# EDGAR Filing Document

**Accession Number:** 0001135951
**File Stem:** 0001575872-25-000483
**Filing Date:** 2025-7
**Character Count:** 85578
**Document Hash:** c3d7c2dcecf69cd743cb884ab0916349
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-25-000483.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0001575872-25-000483

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250723

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**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
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15182
- **FILM NUMBER:** 251142570

**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**

**July 2025**

**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-________.

**DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter ended June 30, 2025.

On July 23, 2025, we announced our results of operations for the quarter ended June 30, 2025. We issued a press release announcing our results under International Financial Reporting Standards ("IFRS"), IFRS Unaudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results with audit report and Ind AS Unaudited Standalone Financial Results with audit report for the quarter ended June 30, 2025, a copy of which is attached to this Form 6-K as Exhibit 99.2 , 99.3 , 99.4 and 99.5 respectively.

We have also made available to the public on our web site, www.drreddys.com, the following: IFRS Unaudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results and Ind AS Unaudited Standalone Financial Results for the quarter ended June 30, 2025.

**Exhibits**

---

| | |
|:---|:---|
| Exhibit Number | Description of Exhibits |
| [99.1](rdy0780_ex99-1.htm) | [Outcome of the Board Meeting held on July 23, 2025](rdy0780_ex99-1.htm) |
| [99.2](rdy0780_ex99-2.htm) | [Press Release, "Dr. Reddy's Q1 FY2026 Financial Results", July 23, 2025.](rdy0780_ex99-2.htm) |
| [99.3](rdy0780_ex99-3.htm) | [IFRS Unaudited Consolidated Financial Results for the quarter ended June 30, 2025.](rdy0780_ex99-3.htm) |
| [99.4](rdy0780_ex99-4.htm) | [Ind AS Unaudited Consolidated Financial Results for the quarter ended June 30, 2025.](rdy0780_ex99-4.htm) |
| [99.5](rdy0780_ex99-5.htm) | [Ind AS Unaudited Standalone Financial Results for the quarter ended June 30, 2025.](rdy0780_ex99-5.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: July 23, 2025 | By: | /s/ K Randhir Singh | /s/ K Randhir Singh |
|  |  | Name: | K Randhir Singh |
|  |  | Title: | Company Secretary & Compliance Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![](rdy0780_ex99-1img01.jpg) | **Dr. Reddy's Laboratories Ltd.** |
| ![](rdy0780_ex99-1img01.jpg) | 8-2-337, Road No. 3, Banjara Hills |
| ![](rdy0780_ex99-1img01.jpg) | Hyderabad – 500 034, Telangana, India |
| ![](rdy0780_ex99-1img01.jpg) | CIN: L85195TG1984PLC004507 |
| ![](rdy0780_ex99-1img01.jpg) |  |
| ![](rdy0780_ex99-1img01.jpg) | Tel: + 91 40 4900 2900 |
| ![](rdy0780_ex99-1img01.jpg) | Fax: + 91 40 4900 2999 |
| ![](rdy0780_ex99-1img01.jpg) | Email: <u>mail@drreddys.com</u> |
| ![](rdy0780_ex99-1img01.jpg) | Web: <u>www.drreddys.com</u> |

---

July 23, 2025

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: <u>Outcome of Board Meeting</u>**

Pursuant to Regulations 30 and 33 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") and in furtherance to our letter dated June 23, 2025, we would like to inform that the Board of Directors of the Company, at their meeting held today, i.e. July 23, 2025, have *inter alia* approved the Unaudited Financial Results of the Company for the quarter ended June 30, 2025. We are enclosing herewith:

&nbsp;&nbsp;&nbsp;&nbsp;1. Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2025, prepared
in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB);

&nbsp;&nbsp;&nbsp;&nbsp;2. Press Release on Unaudited Financial Results of the Company for the quarter ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;3. Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2025, as per Indian
Accounting Standards;

&nbsp;&nbsp;&nbsp;&nbsp;4. Unaudited Standalone Financial Results of the Company for the quarter ended June 30, 2025, as per Indian
Accounting Standards; and

&nbsp;&nbsp;&nbsp;&nbsp;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 2:15 p.m. IST and concluded at 3:43 p.m. IST.

This is for your information and records.

Thanking you.

Yours faithfully,

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

![](rdy0780_ex99-1img02.jpg)

K Randhir Singh

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

Encl: as above

## Exhibit 99.2

**Exhibit 99.2**

![](rdy0780_ex99-2img01.jpg)

---

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

---

**Dr. Reddy's Q1FY26 Financial Results**

**Hyderabad, India, July 23, 2025:** Dr. Reddy's Laboratories Ltd. (BSE: 500124 \| NSE: DRREDDY \| NYSE: RDY \| NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended June 30, 2025. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

---

| | |
|:---|:---|
| **Q1 FY26** | **Q1 FY26** |
| **Revenues** | **₹ 85,452 Mn**<br> [Up: 11% YoY; Flat QoQ] |
| **Gross Margin** | **56.9%**<br> [Q1FY25: 60.4%; Q4FY25: 55.6%] |
| **SG&A Expenses** | **₹ 25,647 Mn**<br> [Up: 13% YoY; 7% QoQ] |
| **R&D Expenses** | **₹ 6,244 Mn**<br> [7.3% of Revenues] |
| **EBITDA** | **₹ 22,784 Mn**<br> [26.7% of Revenues] |
| **Profit before Tax** | **₹ 19,047 Mn**<br> [Up: 1% YoY; Down 5% QoQ] |
| **Profit after Tax** <br> **attributable to Equity Holders** | **₹ 14,178 Mn**<br> [Up: 2% YoY; Down 11% QoQ |

---

 ****

***Commenting on the results, Co-Chairman & MD, G V Prasad said:*** *"We delivered double-digit growth this quarter over the same period last year, reflecting our strength in branded markets and positive momentum in the Nicotine Replacement Therapy portfolio. The pricing pressure on Lenalidomide is expected to intensify in the U.S. generics market. We remain focused on strengthening our base business by delivery of our pipeline assets, improving overall productivity and business development."*

 

---

| | |
|:---|:---|
| *All amounts in millions, except EPS* | *All US dollar amounts based on convenience translation rate of 1 USD = ₹85.74* |

---

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

 ****

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

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Q1FY26** | **Q1FY25** | **YoY** | **Q4FY25** | **QoQ** |
|  | **(₹)** | **(₹)** | **Gr %** | **(₹)** | **Gr%** |
| **Global Generics** | **75620** | **68858** | **10** | **75365** | **0** |
| &nbsp;&nbsp;&nbsp;North America | 34123 | 38462 | (11) | 35586 | (4) |
| &nbsp;&nbsp;&nbsp;Europe | 12744 | 5265 | 142 | 12750 | 0 |
| &nbsp;&nbsp;&nbsp;India | 14711 | 13252 | 11 | 13047 | 13 |
| &nbsp;&nbsp;&nbsp;Emerging Markets | 14042 | 11878 | 18 | 13981 | 0 |
| **Pharmaceutical Services and Active Ingredients (PSAI)** | **8181** | **7657** | **7** | **9563** | **(14)** |
| **Others** | **1651** | **212** | **678** | **132** | **1149** |
| **Total** | **85452** | **76727** | **11** | **85060** | **0** |

---

*^Excluding Consumer healthcare (NRT) sales; YoY revenue growth is at 15%*

 

 

 ****

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

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Q1FY26** | **Q1FY26** | **Q1FY25** | **Q1FY25** | **YoY** | **Q4FY25** | **Q4FY25** | **QoQ** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **Gr %** | **($)** | **(₹)** | **Gr%** |
| **Revenues** | **997** | **85452** | **895** | **76727** | **11** | **992** | **85060** | 0 |
| Cost of Revenues | 429 | 36825 | 354 | 30383 | 21 | 441 | 37797 | (3) |
| **Gross Profit** | **567** | **48627** | **541** | **46344** | **5** | **551** | **47263** | 3 |
| *% of Revenues* |  | *56.9 %* |  | *60.4* |  |  | *55.6 %* |  |
| Selling, General & Administrative Expenses | 299 | 25647 | 265 | 22691 | 13 | 281 | 24055 | 7 |
| *% of Revenues* |  | *30.0 %* |  | *29.6* |  |  | *28.3 %* |  |
| Research & Development Expenses | 73 | 6244 | 72 | 6193 | 1 | 85 | 7258 | (14) |
| *% of Revenues* |  | *7.3 %* |  | *8.1* |  |  | *8.5 %* |  |
| Impairment of Non-Current Assets, net |  |  | 0 | 5 | (160) | 9 | 768 | (100) |
| Other (Income)/Expense, net | (9) | (739) | (5 | (470 | 57 | (29) | (2465) | (70) |
| **Results from Operating Activities** | **204** | **17475** | **209** | **17925** | **(2)** | **206** | **17647** | **(1)** |
| Finance (Income)/Expense, net | (18) | (1570) | (10) | (837) | 88 | (27) | (2352) | (33) |
| Share of Profit of Equity Investees, net of tax | (0) | (2) | (1 | (59 | (98) | (1) | (55) | (98) |
| **Profit before Income Tax** | **222** | **19047** | **220** | **18821** | **1** | **234** | **20054** | **(5)** |
| *% of Revenues* |  | *22.3 %* |  | *24.5* |  |  | *23.6 %* |  |
| Income Tax Expense | 58 | 4951 | 57 | 4901 | 1 | 49 | 4181 | 18 |
| **Profit for the Period** | **164** | **14096** | **162** | **13920** | **1** | **185** | **15873** | **(11)** |
| *% of Revenues* |  | *16.5 %* |  | *18.1* |  |  | *18.7 %* |  |
| Attributable to Equity holders of the Parent Co. | 165 | 14178 | 162 | 13920 | 2 | 186 | 15939 | (11) |
| Attributable to Non-controlling interests | (1) | (82) | - | - | - | (1) | (66) | 24 |
| **Diluted Earnings per Share (EPS)** | **0.20** | **17.02** | **0.19** | **16.69** | **2** | **0.22** | **19.11** | **(11)** |

---

*^Historical numbers re-casted basis the increased number of shares post share split.*

 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Q1FY26** | **Q1FY26** | **Q1FY25** | **Q1FY25** | **Q4FY25** | **Q4FY25** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **($)** | **(₹)** |
| **Profit before Income Tax** | 222 | 19047 | 220 | 18821 | 234 | 20054 |
| Interest (Income) / Expense, net\* | (12) | (1028) | (12) | (1037) | (7) | (627) |
| Depreciation | 34 | 2894 | 29 | 2508 | 31 | 2636 |
| Amortization | 22 | 1871 | 15 | 1302 | 22 | 1919 |
| Impairment | - | - | 0 | 5 | 9 | 768 |
| **EBITDA** | **266** | **22784** | **252** | **21599** | **289** | **24749** |
| *% of Revenues* |  | *26.7 %* |  | *28.2 %* |  | *29.1 %* |

---

*\*Includes income from Investment*

 

***Key Balance Sheet Items***

 ****

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **As on 30<sup>th</sup> Jun 2025** | **As on 30<sup>th</sup> Jun 2025** | **As on 31<sup>st</sup> Mar 2025** | **As on 31<sup>st</sup> Mar 2025** | **As on 30<sup>th</sup> Jun 2024** | **As on 30<sup>th</sup> Jun 2024** |
|  | **($)** | **(₹)** | **($)** | **(₹)** | **($)** | **(₹)** |
| Cash and Cash Equivalents and Other Investments | 853 | 73169 | 797 | 68299 | 1115 | 95599 |
| Trade Receivables | 1110 | 95137 | 1055 | 90420 | 946 | 81088 |
| Inventories | 882 | 75600 | 829 | 71085 | 800 | 68568 |
| Property, Plant, and Equipment | 1199 | 102784 | 1140 | 97761 | 943 | 80813 |
| Goodwill and Other Intangible Assets | 1255 | 107572 | 1267 | 108613 | 483 | 41374 |
| Loans and Borrowings (Current & Non-Current) | 567 | 48644 | 545 | 46766 | 358 | 30675 |
| Trade Payables | 437 | 37457 | 414 | 35523 | 398 | 34109 |
| Equity | 4126 | 353755 | 3932 | 337166 | 3436 | 294628 |

---

**Key Business Highlights** for Q1FY26

&nbsp;&nbsp;&nbsp;&nbsp;· Expanded partnership with Alvotech to co-develop, manufacture and co-commercialize **pembrolizumab**,
a biosimilar candidate to Keytruda<sup>®</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;· Expanded collaboration with Sanofi to launch **Beyfortus<sup>TM</sup>** (Nirsevimab), a novel drug
for preventing Respiratory Syncytial Virus (RSV) in India.

&nbsp;&nbsp;&nbsp;&nbsp;· Launched **Sensimune** in India, an immunotherapy product for house dust mite-induced allergies, in
partnership with ALK-Abelló.

**ESG Highlights and other updates** for Q1FY26

&nbsp;&nbsp;&nbsp;&nbsp;· Improved rating by **Carbon Disclosure Project (CDP)** to **'A' in the Climate** category,
positioning us among the top 2% of the global companies assessed. We upheld our leadership status in the Water and Supplier Engagement
categories.

&nbsp;&nbsp;&nbsp;&nbsp;· Received a Form 483 with two observations for Middleburgh API facility in New York. The USFDA has classified
the inspection outcome as 'Voluntary Action Indicated (VAI)'.

&nbsp;&nbsp;&nbsp;&nbsp;· Received
a Form 483 with two observations following GMP inspection conducted at **CTO-5,** our API facility in Miryalaguda, Telangana. All
observations have been addressed and responded to within the stipulated timelines .

**Revenue Analysis** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 consolidated revenues** stood at ₹85.5 billion, YoY growth of 11% and flat QoQ.

Growth during the quarter was broad-based, aided by contributions from the acquired Consumer Healthcare portfolio in Nicotine Replacement Therapy ('NRT') and sustained performance in our branded markets.

***Global Generics (GG)***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 revenues** at ₹75.6 billion, YoY growth of 10% and flat QoQ.

**North America**

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 revenues** at ₹34.1 billion, YoY decline of 11% and QoQ decline of 4%.

The decline was primarily due to increased price erosion in certain key products including Lenalidomide.

&nbsp;&nbsp;&nbsp;&nbsp;· During the quarter, we launched five new products in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;· We filed one new Abbreviated New Drug Application (ANDA) with the USFDA during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;· Filings pending approval from USFDA - 73 includes:

○ 70 ANDAs (43 are Paragraph IV applications, and 22 may have a 'First to File' status and

○ 3 New Drug Applications (NDAs) filed under Section 505(b)(2)

**Europe**

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 revenues** at ₹12.7 billion, YoY growth of 142% and flat
QoQ growth. This includes revenues from the acquired NRT business.

○ **NRT** at ₹6.7 billion, QoQ growth of 12%.

○ **Germany** at ₹3.2 billion, YoY growth of 13% and QoQ decline of 11%.

○ **UK** at ₹1.7 billion, YoY growth of 10% and QoQ decline of 20%.

○ **Rest of Europe** at ₹1.2 billion, YoY growth of 30% and QoQ growth of 9%.

The growth in Europe was largely driven by revenues from the acquired NRT portfolio and incremental contributions from new product launches though partly offset by price erosion. QoQ performance remained stable as the impact of price erosion was balanced by gains from forex and increased volumes.

&nbsp;&nbsp;&nbsp;&nbsp;· During the quarter, we launched 13 new products in the region.

**India**

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 revenues** at ₹14.7 billion, YoY growth of 11% and QoQ growth of 13%.

Growth for the quarter was driven by introduction of new products, price increases and commercial execution.

&nbsp;&nbsp;&nbsp;&nbsp;· As per IQVIA, our IPM rank was maintained at 10.

&nbsp;&nbsp;&nbsp;&nbsp;· During the quarter, we launched five new brands.

○ Includes two Innovative assets **Beyfortus** (RSV Vaccine) & **Sensimmune** (Acarizex Slit)

**Emerging Markets**

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 revenues** at ₹14.0 billion, YoY growth of 18% and flat QoQ.

YoY growth was largely driven by increased volumes of existing products, gains from new launches across multiple countries and favorable foreign exchange. QoQ performance remained stable as the gains from new product launches and favourable prices was largely offset by softer volume growth.

**Revenues from Russia** at ₹7.1 billion, YoY growth of 28% and QoQ growth of 8%. YoY growth was due to higher volumes of existing products, new product introductions and favorable forex. QoQ gains reflect favourable forex, improved pricing and higher sales volumes.

**Revenues from other Commonwealth of Independent States (CIS) countries and Romania** at ₹2.0 billion, YoY growth of 2% and QoQ decline of 20%. While YoY growth was supported by new product launches, whereas QoQ decline was due to lower volumes.

**Revenues from Rest of World (RoW) territories** at ₹5.0 billion, growth of 13% YoY and flat QoQ. While YoY growth was due to higher sales volumes and new product launches, though partially moderated by price erosion, QoQ performance remained steady, as volume gains from existing products and recent launches were neutralized by price erosion.

During Q1FY26, we launched 26 new products across countries.

 **

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

 **

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26 revenues** at ₹8.2 billion, YoY growth of 7% and QoQ decline of 14%.

Growth during the quarter was driven by launch of new API products and favourable forex, partially offset by lower pricing and softer demand. Performance was further supported by growth in the pharmaceutical services business. QoQ decline was primarily attributable to seasonal volume softness.

During the quarter, we filed 12 Drug Master Files (DMFs) globally.

**Income Statement Highlights:**

 ****

***Gross Margin***

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at 56.9% (GG: 60.9%, PSAI: 13.2%), a YoY decline of 350 basis points (bps) and a QoQ improvement
of 134 bps.

YoY decline was primarily due to higher price erosion in generics segment and reduced operating leverage, partially offset by favorable product mix.

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

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at ₹25.6 billion, YoY increase of 13% and QoQ growth of 7%.

The YoY increase was driven by strategic investments in consumer healthcare business segment, including the NRT and Nestlé JV. Other SG&A expenses stayed mostly unchanged from last year, reflecting cost discipline across core operations. The QoQ reflects targeted investments to enhance brand visibility and expand coverage across branded markets.

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

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at ₹6.2 billion. As % to Revenues – Q1FY26: 7.3% \| Q1FY25: 8.1% \| Q4FY25: 8.5%.

R&D investments were focused on building a robust pipeline of high-value products, spanning complex generics, biosimilars, APIs and novel biologics with particular emphasis on oncology, peptides and injectables and aimed at developing first to market formulations.

***Net Finance Income/Expense***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** income at ₹1.6 billion compared to ₹0.9 billion in Q1FY25.

***Profit before Tax***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at ₹19.0 billion, a YoY growth of 1% and a QoQ decline of 5%.

As % to Revenues – Q1FY26: 22.3% \| Q1FY25: 24.5% \| Q4FY25: 23.6%.

***Income Tax***

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at ₹5.0 billion. As % to PBT – Q1FY26: 26.0% \| Q1FY25: 26.0% \| Q4FY25: 20.8%.

 **

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

 **

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at ₹14.2 billion, a YoY growth of 2% and a QoQ decline of 11%.

As % to Revenues – Q1FY26: 16.5% \| Q1FY25: 18.1% \| Q4FY25: 18.7%.

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

 ****

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** is ₹17.02.

**Other Financial Highlights:**

***EBITDA***

 **

&nbsp;&nbsp;&nbsp;&nbsp;· **Q1FY26** at ₹22.8 billion, YoY growth of 5% and QoQ decline of 8%.

As % to Revenues – Q1FY26: 26.7% \| Q1FY25: 28.2% \| Q4FY25: 29.1%.

***Others:***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;· **Operating Working Capital:** As on **30<sup>th</sup> June 2025** at ₹133.3 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· **Capital Expenditure: Q1FY26** at ₹6.8 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· **Free Cash Flow: Q1FY26** at ₹4.5 billion.

&nbsp;&nbsp;&nbsp;&nbsp;· **Net Cash Surplus: As on 30<sup>th</sup> June 2025** at ₹29.2 billion

&nbsp;&nbsp;&nbsp;&nbsp;· **Net Debt to Equity: As on 30<sup>th</sup> June 2025** is (0.08)

&nbsp;&nbsp;&nbsp;&nbsp;· **Annualized Return on Capital Employed (RoCE): Q1FY26** stood at 22.0%

**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.

*All amounts in millions, except EPS* 

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

***Operating Working Capital***

 ****

---

| | |
|:---|:---|
| **Particulars** | **As on 30<sup>th</sup> Jun 2025** |
|  | **(₹)** |
| Inventories | 75600 |
| Trade Receivables | 95137 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Trade Payables | (37457) |
| **Operating Working Capital** | **133280** |

---

 **

***Free Cash Flow***

 **

---

| | |
|:---|:---|
| **Particulars** | **Three months ended**<br> **30<sup>th</sup> Jun 2025** |
|  | **(₹)** |
| **Net cash generated from operating activities** | 17817 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Taxes | (3188) |
| &nbsp;&nbsp;&nbsp;Investments in Property, Plant & Equipment and intangibles | (10115) |
| **Free Cash Flow before Acquisitions** | **4514** |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Acquisition related pay-outs | - |
| **Free Cash Flow** | **4514** |

---

 ****

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

---

| | |
|:---|:---|
| **Particulars** | **As on 30<sup>th</sup> Jun 2025** |
|  | **(₹)** |
| Cash and Cash Equivalents | 9004 |
| Investments | 64165 |
| Short-term Borrowings | (38381) |
| Long-term Borrowings (Current & Non-current) | (10263) |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Restricted Cash Balance – Unclaimed Dividend and others | 292 |
| &nbsp;&nbsp;&nbsp;Lease liabilities (Included in Short-term and Long-term Borrowings) | (6463) |
| &nbsp;&nbsp;&nbsp;Equity Investments (Included in Investments) | 1476 |
| **Net Cash Surplus** | **29220** |
| **Equity** | 353755 |
| **Net Debt/Equity** | **(0.08)** |

---

***Computation of RoCE***

 ****

---

| | |
|:---|:---|
| **Particulars** | **As on 30<sup>th</sup> Jun 2025** |
|  | **(₹)** |
| Profit before Tax | 19047 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Interest and Investment Income (Excluding forex gain/loss) | (1028) |
| **Earnings Before Interest and taxes [A]** | **18019** |
| **Average Capital Employed [B]** | **328294** |
| **Return on Capital Employed (A/B) (Ratio)** | **22.0%** |

---

***Computation of Capital Employed:***

 ****

---

| | | |
|:---|:---|:---|
| **Particulars** | **As on** | **As on** |
|  | **Jun 30, 2025** | **Mar 31, 2025** |
| Property Plant and Equipment | 102784 | 97761 |
| Intangibles | 95597 | 96803 |
| Goodwill | 11975 | 11810 |
| Investment in Equity Accounted Associates | 4938 | 4811 |
| Other Current Assets | 31768 | 30142 |
| Other Investments | 6481 | 10391 |
| Other Non-Current Assets | 939 | 972 |
| Inventories | 75600 | 71085 |
| Trade Receivables | 95137 | 90420 |
| Derivative Financial Instruments | 38 | (729) |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;Other Liabilities | 47254 | 48788 |
| &nbsp;&nbsp;&nbsp;Provisions | 6789 | 6324 |
| &nbsp;&nbsp;&nbsp;Trade payables | 37457 | 35523 |
| **Operating Capital Employed** | **333757** | **322831** |
| **Average Capital Employed** | **328294** | **328294** |

---

***Computation of EBITDA***

 ****

Refer page no. 3 & 4.

**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: July 23, 2025***

 ****

***Time: 19:30 pm IST \| 10:00 am ET***

**Conference Joining Information**

---

| |
|:---|
| **Pre-register with the below link and join** |
| <u>https://drreddys.zoom.us/webinar/register/WN_RA32U4QvSCyTsyQgWVgrDA</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 and our other filings with US SEC. The company assumes no obligation to update any information contained herein

## Exhibit 99.3

**Exhibit 99.3**

---

| | |
|:---|:---|
| ![](rdy0780_ex99-3img01.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 : 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 ended 30 June 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **30.06.2025** | **31.03.2025** | **30.06.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Audited)** | **(Unaudited)** | **(Audited)** |
| **1** | **Revenues** | **85452** | **85060** | **76727** | **325535** |
| 2 | Cost of revenues | 36825 | 37797 | 30383 | 135107 |
| **3** | **Gross profit (1 - 2)** | **48627** | **47263** | **46344** | **190428** |
| 4 | Selling, general and administrative expenses | 25647 | 24055 | 22691 | 93870 |
| 5 | Research and development expenses | 6244 | 7258 | 6193 | 27380 |
| 6 | Impairment of non-current assets, net |  | 768 | 5 | 1693 |
| 7 | Other income, net | (739) | (2465) | (470) | (4358) |
|  | **Total operating expenses** | **31152** | **29616** | **28419** | **118585** |
| **8** | **Results from operating activities <br> [(3) - (4 + 5 + 6 + 7)]** | **17475** | **17647** | **17925** | **71843** |
|  | Finance income | 2400 | 3008 | 1435 | 7553 |
|  | Finance expense | (830) | (656) | (598) | (2829) |
| **9** | **Finance income, net** | **1570** | **2352** | **837** | **4724** |
| 10 | Share of profit of equity accounted investees, net of tax | 2 | 55 | 59 | 217 |
| **11** | **Profit before tax (8 + 9 + 10)** | **19047** | **20054** | **18821** | **76784** |
| 12 | Tax expense, net | 4951 | 4181 | 4901 | 19539 |
| **13** | **Profit for the period/year (11 - 12)** | **14096** | **15873** | **13920** | **57245** |
|  | **Attributable to:** |  |  |  |  |
|  | **Equity holders of the parent company** | **14178** | **15939** | **13920** | **56544** |
|  | **Non-controlling interests** | **(82)** | **(66)** | **-** | **701** |
| **14** | **Earnings per equity share attributable to equity shareholders of parent** |  |  |  |  |
|  | Basic earnings per share of Re.1/- each | 17.04 | 19.13 | 16.72 | 67.88 |
|  | Diluted earnings per share of Re.1/- each | 17.02 | 19.11 | 16.69 | 67.78 |
|  |  | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* |  |

---

![](rdy0780_ex99-3img02.jpg)

![](rdy0780_ex99-3img01.jpg)

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **30.06.2025** | **31.03.2025** | **30.06.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Audited)** | **(Unaudited)** | **(Audited)** |
|  | **Segment wise revenue and results:** |  |  |  |  |
| **1** | **Segment revenue:** |  |  |  |  |
|  | a) Global Generics | 75620 | 75365 | 68858 | 289552 |
|  | b) Pharmaceutical Services and Active Ingredients | 9709 | 11675 | 10309 | 43235 |
|  | c) Others | 1651 | 132 | 212 | 2137 |
|  | **Total** | **86980** | **87172** | **79379** | **334924** |
|  | Less: Inter-segment revenues | 1528 | 2112 | 2652 | 9389 |
|  | **Net revenues** | **85452** | **85060** | **76727** | **325535** |
| **2** | **Segment results:** |  |  |  |  |
|  | Gross profit from each segment |  |  |  |  |
|  | a) Global Generics | 46086 | 44707 | 44518 | 179606 |
|  | b) Pharmaceutical Services and Active Ingredients | 1082 | 2518 | 1768 | 9157 |
|  | c) Others | 1459 | 38 | 58 | 1665 |
|  | **Total** | **48627** | **47263** | **46344** | **190428** |
|  | Less: Selling and other un-allocable expenditure, net of other income | 29580 | 27209 | 27523 | 113644 |
|  | **Total profit before tax** | **19047** | **20054** | **18821** | **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, which 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 23 July 2025. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon. |
| 2 | "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. |
| 3 | "Other income, net" for the quarter and year ended 31 March 2025 includes cumulative amount of foreign exchange gain of Rs. 1,551 million, reclassified from the foreign currency translation reserve and a loss of Rs. 52 million due to turnaround fees paid 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. |

---

![](rdy0780_ex99-3img02.jpg)

![](rdy0780_ex99-3img01.jpg)

---

| | |
|:---|:---|
| 4.0 | Business purchase agreement with Haleon:<br> Effective 30 September 2024, the Company acquired global Nicotine Replacement Therapy business from Haleon UK Enterprises Limited ("Haleon"), including brands in lozenge, patch, spray, and gum formats sold in markets outside the United States. This transaction included transfer of intellectual property, employees, manufacturing contracts, and product licenses. The marketing authorisations will transition gradually into the Company in a phased approach between April 2025 and February 2026. During the transition period, Haleon group provides distribution and related services in the markets, facilitating successful integration of the business across various geographies into the Company.<br>During the three months ended 30 June 2025, the transfer of local marketing authorizations were completed for the United Kingdom and Nordic countries on the respective cut over dates. |
| 5.0 | The Board of Directors of the Company, in their meeting on 27 July 2024, approved the sub-division/ split of each equity share having a face value of Rupees five each, fully paid-up, into five equity shares having a face value of Rupee One each, fully paid-up (the "stock split"), with shareholder approval obtained via postal ballot on 12 September 2024. Consequently, w.e.f. 28 October 2024, the authorized share capital, the paid-up share capital, and the treasury shares were adjusted accordingly. As on 30 June 2025, the closing number of fully paid-up shares and treasury shares were 834,581,775 and 2,210,925 respectively.<br>Further, each American Depositary Share (ADS) of the Company will continue to represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary Receipt(ADR) holder would consequently increase in proportion to the increase in number of equity shares.<br>The impact of the stock split has been considered for all periods presented, and the EPS (both basic and diluted) for the three months ended 30 June 2024 has been restated based on the revised face value of Rupee One per share, in accordance with IAS 33 – 'Earnings per Share', and rounded off to the nearest decimals. |
| 6.0 | 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 06 July 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. |
| 7.0 | The Company considered the uncertainties relating to the escalation of conflict in the middle east, and duration of military conflict between 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. |
| 8.0 | The figures for the quarter ended 31 March 2025 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which were subject to limited review. |

---

---

| | | |
|:---|:---|:---|
|  | ![](rdy0780_ex99-3img02.jpg) | By order of the Board<br> For Dr. Reddy's Laboratories Limited |
|  | ![](rdy0780_ex99-3img02.jpg) | By order of the Board<br> For Dr. Reddy's Laboratories Limited |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
|  | ![](rdy0780_ex99-3img02.jpg) | ![](rdy0780_ex99-3img04.jpg) |
| Place: Hyderabad<br> Date: 23 July 2025 | ![](rdy0780_ex99-3img02.jpg) | G V Prasad<br> Co-Chairman & Managing Director |

---

![](rdy0780_ex99-3img03.jpg)

## Exhibit 99.4

**Exhibit 99.4**

---

| | |
|:---|:---|
| ![](rdy0780_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 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 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 for the quarter ended 30 June 2025 (the "Statement"), 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 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

![](rdy0780_ex99-4img02.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

![](rdy0780_ex99-4img01.jpg)

&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.

&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. (Formerly 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)

&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

![](rdy0780_ex99-4img02.jpg)

![](rdy0780_ex99-4img01.jpg)

&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 Co., Ltd.)

**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

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

---

| | |
|:---|:---|
| ![](rdy0780_ex99-4img04.jpg) | ![](rdy0780_ex99-4img03.jpg) |

---

**per Shankar Srinivasan**

Partner

Membership No.: 213271

UDIN: 25213271BMISTI3600

Place: Hyderabad

Date: July 23, 2025

---

| | |
|:---|:---|
| ![](rdy0780_ex99-4img05.jpg) | **Dr. Reddy's Laboratories Ltd.** |
| ![](rdy0780_ex99-4img05.jpg) | 8-2-337, Road No. 3, Banjara Hills |
| ![](rdy0780_ex99-4img05.jpg) | Hyderabad – 500 034, Telangana, India |
| ![](rdy0780_ex99-4img05.jpg) | CIN: L85195TG1984PLC004507 |
| ![](rdy0780_ex99-4img05.jpg) |  |
| ![](rdy0780_ex99-4img05.jpg) | Tel: + 91 40 4900 2900 |
| ![](rdy0780_ex99-4img05.jpg) | Fax: + 91 40 4900 2999 |
| ![](rdy0780_ex99-4img05.jpg) | Email: mail@drreddys.com |
| ![](rdy0780_ex99-4img05.jpg) | Web: www.drreddys.com |

---

**DR. REDDY'S LABORATORIES LIMITED**

**STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 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** | **Year ended** |
| **Sl. No.** | **Particulars** | **30.06.2025** | **31.03.2025** | **30.06.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Audited)** | **(Unaudited)** | **(Audited)** |
| **1** | **Revenue from operations** |  |  |  |  |
|  | a) Sales | 82666 | 82105 | 75396 | 316320 |
|  | b) License fees and service income | 2786 | 2955 | 1331 | 9215 |
|  | c) Other operating income | 269 | 224 | 234 | 904 |
|  | **Total revenue from operations** | **85721** | **85284** | **76961** | **326439** |
| **2** | Other income | 2903 | 5221 | 1872 | 10973 |
| **3** | **Total income (1 + 2)** | **88624** | **90505** | **78833** | **337412** |
| **4** | **Expenses** |  |  |  |  |
|  | a) Cost of materials consumed | 20358 | 17165 | 12272 | 56835 |
|  | b) Purchase of stock-in-trade | 12159 | 11275 | 13801 | 48411 |
|  | c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (4442) | 60 | (4256) | (5447) |
|  | d) Employee benefits expense | 15035 | 14006 | 14137 | 55800 |
|  | e) Depreciation and amortisation expense | 4761 | 4547 | 3806 | 17037 |
|  | f) Impairment of non-current assets, net |  | 768 | 5 | 1693 |
|  | g) Finance costs | 830 | 656 | 598 | 2829 |
|  | h) Other expenses | 20875 | 22031 | 19703 | 83676 |
|  | **Total expenses** | **69576** | **70508** | **60066** | **260834** |
| **5** | **Profit before tax and before share of equity accounted investees (3 - 4)** | **19048** | **19997** | **18767** | **76578** |
| **6** | **Share of profit of equity accounted investees, net of tax** | 2 | 55 | 59 | 217 |
| **7** | **Profit before tax (5 + 6)** | **19050** | **20052** | **18826** | **76795** |
| **8** | **Tax expense/(benefit):** |  |  |  |  |
|  | a) Current tax | 10261 | 4323 | 5215 | 22581 |
|  | b) Deferred tax | (5310) | (138) | (313) | (3038) |
| **9** | **Net profit after taxes and share of profit of associates (7 - 8)** | **14099** | **15867** | **13924** | **57252** |
| **10** | **Net profit after taxes attributable to** |  |  |  |  |
|  | a) Equity shareholders of the parent company | 14181 | 15933 | 13924 | 56551 |
|  | b) Non-controlling interests | (82) | (66) |  | 701 |
| **11** | **Other comprehensive income / (loss)** |  |  |  |  |
|  | a) (i) Items that will not be reclassified subsequently to profit or loss | 5 | (117) | (91) | (293) |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will not be reclassified to profit or loss |  | 24 |  | 24 |
|  | b) (i) Items that will be reclassified subsequently to profit or loss | 2077 | 1425 | 115 | 2376 |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will be reclassified to profit or loss | (33) | (238) | (6) | (58) |
|  | **Total other comprehensive income / (loss)** | **2049** | **1094** | **18** | **2049** |
| **12** | **Total comprehensive income (9 + 11)** | **16148** | **16961** | **13942** | **59301** |
| **13** | **Total comprehensive income attributable to** |  |  |  |  |
|  | a) Equity shareholders of the parent company | 16230 | 17027 | 13942 | 58600 |
|  | b) Non-controlling interest | (82) | (66) |  | 701 |
| **14** | Paid-up equity share capital (face value Re. 1/- each) | 835 | 834 | 834 | 834 |
| **15** | Other equity |  |  |  | 334662 |
| **16** | **Earnings per equity share attributable to equity shareholders of parent (face value Re. 1/- each)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Basic | 17.04 | 19.12 | 16.72 | 67.89 |
|  | &nbsp;&nbsp;&nbsp;Diluted | 17.02 | 19.10 | 16.70 | 67.79 |
|  |  | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* |  |

---

See accompanying notes to the financial results

---

| | |
|:---|:---|
| ![](rdy0780_ex99-4img08.jpg) | ![](rdy0780_ex99-4img03.jpg) |

---

![](rdy0780_ex99-4img06.jpg)

**DR. REDDY'S LABORATORIES LIMITED**

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Quarter ended** | **Quarter ended** | **Quarter ended** | **Year ended** |
| <br>**Sl. No.** | <br>**Particulars** | **30.06.2025** | **31.03.2025** | **30.06.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Audited)** | **(Unaudited)** | **(Audited)** |
|  | **Segment wise revenue and results:** |  |  |  |  |
| **1** | **Segment revenue :** |  |  |  |  |
|  | a) Global Generics | 75732 | 75432 | 68929 | 289810 |
|  | b) Pharmaceutical Services and Active Ingredients | 9874 | 11819 | 10472 | 43868 |
|  | c) Others | 1643 | 145 | 212 | 2150 |
|  | **Total** | **87249** | **87396** | **79613** | **335828** |
|  | Less: Inter-segment revenue | 1528 | 2112 | 2652 | 9389 |
|  | **Total revenue from operations** | **85721** | **85284** | **76961** | **326439** |
| **2** | **Segment results:** |  |  |  |  |
|  | Gross profit from each segment |  |  |  |  |
|  | a) Global Generics | 46086 | 44707 | 44518 | 179606 |
|  | b) Pharmaceutical Services and Active Ingredients | 1087 | 2526 | 1772 | 9178 |
|  | c) Others | 1459 | 40 | 58 | 1665 |
|  | **Total** | **48632** | **47273** | **46348** | **190449** |
|  | Less: Selling and other un-allocable expenditure, net | 29582 | 27221 | 27522 | 113654 |
|  | **Total profit before tax** | **19050** | **20052** | **18826** | **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 "parent company"), together with its subsidiaries (collectively, the "Company"), joint ventures and associates, which have been prepared in accordance with Indian Accounting Standards ("Ind AS") prescribed under section 133 of 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 Audit Committee and approved by the Board of Directors at their meeting held on 23 July 2025. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon. |

---

---

| | |
|:---|:---|
| 2 | "Other income" for the quarter and year ended 31 March 2025 includes cumulative amount of foreign exchange gain of Rs.1,493 million, reclassified from the foreign currency translation reserve and a loss of Rs.52 million due to turnaround fees paid 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.

3 "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.

---

| | |
|:---|:---|
| ![](rdy0780_ex99-4img08.jpg) | ![](rdy0780_ex99-4img03.jpg) |

---

![](rdy0780_ex99-4img06.jpg)

**DR. REDDY'S LABORATORIES LIMITED**

4 Business purchase agreement with Haleon:

Effective 30 September 2024, the Company acquired global Nicotine Replacement Therapy business from Haleon UK Enterprises Limited ("Haleon"), including brands in lozenge, patch, spray, and gum formats sold in markets outside the United States. This transaction included transfer of intellectual property, employees, manufacturing contracts, and product licenses. The marketing authorisations will transition gradually into the Company in a phased approach between April 2025 and February 2026. During the transition period, Haleon group provides distribution and related services in the markets, facilitating successful integration of the business across various geographies into the Company.

During the three months ended 30 June 2025, the transfer of local marketing authorizations were completed for the United Kingdom and Nordic countries on the respective cut over dates.

---

| | |
|:---|:---|
| 5 | The Board of Directors of the Company, in their meeting on 27 July 2024, approved the sub-division/ split of each equity share having a face value of Rupees five each, fully paid-up, into five equity shares having a face value of Rupee One each, fully paid-up (the "stock split"), with shareholder approval obtained via postal ballot on 12 September 2024. Consequently, w.e.f 28 October 2024, the authorized share capital, the paid-up share capital, and the treasury shares were adjusted accordingly. As on 30 June 2025, the closing number of fully paid-up shares and treasury shares were 834,581,775 and 2,210,925 respectively. |

---

Further, each American Depositary Share (ADS) of the Company will continue to represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary Receipt(ADR) holder would consequently increase in proportion to the increase in number of equity shares.

The impact of the stock split has been considered for all periods presented, and the EPS (both basic and diluted) for the three months ended 30 June 2024 has been restated based on the revised face value of Rupee One per share, in accordance with Ind AS 33 – 'Earnings per Share', and rounded off to the nearest decimals.

---

| | |
|:---|:---|
| 6 | 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 06 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.

---

| | |
|:---|:---|
| 7 | The Company considered the uncertainties relating to the escalation of conflict in the middle east, and duration of military conflict between 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. |

---

8 The figures for the quarter ended 31 March 2025 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which were subject to limited review.

By order of the Board

For Dr. Reddy's Laboratories Limited

---

| | |
|:---|:---|
| ![](rdy0780_ex99-4img03.jpg) | ![](rdy0780_ex99-4img08.jpg) |

---

---

| | |
|:---|:---|
|  | ![](rdy0780_ex99-4img09.jpg) |
| Place: Hyderabad | G V Prasad |
| Date: 23 July 2025 | Co-Chairman & Managing Director |

---

![](rdy0780_ex99-4img07.jpg)

## Exhibit 99.5

**Exhibit 99.5**

---

| | |
|:---|:---|
| ![](rdy0780_ex99-5img01.jpg) | THE SKYVIEW 10 |
| ![](rdy0780_ex99-5img01.jpg) | 18th Floor, "NORTH LOBBY" |
| ![](rdy0780_ex99-5img01.jpg) | Survey No. 83/1, Raidurgam |
| ![](rdy0780_ex99-5img01.jpg) | Hyderabad - 500 032, India |
| ![](rdy0780_ex99-5img01.jpg) |  |
| ![](rdy0780_ex99-5img01.jpg) | Tel : +91 40 6141 6000 |

---

**Independent Auditor's Review Report on the Quarterly 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 of Dr. Reddy's
Laboratories Limited (the "Company") for the quarter ended 30 June 2025 (the "Statement"), 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 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

---

| | |
|:---|:---|
| **per Shankar Srinivasan** | ![](rdy0780_ex99-5img02.jpg) |
| Partner | ![](rdy0780_ex99-5img02.jpg) |
| Membership No.: 213271 | ![](rdy0780_ex99-5img02.jpg) |
| UDIN: 25213271BMISTJ1312 | ![](rdy0780_ex99-5img02.jpg) |
|  | ![](rdy0780_ex99-5img02.jpg) |
| Place: Hyderabad | ![](rdy0780_ex99-5img02.jpg) |
| Date: July 23, 2025 | ![](rdy0780_ex99-5img02.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

---

| | | |
|:---|:---|:---|
| ![](rdy0780_ex99-5img03.jpg) | **Dr. Reddy's Laboratories Ltd.** | **Dr. Reddy's Laboratories Ltd.** |
| ![](rdy0780_ex99-5img03.jpg) | **8-2-337, Road No. 3, Banjara Hills,** | **8-2-337, Road No. 3, Banjara Hills,** |
| ![](rdy0780_ex99-5img03.jpg) | **Hyderabad - 500 034, Telangana,** | **Hyderabad - 500 034, Telangana,** |
| ![](rdy0780_ex99-5img03.jpg) | **India.** | **India.** |
| ![](rdy0780_ex99-5img03.jpg) | **CIN : L85195TG1984PLC004507** | **CIN : L85195TG1984PLC004507** |
| ![](rdy0780_ex99-5img03.jpg) | | |
|  | **Tel** | **: +91 40 4900 2900** |
|  | **Fax** | **: +91 40 4900 2999** |
|  | **Email** | **: mail@drreddys.com** |
|  | **www.drreddys.com** | **www.drreddys.com** |

---

**DR. REDDY'S LABORATORIES LIMITED**

**STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 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** | **Year ended** |
| **Sl. No.** | **Particulars** | **30.06.2025** | **31.03.2025** | **30.06.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Audited)** | **(Unaudited)** | **(Audited)** |
| **1** | **Revenue from operations** |  |  |  |  |
|  | a) Sales | 77520 | 54063 | 58076 | 218448 |
|  | b) License fees and service income | 367 | 1400 | 163 | 12020 |
|  | c) Other operating income | 208 | 166 | 173 | 686 |
|  | **Total revenue from operations** | **78095** | **55629** | **58412** | **231154** |
| 2 | Other income | 3983 | 4144 | 2178 | 10034 |
|  | **Total income (1 + 2)** | **82078** | **59773** | **60590** | **241188** |
| **3** | **Expenses** |  |  |  |  |
|  | a) Cost of materials consumed | 11355 | 9426 | 9111 | 37997 |
|  | b) Purchase of stock-in-trade | 6638 | 5347 | 7403 | 24399 |
|  | c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (2129) | 822 | (1261) | (1739) |
|  | d) Employee benefits expense | 8873 | 7971 | 8559 | 32875 |
|  | e) Depreciation and amortisation expense | 2798 | 2645 | 2498 | 10394 |
|  | f) Impairment of non current assets, net |  | 1036 |  | 1036 |
|  | g) Finance costs | 192 | 311 | 71 | 1099 |
|  | h) Other expenses | 14988 | 16597 | 15070 | 62768 |
|  | **Total expenses** | **42715** | **44155** | **41451** | **168829** |
| **4** | **Profit before tax (1 + 2 - 3)** | **39363** | **15618** | **19139** | **72359** |
| **5** | **Tax expense / (benefit)** |  |  |  |  |
|  | a) Current tax | 9417 | 3643 | 4666 | 17905 |
|  | b) Deferred tax | 334 | (32) | 301 | 960 |
| **6** | **Net profit for the period / year (4 - 5)** | **29612** | **12007** | **14172** | **53494** |
| **7** | **Other comprehensive income / (loss)** |  |  |  |  |
|  | a) (i) Items that will not be reclassified to profit or loss |  | (103) |  | (103) |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will not be reclassified to profit or loss |  | 26 |  | 26 |
|  | b) (i) Items that will be reclassified to profit or loss | 248 | 1046 | 55 | 234 |
|  | &nbsp;&nbsp;&nbsp;(ii) Income tax relating to items that will be reclassified to profit or loss | (63) | (263) | (14) | (59) |
|  | **Total other comprehensive income / (loss)** | **185** | **706** | **41** | **98** |
| **8** | **Total comprehensive income (6 + 7)** | **29797** | **12713** | **14213** | **53592** |
| 9 | Paid-up equity share capital (face value Re. 1/- each) | 835 | 834 | 834 | 834 |
| 10 | Other equity |  |  |  | 287732 |
| **11** | **Earnings per equity share (face value Re. 1/- each)** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Basic | 35.59 | 14.41 | 17.02 | 64.22 |
|  | &nbsp;&nbsp;&nbsp;Diluted | 35.54 | 14.39 | 16.99 | 64.13 |
|  |  | *(Not annualised)* | *(Not annualised)* | *(Not annualised)* |  |

---

See accompanying notes to the financial results.

---

| | |
|:---|:---|
| ![](rdy0780_ex99-5img04.jpg) | ![](rdy0780_ex99-5img02.jpg) |

---

![](rdy0780_ex99-5img03.jpg)

**DR. REDDY'S LABORATORIES LIMITED**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Segment information** | **Segment information** | 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** | **Year ended** |
| **Sl. No.** | **Particulars** | **30.06.2025** | **31.03.2025** | **30.06.2024** | **31.03.2025** |
|  |  | **(Unaudited)** | **(Audited)** | **(Unaudited)** | **(Audited)** |
|  | **Segment wise revenue and results** |  |  |  |  |
| **1** | **Segment revenue** |  |  |  |  |
|  | a) Global Generics | 72241 | 48287 | 52447 | 204602 |
|  | b) Pharmaceutical Services and Active Ingredients | 7103 | 9140 | 8520 | 33904 |
|  | c) Others | 257 | 45 | 61 | 1410 |
|  | **Total** | **79601** | **57472** | **61028** | **239916** |
|  | Less: Inter-segment revenue | 1506 | 1843 | 2616 | 8762 |
|  | **Total revenue from operations** | **78095** | **55629** | **58412** | **231154** |
| **2** | **Segment results** |  |  |  |  |
|  | Profit / (loss) before tax and interest from each segment |  |  |  |  |
|  | a) Global Generics | 38387 | 15231 | 19667 | 69966 |
|  | b) Pharmaceutical Services and Active Ingredients | (221) | 256 | (70) | 353 |
|  | c) Others | 226 | 47 | 97 | 1419 |
|  | **Total** | **38392** | **15534** | **19694** | **71738** |
|  | Less: (i) Finance costs | 192 | 311 | 71 | 1099 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other un-allocable (income) / expenditure, net | (1163) | (395) | 484 | (1720) |
|  | **Total profit before tax** | **39363** | **15618** | **19139** | **72359** |

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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:**

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| 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 23 July 2025. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon. |

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2 "License fees and service income" for the year ended 31 March 2025 includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. an amount of Rs. 8,113 million (excluding GST) received as a consideration towards transfer of its nutraceutical and vitamins, minerals, herbals, and supplements portfolio to Dr. Reddy's and Nestlé Health Science Limited (the "Nutraceuticals subsidiary") as part of the definitive agreement. This transaction pertains to Company's Global Generics segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. an amount of Rs.1,266 million received as a milestone payment upon U.S.FDA approval of DFD 29, in accordance with the license and collaboration agreement dated 29 June 2021 with Journey Medical Corporation. This transaction pertains to the Company's Others segment.

3 "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. an impairment loss of Rs. 862 million towards investment in equity shares and preference shares in the subsidiary, Svaas Wellness Limited, consequent to management's decision to scale down the business operations of certain digital initiatives. This impairment loss pertains to the Company's Others segment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. an impairment loss of Rs. 174 million, consequent to adverse market conditions with respect to certain product related intangibles forming part of the Company's Global Generics segment.

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| ![](rdy0780_ex99-5img04.jpg) | ![](rdy0780_ex99-5img02.jpg) |

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![](rdy0780_ex99-5img03.jpg)

**DR. REDDY'S LABORATORIES LIMITED**

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| 4 | The Board of Directors of the Company, in their meeting on 27 July 2024, approved the sub-division/ split of each equity share having a face value of Rupees five each, fully paid-up, into five equity shares having a face value of Rupee One each, fully paid-up (the "stock split"), with shareholder approval obtained via postal ballot on 12 September 2024. Consequently, w.e.f. 28 October 2024, the authorized share capital, the paid-up share capital, and the treasury shares were adjusted accordingly. As on 30 June 2025, the closing number of fully paid-up shares and treasury shares were 834,581,775 and 2,210,925 respectively. |

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Further, each American Depositary Share (ADS) of the Company will continue to represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary Receipt(ADR) holder would consequently increase in proportion to the increase in number of equity shares.

The impact of the stock split has been considered for all periods presented, and the EPS (both basic and diluted) for the three months ended 30 June 2024 has been restated based on the revised face value of Rupee One per share, in accordance with Ind AS 33 – 'Earnings per Share', and rounded off to the nearest decimals.

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| 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 06 July 2021, the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC. |

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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.

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| 6 | The Company considered the uncertainties relating to the escalation of conflict in the middle east, and duration of military conflict between 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. |

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7 The figures for the quarter ended 31 March 2025 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which were subject to limited review.

By order of the Board <br> For Dr. Reddy's Laboratories Limited

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| | | | | |
|:---|:---|:---|:---|:---|
| Place: | Hyderabad | ![](rdy0780_ex99-5img02.jpg) | ![](rdy0780_ex99-5img04.jpg) | ![](rdy0780_ex99-5img06.jpg)<br> G V Prasad |
| Date: | 23 July 2025 |  |  | Co-Chairman & Managing Director |

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![](rdy0780_ex99-5img05.jpg)