contentions of wrongful availment and utilisation of Input Tax Credit for Fiscal Year 2018-2019. Based on assessment of facts and prevailing law, the Company is of the view that the demand including penalty levied is arbitrary and unjustified. The Company will file necessary appeal with the appellate authority in this regard.

There is no material impact on the Company's financials or operations due to the said order.