# EDGAR Filing Document

**Accession Number:** 0001135951
**File Stem:** 0001575872-26-000034
**Filing Date:** 2026-1
**Character Count:** 97777
**Document Hash:** 8aaa4799878e945348c6178c0021e12f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-26-000034.hdr.sgml**: 20260121

**ACCESSION NUMBER**: 0001575872-26-000034

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260121

**FILED AS OF DATE**: 20260121

**DATE AS OF CHANGE**: 20260121

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DR REDDYS LABORATORIES LTD
- **CENTRAL INDEX KEY:** 0001135951
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K7
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15182
- **FILM NUMBER:** 26545791

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 8-2-337, ROAD NO.3 BANJARA HILLS
- **CITY:** HYDERABAD
- **PROVINCE COUNTRY:** K7
- **ZIP:** 500-034
- **BUSINESS PHONE:** 91 40 49002900

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 8-2-337, ROAD NO.3 BANJARA HILLS
- **CITY:** HYDERABAD
- **PROVINCE COUNTRY:** K7
- **ZIP:** 500-034

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

Form 6-K

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**January 2026**

**Commission File Number 1-15182**

**DR. REDDY'S LABORATORIES LIMITED**

(Translation of registrant's name into English)

**8-2-337, Road No. 3, Banjara Hills**

**Hyderabad, Telangana 500 034, India**

**+91-40-49002900**

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______

**Note:** Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______

**Note:** Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.

**EXHIBITS** 

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Exhibits** |
| [99.1](rdy0840_ex99-1.htm) | [Press Release, "Dr. Reddy's Q4 FY2025 Financial Results", January 21, 2026.](rdy0840_ex99-1.htm) |
| [99.2](rdy0840_ex99-2.htm) | [IFRS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025.](rdy0840_ex99-2.htm) |
| [99.3](rdy0840_ex99-3.htm) | [Ind AS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025.](rdy0840_ex99-3.htm) |
| [99.4](rdy0840_ex99-4.htm) | [Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2025.](rdy0840_ex99-4.htm) |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  | DR. REDDY'S LABORATORIES LIMITED<br> (Registrant) | DR. REDDY'S LABORATORIES LIMITED<br> (Registrant) | DR. REDDY'S LABORATORIES LIMITED<br> (Registrant) |
| Date: January 21, 2026 | By: | /s/ K Randhir Singh | /s/ K Randhir Singh |
|  |  | Name: | K Randhir Singh |
|  |  | Title: | Company Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](rdy0840_ex99-1img01.jpg) | **Dr. Reddy's Laboratories Ltd.**<br> 8-2-337, Road No. 3, Banjara Hills<br> Hyderabad – 500 034, Telangana, India<br>CIN: L85195TG1984PLC004507<br>Tel: + 91 40 4900 2900<br> Fax: + 91 40 4900 2999<br> Email: <u>mail@drreddys.com</u><br> Web: <u>www.drreddys.com</u> |

---

January 21, 2026

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY)

BSE Limited. (Scrip Code: 500124)

New York Stock Exchange Inc. (Stock Code: RDY)

NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

**Sub: Outcome of Board Meeting**

Pursuant to Regulation 30, 33 and other applicable provisions of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and in furtherance to our letter dated December 23, 2025, we would like to inform you that the Board of Directors of the Company, at its meeting held on January 21, 2026, has inter alia approved the Unaudited Financial Results of the Company for the quarter and nine months ended December 31, 2025. In this regard, we are enclosing herewith:

1) Unaudited Consolidated Financial Results of the Company for the quarter and nine months ended December 31, 2025, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB).

2) Press Release on Unaudited Financial Results of the Company for the quarter and nine months ended December 31, 2025.

3) Unaudited Consolidated Financial Results of the Company for the quarter and nine months ended December 31, 2025, as per Indian Accounting Standards.

4) Unaudited Standalone Financial Results of the Company for the quarter and nine months ended December 31, 2025, as per Indian Accounting Standards.

5) Limited Review Reports of the Statutory Auditors on the Unaudited Standalone and Consolidated Financial Results as mentioned at serial nos. 3 & 4.

The Board Meeting commenced at 2.00 PM IST and concluded at 4.31 PM IST.

This is for your information and record.

Thanking you,

Yours faithfully,

For **Dr. Reddy's Laboratories Limited**

![](rdy0840_ex99-1img02.jpg)

K Randhir Singh

***Company Secretary, Compliance Officer & Head-CSR***

Encl: as above

![](rdy0840_ex99-1img03.jpg)

---

| | | |
|:---|:---|:---|
|  | **CONTACT** | **CONTACT** |
| **DR. REDDY'S LABORATORIES LTD.** | **Investor relationS** | **Media relationS** |
| 8-2-337, Road No. 3, Banjara Hills,<br> Hyderabad - 500034. Telangana, India. | AISHWARYA SITHARAM<br> <u>aishwaryasitharam@drreddys.com</u> | PRIYA K<br> <u>priyak@drreddys.com</u> |

---

**Dr. Reddy's Q3 & 9MFY26 Financial Results**

**Hyderabad, India, January 21, 2026:** Dr. Reddy's Laboratories Ltd. (BSE: 500124 \| NSE: DRREDDY \| NYSE: RDY \| NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and nine months ended December 31, 2025. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

---

| | | |
|:---|:---|:---|
| **Particulars** | **Q3FY26** | **9MFY26** |
| ***Revenues*** | **₹ 87,268 Mn**<br> [Up: 4.4% YoY; Down 0.9% QoQ]<br>| **₹ 260,771 Mn**<br> [Up: 8.4% YoY] |
| ***Gross Margin*** | **53.6%**<br> [Q3FY25: 58.7%; Q2FY26: 54.7%]<br>| **55.1%**<br> [9MFY25: 59.5%] |
| ***SG&A Expenses*** | **₹ 26,918 Mn**<br> [Up: 12% YoY; 2% QoQ]<br>| **₹ 79,001 Mn**<br> [Up: 13% YoY] |
| ***R&D Expenses*** | **₹ 6,149 Mn**<br> [7.0% of Revenues]<br>| **₹ 18,595 Mn**<br> [7.1% of Revenues] |
| ***EBITDA*** | **₹ 20,493 Mn**<br> [23.5% of Revenues]<br>| **₹ 66,788 Mn**<br> [25.6% of Revenues] |
| ***Profit before Tax*** | **₹ 15,429 Mn**<br> [17.7% of Revenues]<br>| **₹ 52,826 Mn**<br> [20.3% of Revenues] |
| ***Profit after Tax*** <br> *attributable to Equity Holders* | **₹ 12,098 Mn**<br> [13.9% of Revenues] | **₹ 40,649 Mn**<br> [15.6% of Revenues] |

---

 ****

**Commenting on the results, Co-Chairman & MD, G V Prasad said**: *"Our growth in Q3FY26 was supported by continued momentum in our branded businesses, aided by favourable forex, thus offsetting the impact of lower Lenalidomide sales. We continue to focus on disciplined execution of our strategic priorities of base business growth, pipeline advancement, operational efficiencies, and select inorganic opportunities, to create long-term value for our stakeholders."*

 

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-1img04.jpg) | ![](rdy0840_ex99-1img05.jpg) | ![](rdy0840_ex99-1img06.jpg) |

---

 

 

---

| | |
|:---|:---|
| *All amounts in millions, except EPS* | *All US dollar amounts based on convenience translation rate of 1 USD =* ₹*89.84* |

---

**Dr. Reddy's Laboratories Limited & Subsidiaries** 

 ****

***Revenue Mix by Segment*** *for the quarter*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Q3FY26** | **Q3FY25** | **YoY** | **Q2FY26** | **QoQ** |
|  | **(₹)** | **(₹)** | **Gr %** | **(₹)** | **Gr%** |
| **Global Generics** | **79113** | **73753** | **7** | **78498** | **1** |
| &nbsp;&nbsp;&nbsp;North America | 29644 | 33834 | (12) | 32408 | (9) |
| &nbsp;&nbsp;&nbsp;Europe | 14476 | 12096 | 20 | 13762 | 5 |
| &nbsp;&nbsp;&nbsp;India | 16032 | 13464 | 19 | 15780 | 2 |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 18961 | 14358 | 32 | 16548 | 15 |
| **Pharmaceutical Services and Active Ingredients (PSAI)** | **8018** | **8219** | **(2)** | **9450** | **(15)** |
| **Others** | **137** | **1614** | **(92)** | **103** | **33** |
| **Total** | **87268** | **83586** | **4** | **88051** | **(1)** |

---

 

***Revenue Mix by Segment*** *for the nine months period*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **9MFY26** | **9MFY25** | **YoY** |
|  | **(₹)** | **(₹)** | **Gr%** |
| **Global Generics** | **233231** | **214187** | **9** |
| &nbsp;&nbsp;&nbsp;North America | 96175 | 109578 | (12) |
| &nbsp;&nbsp;&nbsp;Europe | 40981 | 23132 | 77^ |
| &nbsp;&nbsp;&nbsp;India | 46523 | 40687 | 14 |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 49552 | 40791 | 21 |
| **PSAI** | **25649** | **24283** | **6** |
| **Others** | **1891** | **2005** | **(6)** |
| **Total** | **260771** | **240475** | **8** |

---

 

*^Excluding acquired Consumer Healthcare business in Nicotine Replacement Therapy (NRT) sales; revenue growth is at 16% YoY.*

 

![](rdy0840_ex99-1img07.jpg)

 

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-1img04.jpg) | ![](rdy0840_ex99-1img05.jpg) | ![](rdy0840_ex99-1img06.jpg) |

---

 

 ****

***Consolidated Income Statement*** *for the quarter*

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Q3FY26** | **Q3FY26** | **Q3FY25** | **Q3FY25** | **YoY** | **Q2FY26** | **Q2FY26** | **QoQ** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **Gr %** | **($)** | **(₹)** | **Gr%** |
| **Revenues** | **971** | **87268** | **930** | **83586** | **4.4** | **980** | **88051** | **(0.9)** |
| Cost of Revenues | 450 | 40462 | 384 | 34534 | 17 | 444 | 39911 | 1 |
| **Gross Profit** | **521** | **46806** | **546** | **49052** | **(5)** | **536** | **48140** | **(3)** |
| *% of Revenues* |  | *53.6 %* |  | *58.7 %* |  |  | *54.7 %* |  |
| Selling, General & Administrative Expenses | 300 | 26918 | 268 | 24117 | 12 | 294 | 26436 | 2 |
| *% of Revenues* |  | *30.8 %* |  | *28.9 %* |  |  | *30.0 %* |  |
| Research & Development Expenses | 68 | 6149 | 74 | 6658 | (8) | 69 | 6202 | (1) |
| *% of Revenues* |  | *7.0 %* |  | *8.0 %* |  |  | *7.0 %* |  |
| Impairment of Non-Current Assets, net | 3 | 271 | (0) | (4) | (6875) | 7 | 662 | (59) |
| Other (Income)/Expense, net | (9) | (770) | (5) | (439) | 75 | (30) | (2673) | (71) |
| **Results from Operating Activities** | **158** | **14238** | **208** | **18720** | **(24)** | **195** | **17513** | **(19)** |
| Finance (Income)/Expense, net | (13) | (1168) | 0 | 20 | (5940) | (9) | (774) | 51 |
| Share of Profit of Equity Investees, net of tax | (0) | (23) | (0) | (42) | (45) | (1) | (63) | (63) |
| **Profit before Income Tax** | **172** | **15429** | **209** | **18742** | **(18)** | **204** | **18350** | **(16)** |
| *% of Revenues* |  | *17.7 %* |  | *22.4 %* |  |  | *20.8 %* |  |
| Income Tax Expense | 39 | 3533 | 52 | 4704 | (25) | 45 | 4082 | (13) |
| **Profit for the Period** | **132** | **11896** | **156** | **14038** | **(15)** | **159** | **14268** | **(17)** |
| *% of Revenues* |  | *13.6 %* |  | *16.8 %* |  |  | *16.2 %* |  |
| Attributable to Equity holders of the Parent Co. | 135 | 12098 | 157 | 14133 | (14) | 160 | 14372 | (16) |
| *% of Revenues* |  | *13.9 %* |  | *16.9 %* |  |  | *16.3 %* |  |
| Attributable to Non-controlling interests | (2) | (202) | (1) | (95) | 113 | (1) | (104) | 95 |
| **Diluted Earnings per Share (EPS)** | **0.16** | **14.52** | **0.19** | **16.94** | **(14)** | **0.19** | **17.25** | **(16)** |

---

 

 

***Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) Computation*** *for the quarter*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Q3FY26** | **Q3FY26** | **Q3FY25** | **Q3FY25** | **Q2FY26** | **Q2FY26** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **($)** | **(₹)** |
| **Profit before Income Tax** | **172** | **15429** | **209** | **18742** | **204** | **18350** |
| Interest (Income) / Expense, net\* | (5) | (422) | (5) | (475) | (6) | (552) |
| Depreciation | 35 | 3178 | 30 | 2733 | 34 | 3091 |
| Amortization | 23 | 2037 | 22 | 1986 | 22 | 1960 |
| Impairment | 3 | 271 | (0) | (4) | 7 | 662 |
| **EBITDA** | **228** | **20493** | **256** | **22982** | **262** | **23511** |
| *% of Revenues* |  | *23.5 %* |  | *27.5 %* |  | *26.7 %* |

---

*\*Includes income from Investment* 

 

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-1img04.jpg) | ![](rdy0840_ex99-1img05.jpg) | ![](rdy0840_ex99-1img06.jpg) |

---

 

 ****

***Consolidated Income Statement*** *for the nine months period*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **9MFY26** | **9MFY26** | **9MFY25** | **9MFY25** | **YoY** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **Gr%** |
| **Revenues** | **2903** | **260771** | **2677** | **240475** | **8** |
| Cost of Revenues | 1305 | 117198 | 1083 | 97310 | 20 |
| **Gross Profit** | **1598** | **143573** | **1594** | **143165** | **0.3** |
| *% of Revenues* |  | *55.1 %* |  | *59.5 %* |  |
| Selling, General & Administrative Expenses | 879 | 79001 | 777 | 69815 | 13 |
| *% of Revenues* |  | *30.3 %* |  | *29.0 %* |  |
| Research & Development Expenses | 207 | 18595 | 224 | 20122 | (8) |
| *% of Revenues* |  | *7.1 %* |  | *8.4 %* |  |
| Impairment of Non-Current Assets, net | 10 | 933 | 10 | 925 | 1 |
| Other (Income)/Expense, net | (47) | (4182) | (21) | (1893) | 121 |
| **Results from Operating Activities** | **548** | **49226** | **603** | **54196** | **(9)** |
| Finance (Income)/Expense, net | (39) | (3512) | (26) | (2372) | 48 |
| Share of Profit of Equity Investees, net of tax | (1) | (88) | (2) | (162) | (46) |
| **Profit before Income Tax** | **588** | **52826** | **631** | **56730** | **(7)** |
| *% of Revenues* |  | *20.3 %* |  | *23.6 %* |  |
| Income Tax Expense | 140 | 12565 | 171 | 15357 | (18) |
| **Profit for the Period** | **448** | **40261** | **461** | **41373** | **(3)** |
| *% of Revenues* |  | *15.4 %* |  | *17.2 %* |  |
| Attributable to Equity holders of the Parent Co. | 452 | 40649 | 452 | 40606 | 0.1 |
| *% of Revenues* |  | *15.6 %* |  | *16.9 %* |  |
| Attributable to Non-controlling interests | (4) | (388) | 9 | 767 | (151) |
| **Diluted Earnings per Share (EPS)** | **0.54** | **48.78** | **0.54** | **48.68** | **0.2** |

---

 

***EBITDA Computation** for the nine months period*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **9MFY26** | **9MFY26** | **9MFY25** | **9MFY25** |
|  | **($)** | **(₹)** | **($)** | **(₹)** |
| **Profit before Income Tax** | **588** | **52826** | **631** | **56730** |
| Interest (Income) / Expense, net\* | (22) | (2002) | (31) | (2775) |
| Depreciation | 102 | 9162 | 88 | 7870 |
| Amortization | 65 | 5867 | 52 | 4634 |
| Impairment | 10 | 933 | 10 | 925 |
| **EBITDA** | **743** | **66787** | **750** | **67384** |
| *% of Revenues* |  | *25.6 %* |  | *28.0 %* |

---

*\*Includes income from Investment* 

 

***Key Balance Sheet Items***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **As on 31<sup>st</sup> Dec 2025** | **As on 31<sup>st</sup> Dec 2025** | **As on 30<sup>th</sup> Sep 2025** | **As on 30<sup>th</sup> Sep 2025** | **As on 31<sup>st</sup> Dec 2024** | **As on 31<sup>st</sup> Dec 2024** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **($)** | **(₹)** |
| Cash and Cash Equivalents and Other Investments | 971 | 87191 | 828 | 74393 | 715 | 64198 |
| Trade Receivables | 1149 | 103206 | 1088 | 97738 | 1026 | 92212 |
| Inventories | 879 | 79009 | 844 | 75821 | 797 | 71630 |
| Property, Plant, and Equipment | 1286 | 115544 | 1246 | 111981 | 1036 | 93053 |
| Goodwill and Other Intangible Assets | 1277 | 114727 | 1260 | 113240 | 1166 | 104780 |
| Loans and Borrowings (Current & Non-Current) | 754 | 67732 | 652 | 58539 | 569 | 51085 |
| Trade Payables | 454 | 40796 | 448 | 40248 | 401 | 36022 |
| Equity | 4183 | 375756 | 4030 | 362082 | 3579 | 321565 |

---

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-1img04.jpg) | ![](rdy0840_ex99-1img05.jpg) | ![](rdy0840_ex99-1img06.jpg) |

---

 

**Key Business Highlights** for Q3FY26

● Entered into a strategic collaboration with Immutep for commercialisation of a novel, immunotherapy oncology drug, **Eftilagimod Alfa**, in key global markets outside North America, Europe, Japan, and Greater China, for an upfront of US$20 million, potential regulatory and commercial milestones of up to US$349.5 million as well as double digit royalties.

● Launched **Hevaxin** <sup>®</sup>, a novel, recombinant vaccine for the prevention of Hepatitis-E virus infection in India.

● **Integration** of 85% of acquired Consumer Healthcare business in Nicotine Replacement Therapy (**NRT**) business by value completed as of December 2025.

● Received the marketing authorization for **Semaglutide injection** in India from Drugs Controller General of India (**DCGI**), following the recommendation of Subject Expert Committee (SEC) under Central Drugs Standard Control Organization (CDSCO).

● Received a **Notice of Non-Compliance** from Pharmaceutical Drugs Directorate in Canada for **Semaglutide** injection, outlining requests for additional information and clarifications on specific aspects of our submission. Submitted response by mid-November 2025.

● Completed filing of the Biologics License Application (**BLA**) for the Intravenous (IV) presentation of our **abatacept** biosimilar candidate in December 2025.

● Received **European Commission** (EC) approval and **marketing authorisation** from Medicines and Healthcare products Regulatory Agency (**MHRA**) in United Kingdom for **denosumab** biosimilar. Launched the product in **Germany** in December 2025.

● Received a Complete Response Letter (**CRL**) from the United States Food & Drug Administration (USFDA) for **denosumab** biosimilar BLA, developed by our partner, **Alvotech**. The CRL refers to the observations from a pre-license inspection of Alvotech's Reykjavik manufacturing facility.

● Received a **CRL** for **rituximab** biosimilar BLA, in reference to the ongoing resolution of observations arising from the Pre Approval Inspection (PAI) of our Biologics facility at Bachupally, Hyderabad, Telangana, India conducted in September 2025, as well as certain aspects pertaining to the BLA. Further, received a Post- Application Action Letter (**PAAL**) from USFDA, in relation to the response submitted to the aforesaid mentioned observations related to rituximab biosimilar.

● Aurigene Pharmaceutical Services Limited (APSL), our CDMO business, served as the exclusive API manufacturer for two of 46 Novel Drugs approved by USFDA in 2025.

● APSL delivered three discovery programs through it's in-house, AI assisted drug discovery platform, 'Aurigene.AI'.

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-1img04.jpg) | ![](rdy0840_ex99-1img05.jpg) | ![](rdy0840_ex99-1img06.jpg) |

---

**ESG Highlights** for Q3FY26

● Announced Science-Based **Net Zero Climate Targets**, making us the only Indian Pharmaceutical company to commit to such a target by FY2045.

● Leadership position in Carbon Disclosure Project's (**CDP**) Water Security and Climate Change categories for 2025.

● Received **CII Award** of Merit for Excellence in 4R category, ranking in top 25 companies in India for waste minimization and management.

● Received certification from **TÜV SÜD** South Asia for Net Positive Water Impact (**NPWI**).

● Received India's Top 100 **Great Places to Work<sup>®</sup>** certification, for the 2<sup>nd</sup> consecutive year.

● Received Industrial Green Chemistry World (**IGCW**) Award 2025 in MNC, Large and Medium scale category at the 8<sup>th</sup> IGCW Convention.

● Received seven **Eminence Awards** at the 7<sup>th</sup> Annual Pharmaceutical Manufacturing and Automation Conclave.

**Other Updates** for Q3FY26

● Received ' **VAI** ' as inspection outcome, following a GMP and a PAI conducted by the USFDA in July 2025 at formulations manufacturing facility, **FTO-11**, in Srikakulam, Andhra Pradesh, India.

● GMP inspection concluded by USFDA at our API facility, **CTO SEZ**, in Srikakulam, Andhra Pradesh, with **zero observations**.

● Received a **Form 483** with five observations post a GMP and a PAI conducted by USFDA at our formulations facility (**FTO-SEZ PU-01**) in Srikakulam, Andhra Pradesh. We have responded to the agency within the stipulated timeline.

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**Revenue Analysis**

● **Q3FY26 consolidated revenues** at ₹87.3 billion, growth of 4.4% YoY and decline of 0.9% QoQ.

**9MFY26 consolidated revenues** at ₹260.8 billion, growth of 8% YoY.

Growth was broad-based across key markets, except for North America Generics which reported a decline primarily on account of lower Lenalidomide sales. Growth was further aided by favourable foreign exchange rate movements.

***Global Generics (GG)***

● **Q3FY26 revenues** at ₹79.1 billion, growth of 7% YoY and 1% QoQ.

**9MFY26 revenues** at ₹233.2 billion, growth of 9% YoY.

**North America**

● **Q3FY26 revenues** at ₹29.6 billion, decline of 12% YoY and 9% QoQ.

**9MFY26 revenues** at ₹96.2 billion, decline of 12% YoY.

Decline was largely due to lower Lenalidomide sales and higher price erosion in certain key products.

● During the quarter, we launched six new products, while a total of 18 new products were launched during 9MFY26.

● We filed four new Abbreviated New Drug Applications (ANDAs) with the USFDA during the quarter, taking the total to ten for 9MFY26.

● As of December 31, 2025, filings pending approval from USFDA were 73 including:

○ 71 ANDAs (43 are Paragraph IV applications, and 21 may have a 'First to File' status) and

○ Two New Drug Applications (NDAs) filed under Section 505(b)(2), of which one is a Paragraph IV application.

**Europe**

● **Q3FY26 revenues** at ₹14.5 billion, growth of 20% YoY and 5% QoQ.

**9MFY26 revenues** at ₹41.0 billion, growth of 77% YoY. Excluding NRT, growth was at 16% YoY.

Revenues from new generic product launches, growth witnessed in the NRT portfolio and favourable forex movement was partly offset by pricing pressure in generics.

**Q3FY26 NRT revenues** at ₹7.5 billion, growth of 25% YoY and 8% QoQ.

**9MFY26 NRT revenues** at ₹21.2 billion.

**Q3FY26 Germany revenues** at ₹4.0 billion, growth of 21% YoY and 1% QoQ.

**9MFY26 Germany revenues** at ₹11.2 billion, growth of 20% YoY.

**Q3FY26 UK revenues** at ₹1.7 billion, decline of 12% YoY and growth of 6% QoQ.

**9MFY26 UK revenues** at ₹5.0 billion, decline of 3% YoY.

**Q3FY26 Rest of Europe revenues** at ₹1.3 billion, growth of 49% YoY and 2% QoQ.

**9MFY26 Rest of Europe revenues** at ₹3.6 billion, growth of 38% YoY.

● During the quarter, we launched ten new products in the region, taking the total to 31 for 9MFY26.

 

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---

 

**India**

● **Q3FY26 revenues** at ₹16.0 billion, growth of 19% YoY and 2% QoQ.

**9MFY26 revenues** at ₹46.5 billion, growth of 14% YoY.

Growth for the quarter was driven by revenues from our innovation portfolio, new brand launches, price increases, higher volumes as well as contributions from the recently acquired Stugeron portfolio.

● As per IQVIA, our rank in the Indian Pharmaceutical Market (IPM) was at 10 on a Moving Quarterly Total (MQT) and Moving Annual Total (MAT) basis. We moved to the 9<sup>th</sup> position in December 2025.

● As per IQVIA, we continued to outperform the IPM, with secondary sales growth of 12.3% as compared to IPM growth of 11.85 on a MQT basis and 9.7% as compared to IPM growth of 8.9% on a MAT basis.

● During the quarter, we launched two new brands, taking the total to 18 for 9MFY26.

**Emerging Markets**

● **Q3FY26 revenues** at ₹19.0 billion, growth of 32% YoY and 15% QoQ.

**9MFY26 revenues** at ₹49.6 billion, growth of 21% YoY.

YoY growth was largely driven by new product launches across markets, aided by favourable forex. QoQ growth was primarily on account of volume growth.

**Q3FY26 Russia revenues** at ₹10.6 billion, growth of 51% YoY and 21% QoQ.

**9MFY26 Russia revenues** at ₹26.4 billion, growth of 36% YoY.

YoY growth was due to new product launches, higher volumes of existing products, price increase in certain brands and favorable forex. QoQ increase primarily reflects higher sales volumes.

**Q3FY26 Other Commonwealth of Independent States (CIS) countries and Romania revenues** at ₹2.4 billion, growth of 1% YoY and 4% QoQ.

**9MFY26 CIS and Romania revenues** at ₹6.7 billion, growth of 4% YoY.

YoY growth was on account of higher pricing and favourable forex, offset by lower volume uptake.

**Q3FY26 Rest of World (RoW) revenues** at ₹6.0 billion, growth of 21% YoY and 9% QoQ.

**9MFY26 RoW revenues** at ₹16.4 billion, growth of 10% YoY.

YoY growth was largely on account of new product launches across various markets, higher sales volumes from existing products, favourable forex, partly offset by price erosion.

● During Q3FY26, we launched 30 new products across countries, taking the total to 80 for 9MFY26.

 ****

***Pharmaceutical Services and Active Ingredients (PSAI)***

● **Q3FY26 revenues** at ₹8.0 billion, decline of 2% YoY and 15% QoQ.

**9MFY26 revenues** at ₹25.6 billion, growth of 6% YoY.

QoQ decline in Q3FY26 was on account of lower volume uptake in the API business.

● During the quarter, we filed 31 Drug Master Files (DMFs) globally, taking the total to 80 for 9MFY26.

 

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---

 

**Income Statement Highlights:**

***Gross Margin***

 **

● **Q3FY26** at 53.6% (GG: 57.4%, PSAI: 17.3%), a decline of 505 basis points (bps) YoY and 104 bps QoQ.

**9MFY26** at 55.1% (GG: 59.1%, PSAI: 16.2%), a decline of 448 bps YoY.

The YoY decline for the quarter was primarily on account of reduced sales of Lenalidomide, price erosion in our Generics businesses in North America and Europe, adverse product mix in PSAI business and a one-time provision related to impact of changes in employee benefit obligations under the new Labour Codes in India. Excluding the one-off provision, gross margin for the quarter was higher at 54.1% of revenues.

***Selling, General & Administrative (SG&A) Expenses***

● **Q3FY26** at ₹26.9 billion, increase of 12% YoY and 2% QoQ.

As % to Revenues – Q3FY26: 30.8% \| Q3FY25: 28.9% \| Q2FY26: 30.0%.

**9MFY26** at ₹79.0 billion, increase of 13% YoY.

As % to Revenues – 9MFY26: 30.3% \| 9MFY25: 29.0%.

The YoY increase was driven by targeted investments in our branded franchises, namely our acquired consumer healthcare business in NRT and branded generics. Adverse impact of foreign currency exchange rates and one-time provision related to the new Labour Codes mentioned above also contributed to the increase. Excluding the one-off provision, SG&A was lower at 30.2% of revenues for the quarter.

***Research & Development (R&D) Expenses***

● **Q3FY26** at ₹6.1 billion, decrease of 8% YoY and 1% QoQ.

As % to Revenues – Q3FY26: 7.0% \| Q3FY25: 8.0% \| Q2FY26: 7.0%.

**9MFY26** at ₹18.6 billion, decrease of 8% YoY.

As % to Revenues – 9MFY26: 7.1% \| 9MFY25: 8.4%.

R&D expenditure was lower due to reduced development spends in Biosimilars, following completion of a large part of the investments related to Abatacept. R&D spends remain focused on complex generics, biosimilars, peptides and novel biologics. The spend this quarter also included the one-time new Labour Codes provision. Excluding the one-off, R&D spend was lower at 6.8% of revenues for the quarter.

***Impairment***

● **Q3FY26** at ₹0.3 billion compared to a reversal of ₹0.004 billion in Q3FY25.

**9MFY26** at ₹0.9 billion, at a similar level as 9MFY25.

***Other Operating Income***

● **Q3FY26** income at ₹0.8 billion compared to ₹0.4 billion in Q3FY25.

**9MFY26** income at ₹4.2 billion compared to ₹1.9 billion in 9MFY25.

 

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---

 

***Net Finance Income/Expense***

● **Q3FY26** income at ₹1.2 billion compared to ₹0.02 billion expense in Q3FY25.

**9MFY26** income at ₹3.5 billion compared to ₹2.4 billion in 9MFY25.

The increase in net finance income was primarily on account of higher foreign exchange gain this quarter, in comparison to a foreign exchange loss reported in the corresponding quarter last year.

 ****

***Profit before Tax (PBT)***

● **Q3FY26** at ₹15.4 billion, decline of 18% YoY and 16% QoQ.

As % to Revenues – Q3FY26: 17.7% \| Q3FY25: 22.4% \| Q2FY26: 20.8%.

**9MFY26** at ₹52.8 billion, decline of 7% YoY.

As % to Revenues – 9MFY26: 20.3% \| 9MFY25: 23.6%.

Adjusted for the one-time new Labour Codes provision, PBT was 19% of revenues in Q3FY26.

 ****

***Income Tax***

● **Q3FY26** at ₹3.5 billion. As % to PBT – Q3FY26: 22.9% \| Q3FY25: 25.1% \| Q2FY26: 22.2%.

**9MFY26** at ₹12.6 billion. As % to PBT – 9MFY26: 23.8% \| 9MFY25: 27.1%.

The ETR was lower in Q3FY26 due to a favourable jurisdictional mix.

 ****

***Profit attributable to Equity Holders of Parent Company***

● **Q3FY26** at ₹12.1 billion, decline of 14% YoY and 16% QoQ.

As % to Revenues – Q3FY26: 13.9% \| Q3FY25: 16.9% \| Q2FY26: 16.3%.

**9MFY26** at ₹40.6 billion, flat YoY.

As % to Revenues – 9MFY26: 15.6% \| 9MFY25: 16.9%.

 ****

***Diluted Earnings per Share (EPS)***

● **Q3FY26** is ₹14.52.

**9MFY26** is ₹48.78.

 

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---

 

**Other Financial Highlights:**

 ****

***EBITDA***

● **Q3FY26** at ₹20.5 billion, decline of 11% YoY and 13% QoQ.

As % to Revenues – Q3FY26: 23.5% \| Q3FY25: 27.5% \| Q2FY26: 26.7%.

**9MFY26** at ₹66.8 billion, decline of 1% YoY.

As % to Revenues – 9MFY26: 25.6% \| 9MFY25: 28.0%.

Adjusted for the one-off new Labour Codes provision, EBITDA as a % to Revenues was 24.8% in Q3FY26.

***Others:***

 ****

● **Operating Working Capital:** As on **31<sup>st</sup> December 2025** at ₹141.4 billion.

● **Capital Expenditure: Q3FY26** at ₹6.7 billion.

● **Free Cash Flow: Q3FY26** at ₹3.7 billion.

● **Net Cash Surplus:** As on **31<sup>st</sup> December 2025** at ₹30.7 billion.

● **Net Debt to Equity:** As on **31<sup>st</sup> December 2025** is (0.08).

● **Annualized Return on Capital Employed (RoCE): Q3FY26** stood at 20.4%.

 

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**About key metrics and non-GAAP Financial Measures**

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "<u>Reconciliation of GAAP to Non-GAAP Results</u>" table in this press release.

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*All amounts in millions, except EPS* 

**Reconciliation of GAAP Measures to Non-GAAP Measures**

***Operating Working Capital***

 ****

---

| | |
|:---|:---|
| **Particulars** | **As on 31<sup>st</sup> Dec 2025** |
|  | **(₹)** |
| Inventories | 79009 |
| Trade Receivables | 103206 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Trade Payables | (40796) |
| **Operating Working Capital** | **141419** |

---

 **

***Free Cash Flow***

 **

---

| | |
|:---|:---|
| **Particulars** | **Three months ended <br> 31<sup>st</sup> Dec 2025** |
|  | **(₹)** |
| **Net cash generated from operating activities** | 13975 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Taxes | (3067) |
| &nbsp;&nbsp;&nbsp;Investments in Property, Plant & Equipment | (7168) |
| **Free Cash Flow before Acquisitions** | **3739** |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Acquisition related pay-outs | - |
| **Free Cash Flow** | **3739** |

---

 ****

***Net Cash Surplus and Debt to Equity***

---

| | |
|:---|:---|
| **Particulars** | **As on 31<sup>st</sup> Dec 2025** |
|  | **(₹)** |
| Cash and Cash Equivalents | 18657 |
| Investments | 68534 |
| Short-term Borrowings | (50286) |
| Long-term Borrowings (Current & Non-current) | (17446) |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Restricted Cash Balance – Unclaimed Dividend and others | 739 |
| &nbsp;&nbsp;&nbsp;Lease liabilities (Included in Short-term and Long-term Borrowings) | (13646) |
| &nbsp;&nbsp;&nbsp;Equity Investments (Included in Investments) | 1673 |
| **Net Cash Surplus** | **30677** |
| **Equity** | **375756** |
| **Net Debt/Equity** | **(0.08)** |

---

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| ![](rdy0840_ex99-1img04.jpg) | ![](rdy0840_ex99-1img05.jpg) | ![](rdy0840_ex99-1img06.jpg) |

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***Computation of RoCE***

 ****

---

| | |
|:---|:---|
| **Particulars** | **As on 31<sup>st</sup> Dec 2025** |
|  | **(₹)** |
| Profit before Tax | 15429 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Interest and Investment Income (Excluding forex gain/loss) | (422) |
| **Earnings Before Interest and taxes [A]** | **15007** |
| **Average Capital Employed [B]** | **332537** |
| **Annualised Return on Capital Employed (A/B) (Ratio)** | **20.4%** |

---

***Computation of Capital Employed:***

 ****

---

| | | |
|:---|:---|:---|
| **Particulars** | **As on** | **As on** |
|  | **Dec 31, <br> 2025** | **Mar 31,<br> 2025** |
| Property Plant and Equipment | 115544 | 97761 |
| Intangibles | 102317 | 96803 |
| Goodwill | 12410 | 11810 |
| Investment in Equity Accounted Associates | 5348 | 4811 |
| Other Current Assets | 32486 | 30142 |
| Other Non-Current Assets | 1096 | 972 |
| Inventories | 79009 | 71085 |
| Trade Receivables | 103206 | 90420 |
| Derivative Financial Instruments | (2889) | (729) |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Other Liabilities | 48393 | 48788 |
| &nbsp;&nbsp;&nbsp;Provisions | 6704 | 6324 |
| &nbsp;&nbsp;&nbsp;Trade payables | 40796 | 35523 |
| **Operating Capital Employed** | **352634** | **312440** |
| **Average Capital Employed** | **332537** | **332537** |

---

***Computation of EBITDA***

 ****

Refer page no. 3 & 4.

 

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**Earnings Call Details**

The management of the Company will host an Earnings call to discuss the Company's financial performance and answer any questions from the participants.

***Date: Wednesday, January 21, 2026***

 ****

***Time: 19:30 pm IST \| 09:00 am ET***

**Conference Joining Information**

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|:---|
| **Pre-register with the below link and join** |
| <u>https://drreddys.zoom.us/webinar/register/WN_wj_WaDfNT8m2RusUHh-ldQ</u> |

---

**Audio Link and Transcript** will be available on the Company's website: <u>www.drreddys.com</u>

**About Dr. Reddy's:** Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of 'Good Health Can't Wait', we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance.

For more information, log on to: <u>www.drreddys.com</u>.

**Disclaimer:** This press release may include statements of future expectations and other forward-looking statements that are based on the management's current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates, persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers', products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2025, our quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2025, September 30, 2025 and our other filings with US SEC. The company assumes no obligation to update any information contained herein.

 

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## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| ![](rdy0840_ex99-2img01.jpg) | **Dr. Reddy's Laboratories Ltd.**<br> **8-2-337, Road No. 3, Banjara Hills,**<br> **Hyderabad - 500 034, Telangana,**<br> **India.**<br> **CIN : L85195TG1984PLC004507**<br>**Tel : +91 40 4900 2900**<br> **Fax : +91 40 4900 2999**<br> **Email : mail@drreddys.com**<br> **www.drreddys.com** |

---

**DR. REDDY'S LABORATORIES LIMITED**

**Unaudited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter and nine months ended 31 December 2025 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions |
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Nine months ended** | **Nine months ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **31.12.2025** | **30.09.2025** | **31.12.2024** | **31.12.2025** | **31.12.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
| **1** | **Revenues** | **87268** | **88051** | **83586** | **260771** | **240475** | **325535** |
| 2 | Cost of revenues | 40462 | 39911 | 34534 | 117198 | 97310 | 135107 |
| **3** | **Gross profit (1 - 2)** | **46806** | **48140** | **49052** | **143573** | **143165** | **190428** |
| 4 | Selling, general and administrative expenses | 26918 | 26436 | 24117 | 79001 | 69815 | 93870 |
| 5 | Research and development expenses | 6149 | 6202 | 6658 | 18595 | 20122 | 27380 |
| 6 | Impairment of non-current assets, net | 271 | 662 | (4) | 933 | 925 | 1693 |
| 7 | Other income, net | (770) | (2673) | (439) | (4182) | (1893) | (4358) |
|  | **Total operating expenses** | **32568** | **30627** | **30332** | **94347** | **88969** | **118585** |
| **8** | **Results from operating activities [(3) - (4 + 5 + 6 + 7)]** | **14238** | **17513** | **18720** | **49226** | **54196** | **71843** |
|  | Finance income | 2112 | 1681 | 798 | 6193 | 4545 | 7553 |
|  | Finance expense | (944) | (907) | (818) | (2681) | (2173) | (2829) |
| **9** | **Finance income, net** | **1168** | **774** | **(20)** | **3512** | **2372** | **4724** |
| 10 | Share of profit of equity accounted investees, net of tax | 23 | 63 | 42 | 88 | 162 | 217 |
| **11** | **Profit before tax (8 + 9 + 10)** | **15429** | **18350** | **18742** | **52826** | **56730** | **76784** |
| 12 | Tax expense, net | 3533 | 4082 | 4704 | 12565 | 15357 | 19539 |
| **13** | **Profit for the period/year (11 - 12)** | **11896** | **14268** | **14038** | **40261** | **41373** | **57245** |
|  | **Attributable to:** |  |  |  |  |  |  |
|  | **Equity holders of the parent company** | **12098** | **14372** | **14133** | **40649** | **40606** | **56544** |
|  | **Non-controlling interests** | **(202)** | **(104)** | **(95)** | **(388)** | **767** | **701** |
| **14** | **Earnings per equity share attributable to equity shareholders of parent** |  |  |  |  |  |  |
|  | Basic earnings per share of Re.1/- each | 14.53 | 17.26 | 16.96 | 48.83 | 48.75 | 67.88 |
|  | Diluted earnings per share of Re.1/- each | 14.52 | 17.25 | 16.94 | 48.78 | 48.68 | 67.78 |
|  |  | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* |  |

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![](rdy0840_ex99-2img02.jpg)

![](rdy0840_ex99-2img03.jpg)

![](rdy0840_ex99-2img01.jpg)

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment information** | **Segment information** | **Segment information** | **Segment information** |  | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions |
|  |  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Nine months ended** | **Nine months ended** | **Year ended** |
| **Sl. No.** | **Particulars** | **31.12.2025** | **30.09.2025** | **31.12.2024** | **31.12.2025** | **31.12.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
|  | **Segment wise revenue and results:** |  |  |  |  |  |  |
| **1** | **Segment revenue:** |  |  |  |  |  |  |
|  | a) Global Generics | 79113 | 78498 | 73753 | 233231 | 214187 | 289552 |
|  | b) Pharmaceutical Services and Active Ingredients | 9675 | 11584 | 10221 | 30968 | 31560 | 43235 |
|  | c) Others | 137 | 103 | 1614 | 1891 | 2005 | 2137 |
|  | **Total** | **88925** | **90185** | **85588** | **266090** | **247752** | **334924** |
|  | Less: Inter-segment revenues | 1657 | 2134 | 2002 | 5319 | 7277 | 9389 |
|  | **Net revenues** | **87268** | **88051** | **83586** | **260771** | **240475** | **325535** |
| **2** | **Segment results:** |  |  |  |  |  |  |
|  | Gross profit from each segment |  |  |  |  |  |  |
|  | a) Global Generics | 45375 | 46428 | 45219 | 137889 | 134899 | 179606 |
|  | b) Pharmaceutical Services and Active Ingredients | 1385 | 1700 | 2353 | 4167 | 6639 | 9157 |
|  | c) Others | 46 | 12 | 1480 | 1517 | 1627 | 1665 |
|  | **Total** | **46806** | **48140** | **49052** | **143573** | **143165** | **190428** |
|  | Less: Selling and other un-allocable expenditure, net of other income | 31377 | 29790 | 30310 | 90747 | 86435 | 113644 |
|  | **Total profit before tax** | **15429** | **18350** | **18742** | **52826** | **56730** | **76784** |

---

Global Generics segment includes operations of Biologics business. Inter-segment revenues represent sale from Pharmaceutical Services and Active Ingredients to Global Generics and Others at cost.

**Segmental capital employed** 

As certain assets of the Company including manufacturing facilities, development facilities, treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

**Notes:**

---

| | |
|:---|:---|
| 1 | The above Statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited (the "parent company"), together with its subsidiaries (collectively, the "Company"), joint ventures and associates, have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the International Accounting Standards Board (IASB), and presented as per the format of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 21 January 2026. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon. |
| 2 | The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the "New Labour Codes"). The New Labour Codes are effective from 21 November 2025 and introduce changes, among other things, setting a uniform definition of wages. The Government is in the process of issuing related rules to the New Labour Codes. The New Labour Codes have implications on employee benefits including gratuity, leave encashment, and other related obligations.<br>The Company has assessed the implications of the New Labour Codes and has recognized an incremental cost of Rs.1,170 million towards employee benefits during the three months ended 31 December 2025. The Company continues to monitor the developments pertaining to the New Labour Codes and the impact of these will be accounted in accordance with applicable accounting standards. |
| 3 | During the nine months ended 31 December 2025, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York. Consequent to discontinuance of development, the Company recorded the following financial impacts, resulting in a net loss of Rs.47 million in the income statement:<br> - Impairment loss of the entire carrying value of Rs.535 million for property, plant and equipment;<br> - Inventory related provisions of Rs.260 million;<br> - Other development program related wind down costs of Rs.129 million;<br> - Gain recognized from the write back of liabilities no longer required of Rs.877 million.<br> This transaction pertains to the Company's Global Generics segment. |
| 4 | "Other income, net" for the nine months ended 31 December 2025 includes an amount of Rs. 748 million representing payment for avoided litigation costs pursuant to settlement of product related litigations, by the Company in the United States. |
| 5 | During the nine months 31 December 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September 2025. The Company submitted further objections, stating that the specified services should not be subject to VAT on 6 October 2025 and is awaiting the final tax assessment.<br> Based on its best estimate, the Company has recorded a provision of Rs.695 million under "Selling, general and administrative expenses", and believes that the likelihood of any further liability that may arise on account of this is not probable. |

---

---

| | |
|:---|:---|
| 6 | "Impairment of non-current assets, net" for the year ended 31 March 2025 primarily includes:<br> a. Impairment of intangibles pertaining to acquisition from Mayne:<br> - an amount of Rs.907 million towards Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value.<br> - an amount of Rs.270 million pertaining to impairment of certain product related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying value.<br> b. Other impairments:<br> - an impairment loss of Rs. 288 million consequent to adverse market conditions with respect to certain product related intangibles forming part of the Company's global generic business in India and Europe.<br> The above impairment charge pertains to the Company's Global Generics segment. |

---

---

| | |
|:---|:---|
| ![](rdy0840_ex99-2img02.jpg) | ![](rdy0840_ex99-2img03.jpg) |

---

![](rdy0840_ex99-2img01.jpg)

---

| | |
|:---|:---|
| 7.0 | "Other income, net" for the year ended 31 March 2025 includes cumulative amount of foreign exchange gain of Rs.1,551 million, reclassified from the foreign currency translation reserve upon divestment of the membership interest in the subsidiary "Dr. Reddy's Laboratories Louisiana LLC".<br> This transaction pertains to the Company's Global Generics segment. |
| 8.0 | Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs.473 million, created in earlier period on land, during the nine months ended 31 December 2024. |
| 9.0 | The Company received an anonymous complaint in September 2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of Justice ("DOJ"), Securities and Exchange Commission ("SEC") and Securities Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company's Board of Directors. On July 6, 2021 the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC.<br>The Company has continued to engage with the SEC and DOJ, including through submissions and presentations regarding the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates to updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time. |
| 10.0 | The Company considered the uncertainties relating to geo-political conflicts (including Russia and Ukraine) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions. |

---

---

| | | |
|:---|:---|:---|
|  | ![](rdy0840_ex99-2img03.jpg) | By order of the Board |
|  | ![](rdy0840_ex99-2img03.jpg) | For Dr. Reddy's Laboratories Limited |
|  | ![](rdy0840_ex99-2img03.jpg) |  |
|  | ![](rdy0840_ex99-2img03.jpg) | ![](rdy0840_ex99-2img04.jpg) |
|  | ![](rdy0840_ex99-2img03.jpg) | ![](rdy0840_ex99-2img04.jpg) |
|  | ![](rdy0840_ex99-2img03.jpg) | ![](rdy0840_ex99-2img04.jpg) |
|  | ![](rdy0840_ex99-2img03.jpg) | ![](rdy0840_ex99-2img04.jpg) |
| Place: Hyderabad | ![](rdy0840_ex99-2img03.jpg) | G V Prasad |
| Date: 21 January 2026 | ![](rdy0840_ex99-2img03.jpg) | Co-Chairman & Managing Director |

---

DIN : 00057433

![](rdy0840_ex99-2img02.jpg)

## Exhibit 99.3

**Exhibit 99.3** 

---

| | |
|:---|:---|
| ![](rdy0840_ex99-3img01.jpg) | THE SKYVIEW 10<br> 18th Floor, "NORTH LOBBY"<br> Survey No. 83/1, Raidurgam<br> Hyderabad - 500 032, India<br>Tel : +91 40 6141 6000 |

---

**Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended**

**Review Report to** 

**The Board of Directors**

**Dr. Reddy's Laboratories Limited** 

1. We have reviewed the accompanying "Statement of Unaudited Consolidated Financial Results for the
Quarter and Nine months ended 31 December 2025" (the "Statement") of Dr. Reddy's Laboratories Limited (the "Holding
Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates
and joint ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Holding Company's Management is responsible for the preparation of the Statement in accordance
with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting"
prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding
Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered
Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement
is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

4. The Statement includes the results of the following entities:

**Holding Company:**

Dr. Reddy's Laboratories Limited

**Subsidiaries**

&nbsp;&nbsp;&nbsp;&nbsp;1. Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.

&nbsp;&nbsp;&nbsp;&nbsp;2. Aurigene Oncology Limited (Formerly, Aurigene Discovery Technologies Limited)

&nbsp;&nbsp;&nbsp;&nbsp;3. Aurigene Pharmaceutical Services Limited

&nbsp;&nbsp;&nbsp;&nbsp;4. beta Institut gemeinnützige GmbH

&nbsp;&nbsp;&nbsp;&nbsp;5. betapharm Arzneimittel GmbH

&nbsp;&nbsp;&nbsp;&nbsp;6. Cheminor Investments Limited

&nbsp;&nbsp;&nbsp;&nbsp;7. Dr. Reddy's Farmaceutica Do Brasil Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;8. Dr. Reddy's Laboratories (EU) Limited

&nbsp;&nbsp;&nbsp;&nbsp;9. Dr. Reddy's Laboratories (Proprietary) Limited

&nbsp;&nbsp;&nbsp;&nbsp;10. Dr. Reddy's Laboratories (UK) Limited

&nbsp;&nbsp;&nbsp;&nbsp;11. Dr. Reddy's Laboratories Canada, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;12. Dr. Reddy's Laboratories Chile SPA.

&nbsp;&nbsp;&nbsp;&nbsp;13. Dr. Reddy's Laboratories Inc.

![](rdy0840_ex99-3img02.jpg)

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295

Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

![](rdy0840_ex99-3img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;14. Dr. Reddy's Laboratories Japan KK

&nbsp;&nbsp;&nbsp;&nbsp;15. Dr. Reddy's Laboratories Kazakhstan LLP

&nbsp;&nbsp;&nbsp;&nbsp;16. Dr. Reddy's Laboratories Malaysia Sdn. Bhd.

&nbsp;&nbsp;&nbsp;&nbsp;17. Dr. Reddy's Laboratories New York, LLC

&nbsp;&nbsp;&nbsp;&nbsp;18. Dr. Reddy's Laboratories Philippines Inc.

&nbsp;&nbsp;&nbsp;&nbsp;19. Dr. Reddy's Laboratories Romania Srl

&nbsp;&nbsp;&nbsp;&nbsp;20. Dr. Reddy's Laboratories SA

&nbsp;&nbsp;&nbsp;&nbsp;21. Dr. Reddy's Laboratories Taiwan Limited

&nbsp;&nbsp;&nbsp;&nbsp;22. Dr. Reddy's Laboratories (Thailand) Limited

&nbsp;&nbsp;&nbsp;&nbsp;23. Dr. Reddy's Laboratories LLC, Ukraine

&nbsp;&nbsp;&nbsp;&nbsp;24. Dr. Reddy's New Zealand Limited.

&nbsp;&nbsp;&nbsp;&nbsp;25. Dr. Reddy's Srl

&nbsp;&nbsp;&nbsp;&nbsp;26. Dr. Reddy's Bio-Sciences Limited

&nbsp;&nbsp;&nbsp;&nbsp;27. Dr. Reddy's Laboratories (Australia) Pty. Limited

&nbsp;&nbsp;&nbsp;&nbsp;28. Dr. Reddy's Laboratories SAS

&nbsp;&nbsp;&nbsp;&nbsp;29. Dr. Reddy's Netherlands B.V. (Formally Dr. Reddy's Research and Development B.V.)

&nbsp;&nbsp;&nbsp;&nbsp;30. Dr. Reddy's (Beijing) Pharmaceutical Co. Limited

&nbsp;&nbsp;&nbsp;&nbsp;31. DRL Impex Limited

&nbsp;&nbsp;&nbsp;&nbsp;32. Dr. Reddy's Formulations Limited

&nbsp;&nbsp;&nbsp;&nbsp;33. Idea2Enterprises (India) Pvt. Limited

&nbsp;&nbsp;&nbsp;&nbsp;34. Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited, till August 05, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;35. Industrias Quimicas Falcon de Mexico, S.A. de CV

&nbsp;&nbsp;&nbsp;&nbsp;36. Lacock Holdings Limited

&nbsp;&nbsp;&nbsp;&nbsp;37. Dr. Reddy's Laboratories LLC, Russia

&nbsp;&nbsp;&nbsp;&nbsp;38. Promius Pharma LLC

&nbsp;&nbsp;&nbsp;&nbsp;39. Reddy Holding GmbH

&nbsp;&nbsp;&nbsp;&nbsp;40. Reddy Netherlands B.V.

&nbsp;&nbsp;&nbsp;&nbsp;41. Reddy Pharma Iberia SAU

&nbsp;&nbsp;&nbsp;&nbsp;42. Reddy Pharma Italia S.R.L.

&nbsp;&nbsp;&nbsp;&nbsp;43. Reddy Pharma SAS

&nbsp;&nbsp;&nbsp;&nbsp;44. Svaas Wellness Limited

&nbsp;&nbsp;&nbsp;&nbsp;45. Nimbus Health GmbH

&nbsp;&nbsp;&nbsp;&nbsp;46. Dr. Reddy's Laboratories Jamaica Limited

&nbsp;&nbsp;&nbsp;&nbsp;47. Dr. Reddy's and Nestle Health Science Limited (Formerly, Dr. Reddy's Nutraceuticals Limited)

&nbsp;&nbsp;&nbsp;&nbsp;48. Northstar Switzerland SARL

&nbsp;&nbsp;&nbsp;&nbsp;49. North Star OpCo Limited

&nbsp;&nbsp;&nbsp;&nbsp;50. North Star Sweden AB

&nbsp;&nbsp;&nbsp;&nbsp;51. Dr. Reddy's Denmark ApS

&nbsp;&nbsp;&nbsp;&nbsp;52. Dr. Reddy's Finland Oy (Effective from December 20, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;53. Dr. Reddy's Laboratories (Vietnam) Company Limited (incorporated on May 09, 2025)

**Associates**

&nbsp;&nbsp;&nbsp;&nbsp;1. O2 Renewable Energy IX Private Limited

&nbsp;&nbsp;&nbsp;&nbsp;2. Clean Renewable Energy KK 2A Private Limited

**Joint Venture**

&nbsp;&nbsp;&nbsp;&nbsp;1. DRES Energy Private Limited

&nbsp;&nbsp;&nbsp;&nbsp;2. Kunshan Rotam Reddy Pharmaceutical Co. Limited (including Kunshan Rotam Reddy Medicine Company Limited)

**Other Consolidating Entities**

&nbsp;&nbsp;&nbsp;&nbsp;1. Dr. Reddy's Employees ESOS Trust

&nbsp;&nbsp;&nbsp;&nbsp;2. Cheminor Employees Welfare Trust

&nbsp;&nbsp;&nbsp;&nbsp;3. Dr. Reddy's Research Foundation

![](rdy0840_ex99-3img02.jpg)

![](rdy0840_ex99-3img01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;5. Based on our review conducted and procedures performed as stated in paragraph 3 above , nothing has come
to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles
laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013,
as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed
the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or
that it contains any material misstatement.

**For S.R. Batliboi & Associates LLP** 

Chartered Accountants

**ICAI Firm registration number:** 101049W/E300004

---

| | |
|:---|:---|
| ![](rdy0840_ex99-3img03.jpg) | ![](rdy0840_ex99-3img04.jpg) |
| **per Shankar Srinivasan** | ![](rdy0840_ex99-3img04.jpg) |
| Partner | ![](rdy0840_ex99-3img04.jpg) |
| Membership No.: 213271 | ![](rdy0840_ex99-3img04.jpg) |
|  | ![](rdy0840_ex99-3img04.jpg) |
| UDIN: 26213271KJKVEJ8016 | ![](rdy0840_ex99-3img04.jpg) |
| Place: Hyderabad |  |
| Date: January 21, 2026 |  |

---

---

| | |
|:---|:---|
| ![](rdy0840_ex99-3img05.jpg) | **Dr. Reddy's Laboratories Ltd.**<br> **8-2-337, Road No. 3, Banjara Hills**<br> **Hyderabad – 500 034, Telangana, India**<br>**CIN: L85195TG1984PLC004507**<br>**Tel: + 91 40 4900 2900**<br> **Fax: + 91 40 4900 2999**<br> **Email: <u>mail@drreddys.com</u>**<br> **Web: <u>www.drreddys.com</u>**<br>|

---

**DR. REDDY'S LABORATORIES LIMITED**

**STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2025**

All amounts in Indian Rupees millions

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Nine months ended** | **Nine months ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **31.12.2025** | **30.09.2025** | **31.12.2024** | **31.12.2025** | **31.12.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
| **1** | **Revenue from operations** |  |  |  |  |  |  |
|  | a) Sales | 84204 | 86386 | 79960 | 253256 | 234215 | 316320 |
|  | b) License fees and service income | 3066 | 1663 | 3626 | 7515 | 6259 | 9215 |
|  | c) Other operating income | 264 | 234 | 226 | 767 | 681 | 904 |
|  | **Total revenue from operations** | **87534** | **88283** | **83812** | **261538** | **241155** | **326439** |
| 2 | Other income | 2688 | 3239 | 1502 | 8830 | 6156 | 10973 |
| **3** | **Total income (1 + 2)** | **90222** | **91522** | **85314** | **270368** | **247311** | **337412** |
| **4** | **Expenses** |  |  |  |  |  |  |
|  | a) Cost of materials consumed | 18255 | 14413 | 14526 | 53026 | 39670 | 56835 |
|  | b) Purchase of stock-in-trade | 15421 | 17459 | 10507 | 45039 | 37136 | 48411 |
|  | c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (2723) | (635) | 782 | (7800) | (5507) | (5447) |
|  | d) Employee benefits expense | 15885 | 14521 | 13665 | 45441 | 41794 | 55800 |
|  | e) Depreciation and amortisation expense | 5210 | 5046 | 4714 | 15017 | 12490 | 17037 |
|  | f) Impairment of non-current assets, net | 270 | 673 | (4) | 943 | 925 | 1693 |
|  | g) Finance costs | 944 | 907 | 817 | 2681 | 2172 | 2829 |
|  | h) Other expenses | 21551 | 21753 | 21606 | 64179 | 62050 | 83676 |
|  | **Total expenses** | **74813** | **74137** | **66613** | **218526** | **190730** | **260834** |
| **5** | **Profit before tax and before share of equity accounted investees(3 - 4)** | **15409** | **17385** | **18701** | **51842** | **56581** | **76578** |
| **6** | **Share of profit of equity accounted investees, net of tax** | 23 | 63 | 42 | 88 | 162 | 217 |
| **7** | **Profit before tax (5+6)** | **15432** | **17448** | **18743** | **51930** | **56743** | **76795** |
| **8** | **Tax expense/(benefit):** |  |  |  |  |  |  |
|  | a) Current tax | 2074 | 1847 | 5330 | 14182 | 18258 | 22581 |
|  | b) Deferred tax | 1462 | 2233 | (629) | (1615) | (2900) | (3038) |
| **9** | **Net profit after taxes and share of profit of associates (7 - 8)** | **11896** | **13368** | **14042** | **39363** | **41385** | **57252** |
| **10** | **Net profit after taxes attributable to** |  |  |  |  |  |  |
|  | a) Equity shareholders of the parent company | 12099 | 13471 | 14137 | 39751 | 40618 | 56551 |
|  | b) Non-controlling interests | (203) | (103) | (95) | (388) | 767 | 701 |
| **11** | **Other comprehensive income/(loss)** |  |  |  |  |  |  |
|  | a) (i) Items that will not be reclassified subsequently to profit or loss | (16) | (14) | (52) | (25) | (176) | (293) |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will not be reclassified to profit or loss |  |  |  |  |  | 24 |
|  | b) (i) Items that will be reclassified subsequently to profit or loss | 1810 | 862 | (2142) | 4749 | 951 | 2376 |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will be reclassified to profit or loss | (24) | 270 | 170 | 213 | 180 | (58) |
|  | **Total other comprehensive income/(loss)** | **1770** | **1118** | **(2024)** | **4937** | **955** | **2049** |
| **12** | **Total comprehensive income (9 + 11)** | **13666** | **14486** | **12018** | **44300** | **42340** | **59301** |
| **13** | **Total comprehensive income attributable to** |  |  |  |  |  |  |
|  | a) Equity shareholders of the parent company | 13869 | 14589 | 12113 | 44688 | 41573 | 58600 |
|  | b) Non-controlling interest | (203) | (103) | (95) | (388) | 767 | 701 |
| **14** | Paid-up equity share capital (face value Re. 1/- each) | 835 | 835 | 834 | 835 | 834 | 834 |
| **15** | Other equity |  |  |  |  |  | 334662 |
| **16** | **Earnings per equity share attributable to equity shareholders of parent(face value Re. 1/- each)** |  |  |  |  |  |  |
|  | Basic | 14.53 | 16.18 | 16.97 | 47.76 | 48.77 | 67.89 |
|  | Diluted | 14.52 | 16.17 | 16.94 | 47.70 | 48.69 | 67.79 |
|  |  | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* |  |

---

See accompanying notes to the financial results

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-3img06.jpg) | ![](rdy0840_ex99-3img07.jpg) | ![](rdy0840_ex99-3img04.jpg) |

---

---

| | |
|:---|:---|
| **Segment information** | All amounts in Indian Rupees millions |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Nine months ended** | **Nine months ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **31.12.2025** | **30.09.2025** | **31.12.2024** | **31.12.2025** | **31.12.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
|  | **Segment wise revenue and results:** | | | | | | |
| **1** | **Segment revenue :** |  |  |  |  |  |  |
|  | a) Global Generics | 79568 | 78235 | 73813 | 233535 | 214378 | 289810 |
|  | b) Pharmaceutical Services and Active Ingredients | 9472 | 12079 | 10387 | 31425 | 32049 | 43868 |
|  | c) Others | 151 | 103 | 1614 | 1897 | 2005 | 2150 |
|  | **Total** | **89191** | **90417** | **85814** | **266857** | **248432** | **335828** |
|  | Less: Inter-segment revenue | 1657 | 2134 | 2002 | 5319 | 7277 | 9389 |
|  | **Total revenue from operations** | **87534** | **88283** | **83812** | **261538** | **241155** | **326439** |
| **2** | **Segment results:** |  |  |  |  |  |  |
|  | Gross profit from each segment |  |  |  |  |  |  |
|  | a) Global Generics | 45411 | 46431 | 45219 | 137928 | 134899 | 179606 |
|  | b) Pharmaceutical Services and Active Ingredients | 1360 | 1706 | 2359 | 4153 | 6652 | 9178 |
|  | c) Others | 43 | 5 | 1478 | 1507 | 1625 | 1665 |
|  | **Total** | **46814** | **48142** | **49056** | **143588** | **143176** | **190449** |
|  | Less: Selling and other un-allocable expenditure/(income), net | 31382 | 30694 | 30313 | 91658 | 86433 | 113654 |
|  | **Total profit before tax** | **15432** | **17448** | **18743** | **51930** | **56743** | **76795** |

---

Global Generics includes operations of Biologics business. Inter-segment revenue represents sales from Pharmaceutical Services and Active Ingredients to Global Generics and Others at cost.

**Segmental capital employed**

As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

**Notes:**

---

| | |
|:---|:---|
| 1 | The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the Company"), together with its subsidiaries (collectively, "the Company") joint ventures and associates, have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies Act,2013 ("the Act") read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 21 January 2026. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon. |

---

---

| | |
|:---|:---|
| 2 | The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the "New Labour Codes"). The New Labour Codes are effective from 21 November 2025 and introduce changes that include, among other things, setting a uniform definition of wages. The Government is in the process of issuing related rules. The New Labour Codes have implications on employee benefits including gratuity, leave encashment, and other related obligations.<br> The Company has assessed the implications of the New Labour Codes and has recognized an incremental cost of Rs.1,170 million towards employee benefits during the three months ended 31 December 2025. The Company continues to monitor the developments pertaining to the New Labour Codes and the impact of these will be accounted in accordance with applicable accounting standards. |

---

---

| | |
|:---|:---|
| 3 | During the nine months ended 31 December, 2025, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York.<br> Consequent to discontinuance of development, the Company recorded the following financial impacts, resulting in a net loss of Rs.934 million in the income statement.- Impairment loss of the entire carrying value of Rs.545 million for property, plant and equipment;<br> - Inventory related provisions of Rs.260 million;<br> - Other development program related wind down costs of Rs.129 million;<br> This transaction pertains to the Company's Global Generics segment. |

---

4 Other income for the nine months ended 31 December 2025 includes Rs. 748 million representing payment for avoided litigation costs pursuant to settlement of product related litigations, by the Company in the United States.

---

| | |
|:---|:---|
| 5 | During the nine months ended 31 December, 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September, 2025. The Company submitted further objections, stating that the specified services should not be subject to VAT on 6 October, 2025 and is awaiting the final tax assessment.<br> Based on its best estimate, the Company has recorded a provision of Rs.695 million under "Other expenses", and believes that the likelihood of any further liability that may arise on account of this is not probable. |

---

6 "Impairment of non-current assets, net" for the year ended 31 March 2025 primarily includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Impairment of intangibles pertaining to acquisition from Mayne:

-an amount of Rs.907 million towards Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value.

-an amount of Rs.270 million pertaining to impairment of certain product related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Other impairments:

-an impairment loss of Rs. 288 million consequent to adverse market conditions with respect to certain product related intangibles forming part of the Company's global generic business in India and Europe.

The above impairment charge pertains to the Company's Global Generics segment.

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-3img06.jpg) | ![](rdy0840_ex99-3img07.jpg) | ![](rdy0840_ex99-3img04.jpg) |

---

---

| | |
|:---|:---|
| 7 | "Other income" for the year ended 31 March 2025 includes cumulative amount of foreign exchange gain of Rs.1,551 million, reclassified from the foreign currency translation reserve upon divestment of the membership interest in the subsidiary "Dr. Reddy's Laboratories Louisiana LLC". This transaction pertains to the Company's Global Generics segment. |

---

---

| | |
|:---|:---|
| 8 | Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs. 473 million, created in earlier periods on land, during the nine months ended 31 December 2024. |

---

---

| | |
|:---|:---|
| 9 | The Company received an anonymous complaint in September 2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of Justice ("DOJ"), Securities and Exchange Commission ("SEC") and Securities Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company's Board of Directors. On July 6, 2021 the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC.<br>The Company has continued to engage with the SEC and DOJ, including through submissions and presentations regarding the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates to updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time. |

---

---

| | |
|:---|:---|
| 10 | The Company considered the uncertainties relating to geo-political conflicts (including Russia and Ukraine) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions. |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | By order of the Board |
|  |  |  | For Dr. Reddy's Laboratories Limited |
|  | ![](rdy0840_ex99-3img07.jpg) | ![](rdy0840_ex99-3img04.jpg) | ![](rdy0840_ex99-3img08.jpg) |
| Place: Hyderabad |  |  | G V Prasad |
| Date: 21 January 2026 |  |  | Co-Chairman & Managing Director |

---

DIN : 00057433

![](rdy0840_ex99-3img06.jpg)

## Exhibit 99.4

**Exhibit 99.4** 

---

| | |
|:---|:---|
| ![](rdy0840_ex99-4img01.jpg) | THE SKYVIEW 10<br> 18th Floor, "NORTH LOBBY"<br> Survey No. 83/1, Raidurgam<br> Hyderabad - 500 032, India<br>Tel : +91 40 6141 6000 |

---

**Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended**

**Review Report to** 

**The Board of Directors**

**Dr. Reddy's Laboratories Limited**

1. We have reviewed the accompanying "Statement of Unaudited Standalone Financial Results for the Quarter
and Nine months ended 31 December 2025" (the "Statement") of Dr. Reddy's Laboratories Limited (the "Company")
attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

2. The Company's Management is responsible for the preparation of the Statement in accordance with
the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting"
prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles
generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's
Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410,
"Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered
Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement
is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than
an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that
the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting
Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued
thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in
terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

**For S.R. Batliboi & Associates LLP** 

Chartered Accountants

**ICAI Firm registration number:** 101049W/E300004

![](rdy0840_ex99-4img02.jpg)

---

| | |
|:---|:---|
| **per Shankar Srinivasan** | ![](rdy0840_ex99-4img03.jpg) |
| Partner | ![](rdy0840_ex99-4img03.jpg) |
| Membership No.: 213271 | ![](rdy0840_ex99-4img03.jpg) |
|  | ![](rdy0840_ex99-4img03.jpg) |
| UDIN: 26213271ADHCAU7701 | ![](rdy0840_ex99-4img03.jpg) |
|  | ![](rdy0840_ex99-4img03.jpg) |
| Place: Hyderabad | ![](rdy0840_ex99-4img03.jpg) |
| Date: January 21, 2026 | ![](rdy0840_ex99-4img03.jpg) |

---

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295

Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

---

| | |
|:---|:---|
| ![](rdy0840_ex99-4img04.jpg) | **Dr. Reddy's Laboratories Ltd.**<br> **8-2-337, Road No. 3, Banjara Hills,**<br> **Hyderabad - 500 034, Telangana,**<br> **India.**<br> **CIN : L85195TG1984PLC004507**<br>**Tel : +91 40 4900 2900**<br> **Fax : +91 40 4900 2999**<br> **Email : mail@drreddys.com**<br> **www.drreddys.com** |

---

**DR. REDDY'S LABORATORIES LIMITED**

**STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions | All amounts in Indian Rupees millions |
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Nine months ended** | **Nine months ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **31.12.2025** | **30.09.2025** | **31.12.2024** | **31.12.2025** | **31.12.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
| **1** | **Revenue from operations** |  |  |  |  |  |  |
|  | a) Sales | 40718 | 45587 | 47775 | 163825 | 164385 | 218448 |
|  | b) License fees and service income | 1946 | 442 | 2203 | 2755 | 10620 | 12020 |
|  | c) Other operating income | 163 | 157 | 172 | 528 | 520 | 686 |
|  | **Total revenue from operations** | **42827** | **46186** | **50150** | **167108** | **175525** | **231154** |
| 2 | Other income | 3603 | 3642 | 2354 | 11224 | 6287 | 10034 |
|  | **Total income (1 + 2)** | **46430** | **49828** | **52504** | **178332** | **181812** | **241188** |
| **3** | **Expenses** |  |  |  |  |  |  |
|  | a) Cost of materials consumed | 10668 | 10090 | 10117 | 32113 | 28571 | 37997 |
|  | b) Purchase of stock-in-trade | 7692 | 7238 | 5084 | 21568 | 19052 | 24399 |
|  | c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (1315) | (23) | (370) | (3467) | (2561) | (1739) |
|  | d) Employee benefits expense | 9602 | 8679 | 7944 | 27154 | 24904 | 32875 |
|  | e) Depreciation and amortisation expense | 3143 | 2948 | 2651 | 8889 | 7749 | 10394 |
|  | f) Impairment of non current assets, net | 157 | 37 |  | 194 |  | 1036 |
|  | g) Finance costs | 414 | 334 | 433 | 940 | 788 | 1099 |
|  | h) Other expenses | 15027 | 15362 | 15451 | 45373 | 46568 | 62768 |
|  | **Total expenses** | **45388** | **44665** | **41310** | **132764** | **125071** | **168829** |
| **4** | **Profit before tax (1 + 2 - 3)** | **1042** | **5163** | **11194** | **45568** | **56741** | **72359** |
| **5** | **Tax expense** |  |  |  |  |  |  |
|  | a) Current tax | 130 | 777 | 2563 | 10324 | 14262 | 17905 |
|  | b) Deferred tax | 6 | 513 | 137 | 853 | 992 | 960 |
| **6** | **Net profit for the period/year (4 - 5)** | **906** | **3873** | **8494** | **34391** | **41487** | **53494** |
| **7** | **Other comprehensive income** |  |  |  |  |  |  |
|  | a) (i) Items that will not be reclassified to profit or loss |  |  |  |  |  | (103) |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will not be reclassified to profit or loss |  |  |  |  |  | 26 |
|  | b) (i) Items that will be reclassified to profit or loss | 94 | (1186) | (779) | (844) | (812) | 234 |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will be reclassified to profit or loss | (24) | 299 | 196 | 213 | 204 | (59) |
|  | **Total other comprehensive (loss)/income** | **70** | **(887)** | **(583)** | **(631)** | **(608)** | **98** |
| **8** | **Total comprehensive income (6 + 7)** | **976** | **2986** | **7911** | **33760** | **40879** | **53592** |
| 9 | Paid-up equity share capital (face value Re. 1/- each) | 835 | 835 | 834 | 835 | 834 | 834 |
| 10 | Other equity |  |  |  |  |  | 287732 |
| **11** | **Earnings per equity share (face value Re. 1/- each)** |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Basic | 1.09 | 4.65 | 10.20 | 41.32 | 49.81 | 64.22 |
|  | &nbsp;&nbsp;&nbsp;Diluted | 1.09 | 4.65 | 10.18 | 41.27 | 49.73 | 64.13 |
|  |  | *(Not*<br> *annualised)* | *(Not*<br> *annualised)* | *(Not*<br> *annualised)* | *(Not*<br> *annualised)* | *(Not*<br> *annualised)* |  |

---

See accompanying notes to the financial results.

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-4img05.jpg) | ![](rdy0840_ex99-4img06.jpg) | ![](rdy0840_ex99-4img03.jpg) |

---

![](rdy0840_ex99-4img04.jpg)

**DR. REDDY'S LABORATORIES LIMITED**

---

| | |
|:---|:---|
| **Segment information** | All amounts in Indian Rupees millions |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Nine months ended** | **Nine months ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **31.12.2025** | **30.09.2025** | **31.12.2024** | **31.12.2025** | **31.12.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Audited)** |
|  | **Segment wise revenue and results** |  |  |  |  |  |  |
| **1** | **Segment revenue** |  |  |  |  |  |  |
|  | a) Global Generics | 38129 | 40170 | 42401 | 150540 | 156315 | 204602 |
|  | b) Pharmaceutical Services and Active Ingredients | 6257 | 8040 | 8272 | 21400 | 24764 | 33904 |
|  | c) Others | 57 | 20 | 1281 | 334 | 1365 | 1410 |
|  | **Total** | **44443** | **48230** | **51954** | **172274** | **182444** | **239916** |
|  | Less: Inter-segment revenue | 1616 | 2044 | 1804 | 5166 | 6919 | 8762 |
|  | **Total revenue from operations** | **42827** | **46186** | **50150** | **167108** | **175525** | **231154** |
| **2** | **Segment results** |  |  |  |  |  |  |
|  | Profit/(loss) before tax and interest from each segment |  |  |  |  |  |  |
|  | a) Global Generics | 2494 | 5976 | 8268 | 46857 | 54735 | 69966 |
|  | b) Pharmaceutical Services and Active Ingredients | (794) | 65 | 313 | (950) | 97 | 353 |
|  | c) Others | 73 | 48 | 1255 | 347 | 1372 | 1419 |
|  | **Total** | **1773** | **6089** | **9836** | **46254** | **56204** | **71738** |
|  | Less: (i) Finance costs | 414 | 334 | 433 | 940 | 788 | 1099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other un-allocable (income)/expenditure, net | 317 | 592 | (1791) | (254) | (1325) | (1720) |
|  | **Total profit before tax** | **1042** | **5163** | **11194** | **45568** | **56741** | **72359** |

---

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.

**Segmental capital employed**

As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

**Notes:**

---

| | |
|:---|:---|
| 1 | The above statement of unaudited standalone financial results of Dr. Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards (''Ind AS'') prescribed under Section 133 of the Companies Act, 2013 ("the Act'') read with relevant rules issued thereunder, other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI'') were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 21 January 2026. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon. |

---

2 The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows:

Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the "New Labour Codes"). The New Labour Codes are effective from 21 November 2025 and introduce changes that include, among other things, setting a uniform definition of wages. The Government is in the process of issuing related rules to the New Labour Codes. The New Labour Codes have implications on employee benefits including gratuity, leave encashment, and other related obligations.

The Company has assessed the implications of the New Labour Codes and has recognized an incremental cost of Rs.1,101 million towards employee benefits during the three months ended 31 December 2025. The Company continues to monitor the developments pertaining to the New Labour Codes and the impact of these will be accounted in accordance with applicable accounting standards.

---

| | |
|:---|:---|
| 3 | During the nine months ended December, 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September 2025. The Company submitted further objections, stating that the specified services should not be subject to VAT on 6 October 2025 and is awaiting the final tax assessment. |

---

Based on its best estimate, the Company has recorded a provision of Rs.695 million under "Other expenses", and believes that the likelihood of any further liability that may arise on account of this is not probable.

---

| | |
|:---|:---|
| 4 | Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 464 million, created in earlier period on land, during the nine months ended 31 December 2024. |

---

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-4img05.jpg) | ![](rdy0840_ex99-4img06.jpg) | ![](rdy0840_ex99-4img03.jpg) |

---

![](rdy0840_ex99-4img04.jpg)

**DR. REDDY'S LABORATORIES LIMITED**

---

| | |
|:---|:---|
| 5 | The Company received an anonymous complaint in September 2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of Justice ("DOJ"), Securities and Exchange Commission ("SEC") and Securities Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company's Board of Directors. On 6 July 2021 the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC. |

---

The Company has continued to engage with the SEC and DOJ, including through submissions and presentations regarding the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates to updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time.

---

| | |
|:---|:---|
| 6 | The Company considered the uncertainties relating to geo-political conflicts (including Russia and Ukraine) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions. |

---

---

| | |
|:---|:---|
|  | By order of the Board |
|  | For Dr. Reddy's Laboratories Limited |
|  | ![](rdy0840_ex99-4img07.jpg) |
|  | ![](rdy0840_ex99-4img07.jpg) |
|  | ![](rdy0840_ex99-4img07.jpg) |
|  | ![](rdy0840_ex99-4img07.jpg) |
| Place: Hyderabad | G V Prasad |
| Date: 21 January 2026 | Co-Chairman & Managing Director |

---

DIN : 00057433

---

| | | |
|:---|:---|:---|
| ![](rdy0840_ex99-4img05.jpg) | ![](rdy0840_ex99-4img06.jpg) | ![](rdy0840_ex99-4img03.jpg) |

---