Dr Reddys Laboratories Ltd 6-K, filed Oct 28, 2022

Dr Reddys Laboratories Ltd (RDY)

6-K 2022-10-28 For: 2022-10-28

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Added on April 09, 2026

About this 6-K

Dr Reddys Laboratories Ltd filed this 6-K on October 28, 2022.

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Exhibit Number		Description of Exhibits
99.1		Press Release, “Dr. Reddy’s Q2 FY2023 Financial Results”, October 28, 2022.
99.2		IFRS Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2022.
99.3		Ind AS Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2022.
99.4		Ind AS Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2022.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: October 28, 2022	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer

Q2 Performance Summary		H1 Performance Summary
Rs. 6,306 Cr Revenue [Up: 21% QoQ; 9% YoY]		Rs. 11,521 Cr Revenue [Up: 8% YoY]

59.1% Gross Margin [Q1 FY23: 49.9%; Q2 FY22: 53.4%]		54.9% Gross Margin [H1 FY22: 52.9%]

Rs. 1,656 Cr SGNA expenses [Up: 7% QoQ; 4% YoY]		Rs. 3,205 Cr SGNA expenses [Up: 3% YoY]

Rs. 487 Cr R&D expenses [7.7% of Revenues]		Rs. 919 Cr R&D expenses [8.0% of Revenues]

Rs. 1,932 Cr EBITDA [30.6% of Revenues]		Rs. 3,711 Cr EBITDA [32.2% of Revenues]

Rs. 1,611 Cr Profit before Tax [Up: 10% QoQ; 27% YoY]		Rs. 3,077 Cr Profit before Tax [Up: 53% YoY]

Rs. 1,113 Cr Profit after Tax [Down: 6% QoQ; Up: 12% YoY]		Rs. 2,300 Cr Profit after Tax [Up: 47% YoY]

	Q2 FY23						Q2 FY22						YoY			Q1 FY23						QoQ
Particulars	($)			(Rs.)			($)			(Rs.)			Gr %			($)			(Rs.)			Gr%
Revenues		775			63,057			708			57,632			9			641			52,154			21
Cost of Revenues		317			25,810			330			26,846			(4	)		321			26,148			(1	)
Gross Profit		458			37,247			378			30,786			21			320			26,006			43
Operating Expenses
Selling, General & Administrative expenses		204			16,560			196			15,951			4			190			15,493			7
Research and Development expenses		60			4,869			55			4,463			9			53			4,325			13
Impairment of non-current assets		0			25			0			0						0			0
Other operating income		(4	)		(334	)		(21	)		(1743	)		(81	)		(74	)		(6,024	)		(94	)
Results from operating activities		198			16,127			149			12,115			33			150			12,212			32
Net finance income		2			156			(4	)		(319	)		(149	)		(29	)		(2,349	)		(107	)
Share of profit of equity accounted investees		(2	)		(140	)		(3	)		(247	)		(43	)		(1	)		(94	)		49
Profit before income tax		198			16,111			156			12,681			27			180			14,655			10
Income tax expense		61			4,983			34			2761			80			34			2,779			79
Profit for the period		137			11,128			122			9,920			12			146			11,876			(6	)

Diluted Earnings Per Share (EPS)		0.82			66.89			0.73			59.65			12			0.88			71.40			(6	)

As % to revenues	Q2 FY23		Q2 FY22		Q1 FY23
Gross Profit		59.1		53.4		49.9
SG&A		26.3		27.7		29.7
R&D		7.7		7.7		8.3
EBITDA		30.6		27.0		34.1
PBT		25.5		22.0		28.1
PAT		17.6		17.2		22.8

	As on 30th Sep 2022				As on 30th Jun 2022				As on 30th Sep 2021
Particulars	($)		(Rs.)		($)		(Rs.)		($)		(Rs.)
Cash and cash equivalents and other investments		360		29,306		436		35,468		346		28,188
Trade receivables		946		76,987		901		73,274		844		68,666
Inventories		603		49,042		637		51,810		611		49,700
Property, plant and equipment		784		63,817		784		63,826		740		60,229
Goodwill and Other Intangible assets		443		36,084		445		36,213		457		37,206
Loans and borrowings (current & non-current)		212		17,289		303		24,666		372		30,273
Trade payables		280		22,778		308		25,052		314		25,552
Equity		2,534		2,06,225		2,463		2,00,389		2,260		1,83,928

	Ø	Year-on-year growth of 1% impacted due to higher base of Q1 FY22, which included contribution from covid product sales. Adjusted for this, we have grown in double digit.
	Ø	Sequential quarter declined by 14% primarily on account of high base impact, as we had recognized divestment income of a few non-core brands in Q1 FY23.

	Ø	Revenues for Russia at Rs. 5.9 billion. Year-on-year growth of 4% was on account of new product launches, increase in sales prices and favorable movement of forex rates, partly offset by reduction in base volumes. Sequential quarter growth of 85% was primarily due to lower sales base of Q1 FY23, which was impacted due to channel inventory normalization.

	Ø	Revenues from other CIS countries and Romania at Rs. 2.2 billion. Year-on-year decline of 1% due to reduction in base volumes and adverse movement of forex rates, partly offset by increase in sales prices and new product launches. Sequential quarter growth of 13% was driven by increase in base volumes and new product launches, partly offset by adverse movement of forex rates.

	Ø	Year-on-year decline was primarily on account lower volumes due to higher base in Q2 FY22 which had covid product sales, partly offset by new product sales and favorable forex rates.
	Ø	Sequential decline was majorly due to lower traction in the volumes for some of our products, partly offset by new product sales.

		Quarter ended									Half year ended						Year ended
		30.09.2022			30.06.2022			30.09.2021			30.09.2022			30.09.2021			31.03.2022
Sl. No.	Particulars	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenues		63,057			52,154			57,632			115,211			106,826			214,391
2	Cost of revenues		25,810			26,148			26,846			51,958			50,341			100,551
3	Gross profit (1 - 2)		37,247			26,006			30,786			63,253			56,485			113,840
4	Selling, general and administrative expenses		16,560			15,493			15,951			32,053			30,996			62,081
5	Research and development expenses		4,869			4,325			4,463			9,194			8,997			17,482
6	Impairment of non-current assets		25			-			-			25			-			7,562
7	Other income, net		(334	)		(6,024	)		(1,743	)		(6,358	)		(2,230	)		(2,761	)
	Total operating expenses		21,120			13,794			18,671			34,914			37,763			84,364
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		16,127			12,212			12,115			28,339			18,722			29,476
	Finance income		153			2,696			553			2,849			1,398			3,077
	Finance expense		(309	)		(347	)		(234	)		(656	)		(427	)		(958	)
9	Finance income, net		(156	)		2,349			319			2,193			971			2,119
10	Share of profit of equity accounted investees, net of tax		140			94			247			234			413			703
11	Profit before tax (8 + 9 + 10)		16,111			14,655			12,681			30,766			20,106			32,298
12	Tax expense/(benefit), net		4,983			2,779			2,761			7,762			4,478			8,730
13	Profit for the period/year (11 -12)		11,128			11,876			9,920			23,004			15,628			23,568
14	Earnings per share:
	Basic earnings per share of Rs.5/- each		67.04			71.56			59.80			138.59			94.24			142.08
	Diluted earnings per share of Rs.5/- each		66.89			71.40			59.65			138.30			94.00			141.69
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

	As at			As at
	30.09.2022			31.03.2022
Particulars	(Unaudited)			(Audited)
ASSETS
Current assets
Cash and cash equivalents		9,096			14,852
Other investments		18,479			29,513
Trade and other receivables		76,987			66,764
Inventories		49,042			50,884
Derivative financial instruments		608			1,906
Tax assets		3,065			4,035
Other current assets		18,329			13,902
Total current assets		175,606			181,856
Non-current assets
Property, plant and equipment		63,817			62,169
Goodwill		4,328			4,418
Other intangible assets		31,756			27,246
Trade and other receivables		-			54
Investment in equity accounted investees		4,376			4,318
Other investments		1,731			3,668
Deferred tax assets		7,559			8,204
Other non-current assets		1,801			894
Total non-current assets		115,368			110,971
Total assets		290,974			292,827

LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		22,778			25,572
Short-term borrowings		10,770			27,082
Long-term borrowings, current portion		4,721			1,017
Provisions		4,690			4,258
Tax liabilities		1,257			1,615
Derivative financial instruments		2,500			479
Bank overdraft		3			-
Other current liabilities		33,312			33,992
Total current liabilities		80,031			94,015
Non-current liabilities
Long-term borrowings		1,795			5,746
Deferred tax liabilities		46			60
Provisions		52			57
Other non-current liabilities		2,825			2,422
Total non-current liabilities		4,718			8,285
Total liabilities		84,749			102,300
Equity
Share capital		832			832
Treasury shares		(1,533	)		(1,601	)
Share premium		9,436			9,280
Share based payment reserve		1,733			1,628
Capital redemption reserve		173			173
Debenture redemption reserve		304			304
Special economic zone re-investment reserve		327			755
Retained earnings		194,165			175,712
Other components of equity		788			3,444
Total equity		206,225			190,527
Total liabilities and equity		290,974			292,827

	Half year ended
	30.09.2022			30.09.2021
Particulars	(Unaudited)			(Unaudited)
Cash flows from/(used in) operating activities :
Profit for the period		23,004			15,628
Adjustments for:
Tax expense		7,762			4,478
Fair value changes and profit on sale of financial instruments measured at FVTPL**, net		(78	)		(217	)
Depreciation and amortization		6,176			5,890
Impairment of non-current assets		25			-
Allowance for credit losses (on trade receivables and other advances)		69			138
(Gain)/loss on sale or de-recognition of non-current assets, net		68			(1,161	)
Share of profit of equity accounted investees		(234	)		(413	)
Foreign exchange (gain)/loss, net		(345	)		(398	)
Interest expense/(income), net		223			(19	)
Equity settled share-based payment expense		263			290
Dividends income		-	*		-
Changes in operating assets and liabilities:
Trade and other receivables		(10,150	)		(19,031	)
Inventories		1,842			(4,288	)
Trade and other payables		(2,356	)		4,934
Other assets and other liabilities, net		(5,693	)		(634	)
Cash generated from operations		20,576			5,197
Income tax paid, net		(4,640	)		(3,539	)
Net cash generated from operating activities		15,936			1,658

Cash flows from/(used in) investing activities :
Expenditures on property, plant and equipment		(5,816	)		(6,781	)
Proceeds from sale of property, plant and equipment		48			154
Expenditures on other intangible assets		(6,203	)		(3,767	)
Proceeds from sale of other intangible assets		-			2,946
Purchase of other investments		(47,008	)		(30,095	)
Proceeds from sale of other investments		59,395			35,494
Interest received		394			411
Net cash used in investing activities		810			(1,638	)

Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		66			281
Repayment of short-term borrowings		(16,862	)		(62	)
Payment of principal portion of lease liabilities		(499	)		(408	)
Dividend paid		(4,979	)		(4,146	)
Interest paid		(872	)		(616	)
Net cash used in financing activities		(23,146	)		(4,951	)

Net (decrease)/increase in cash and cash equivalents		(6,400	)		(4,931	)
Effect of exchange rate changes on cash and cash equivalents		641			91
Cash and cash equivalents at the beginning of the period⁽¹⁾		14,852			14,820
Cash and cash equivalents at the end of the period⁽²⁾		9,093			9,980

	By order of the Board
	For Dr. Reddy’s Laboratories Limited



Place: Hyderabad	G V Prasad
Date: 28 October 2022	Co-Chairman & Managing Director

S.No	Name of the Company

Subsidiaries
1	Aurigene Discovery Technologies Limited
2	Cheminor Investments Limited
3	Dr. Reddy’s Bio-Sciences Limited
4	Dr. Reddy’s Formulations Limited
5	Dr. Reddy’s Farmaceutica Do Brasil Ltda.
6	Dr. Reddy's Laboratories SA
7	Idea2Enterprises (India) Private Limited
8	Imperial Credit Private Limited
9	Industrias Quimicas Falcon de Mexico, S.A.de C.V.
10	Svaas Wellness Limited (Formerly known as Regkinetics Services Limited)
11	Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.
12	Aurigene Pharmaceutical Services Limited
13	beta Institut gemeinnützige GmbH

	Q2 FY23		Q2 FY22		YoY			Q1 FY23		QoQ
Segment	(Rs.)		(Rs.)		Growth %			(Rs.)		Growth %
Global Generics	55,946		47,431		18			44,324		26
North America		28,001		18,909		48			17,815		57
Europe		4,199		4,135		2			4,141		1
India		11,500		11,402		1			13,339		(14	)
Emerging Markets		12,246		12,985		(6	)		9,028		36
Pharmaceutical Services and Active Ingredients (PSAI)		6,434		8,372		(23	)		7,090		(9	)
Others		677		1,829		(63	)		740		(9	)
Total		63,057		57,632		9			52,154		21

14	betapharm Arzneimittel GmbH
15	Chirotech Technology Limited
16	DRL Impex Limited
17	Dr. Reddy’s Laboratories (Australia) Pty. Limited
18	Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited
19	Dr. Reddy’s Laboratories Canada, Inc.
20	Dr. Reddy’s Laboratories B.V.
21	Dr. Reddy's Laboratories Chile SPA.
22	Dr. Reddy’s Laboratories (EU) Limited
23	Dr. Reddy’s Laboratories Inc.
24	Dr. Reddy's Laboratories Japan KK
25	Dr. Reddy’s Laboratories Kazakhstan LLP
26	Dr. Reddy’s Laboratories LLC, Ukraine
27	Dr. Reddy's Laboratories Louisiana LLC
28	Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.
29	Dr. Reddy’s Laboratories New York, LLC
30	Dr. Reddy's Laboratories Philippines Inc.
31	Dr. Reddy’s Laboratories (Proprietary) Limited
32	Dr. Reddy's Laboratories Romania S.R.L.
33	Dr. Reddy's Laboratories SAS
34	Dr. Reddy's Laboratories Taiwan Limited
35	Dr. Reddy's Laboratories (Thailand) Limited
36	Dr. Reddy’s Laboratories (UK) Limited
37	Dr. Reddy’s New Zealand Limited
38	Dr. Reddy's Research and Development B.V.
39	Dr. Reddy’s Srl
40	Dr. Reddy's Venezuela, C.A.
41	Lacock Holdings Limited
42	Dr. Reddy’s Laboratories LLC, Russia
43	Promius Pharma LLC
44	Reddy Holding GmbH
45	Reddy Netherlands B.V.
46	Reddy Pharma Iberia SAU
47	Reddy Pharma Italia S.R.L
48	Reddy Pharma SAS
49	Nimbus Health GmbH

Joint ventures
1	DRES Energy Private Limited
2	Kunshan Rotam Reddy Pharmaceutical Company Limited

Other consolidating entities
1	Cheminor Employees Welfare Trust
2	Dr. Reddy's Research Foundation

		All amounts in Indian Rupees millions
		Quarter ended									Half year ended						Year ended
Sl. No.	Particulars	30.09.2022			30.06.2022			30.09.2021			30.09.2022			30.09.2021			31.03.2022
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Net sales/income from operations		61,632			48,180			55,167			109,812			103,429			205,144
	b) License fees and service income		1,425			3,974			2,465			5,399			3,397			9,247
	c) Other operating income		261			175			237			436			494			1,061

	Total revenue from operations		63,318			52,329			57,869			115,647			107,320			215,452

2	Other income		408			8,539			2,055			8,825			3,134			4,844

3	Total income (1 + 2)		63,726			60,868			59,924			124,472			110,454			220,296

4	Expenses
	a) Cost of materials consumed		6,688			11,891			8,232			18,579			19,371			43,124
	b) Purchase of stock-in-trade		8,089			8,755			10,314			16,844			20,049			34,837
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		3,693			(1,533	)		1,730			2,160			(2,123	)		(3,539	)
	d) Employee benefits expense		11,517			10,457			10,104			21,974			19,569			38,858
	e) Depreciation and amortisation expense		3,092			3,018			2,941			6,110			5,780			11,652
	f) Impairment of non-current assets		25			-			-			25			1,838			9,304
	g) Finance costs		309			347			234			656			427			958
	h) Selling and other expenses		14,317			13,347			13,891			27,542			27,673			55,191

	Total expenses		47,730			46,282			47,446			93,890			92,584			190,385

5	Profit before tax and before share of equity accounted investees(3 - 4)		15,996			14,586			12,478			30,582			17,870			29,911

6	Share of profit of equity accounted investees, net of tax		140			94			247			234			413			703

7	Profit before tax (5+6)		16,136			14,680			12,725			30,816			18,283			30,614

8	Tax expense/(benefit):
	a) Current tax		3,674			(2,905	)		1,668			769			3,035			11,013
	b) Deferred tax		1,320			5,695			1,099			7,015			1,486			(2,224	)

9	Net profit after taxes and share of profit of associates (7 - 8)		11,142			11,890			9,958			23,032			13,762			21,825

10	Other comprehensive income
	a) (i) Items that will not be reclassified subsequently to profit or loss		(112	)		(562	)		(101	)		(674	)		(1,344	)		(3,568	)
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			293			305
	b) (i) Items that will be reclassified subsequently to profit or loss		(189	)		(3,135	)		(137	)		(3,324	)		(205	)		653
	(ii) Income tax relating to items that will be reclassified to profit or loss		(320	)		1,568			(77	)		1,248			96			(288	)
	Total other comprehensive (loss)/income		(621	)		(2,129	)		(315	)		(2,750	)		(1,160	)		(2,898	)

11	Total comprehensive income (9 + 10)		10,521			9,761			9,643			20,282			12,602			18,927

12	Paid-up equity share capital (face value Rs. 5/- each)		832			832			832			832			832			832

13	Other equity																	191,292

14	Earnings per equity share (face value Rs. 5/- each)

	Basic		67.13			71.64			60.03			138.77			82.99			131.57
	Diluted		66.98			71.49			59.88			138.47			82.77			131.21
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

	1	These results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended.
	2	During the quarter ended 30 September 2022, an amount of Rs. 1,933 million representing government grants has been accounted for as a reduction from cost of material consumed.
	3	License fee and service income for the quarter ended 30 June 2022 includes: a. Rs. 902 million from sale of brands Z&D, Pedicloryl, Pecef and Ezinapi to J B Chemicals and Pharmaceuticals Limited; b. Rs. 1,399 million from sale of brands Styptovit-E, Finast, Finast-T and Dynapres to Torrent Pharmaceuticals Limited. These transactions pertain to Company’s Global Generics segment.
	4	On 23 June 2022, the Company entered into a Settlement Agreement with Indivior Inc., Indivior UK Limited and Aquestive Therapeutics, Inc. Pursuant to the agreement, the Company will receive payments totaling U.S.$ 72 million by 31 March 2024. The said agreement resolves all claims between the parties relating to the Company’s generic buprenorphine and naloxone sublingual film including Indivior’s and Aquestive’s patent infringement allegations and the Company’s antitrust counterclaims. On 28 June 2022 the U.S. Court dismissed all claims and counterclaims pending in the case with prejudice, pursuant to a joint stipulation of dismissal filed by the parties. The Company recognised the present value of the amount receivable at Rs.5,638 million (U.S.$ 71.39 million discounted to present value) on the date of the settlement as ‘Other income’ in the consolidated financial results of the Company. The aforesaid transaction pertain to Company’s Global Generics segment.
	5	As the revenues and gross profits of the Proprietary Products segment are considerably lower than the quantitative thresholds mentioned in IND AS 108, “Operating Segments”, the Company believes that Proprietary Products segment no longer qualifies to be a reportable segment and consequently, effective 1 April 2022, the Company included the financial information relating to Proprietary Products Segment in “Others”. The corresponding information relating to Proprietary Products segment for earlier periods has been restated to reflect the aforementioned change.
	6	During the quarter ended 30 June 2022, pursuant to a change in the U.S. Income tax regulations relating to the timing of recognition of certain sales based accruals, the Company recognised a reduction in current tax liability of Rs. 4,768 million with a corresponding increase in the deferred tax liability.
	7	License fee and service income for the year ended 31 March 2022 includes: a) Rs. 1,774 million towards the sale of territorial rights relating to two of the Company’s anti-bacterial brands (Ciprolet® and Levolet®) in Russia and CIS region to Alium JSC; b) Rs. 390 million towards the sale of two of the Company’s Brands (Daffy bar and Combihale) in India to Mankind Pharma Limited; c) Rs. 1,084 million towards sale of its U.S. and Canada territory rights for ELYXYB (celecoxib oral solution) 25 mg/mL, to BioDelivery Sciences International, Inc. The aforesaid transactions pertain to Company’s Global Generics and Others segment.
	8	During the year ended 31 March 2022, there were significant changes to the market conditions for certain of the products forming part of Company’s Global Generics and Others segment. The changes include, decrease in the market potential of products, and increased competition leading to lower volumes and revenues not being in line with projections. Due to these adverse market developments, the Company recorded an impairment loss of Rs. 9,304 million on various non-current assets. The said impairment loss includes: a) Rs. 4,337 million relating to PPC-06 (Tepilamide Fumarate Extended Release Tablets) intangible assets under development; b) Rs. 2,955 million pertaining to Shreveport Cash Generating Unit (“CGU”) comprising of Property, plant and equipment and Goodwill; c) Rs. 174 million relating to other intangible assets.
	9	Included in “Other income” for the quarter ended 30 September 2021, is Rs.1,064 million representing the profit on sale of intangible asset, E7777 (anti-cancer agent) to Citius Pharmaceuticals, Inc. This transaction pertains to the Company’s Others segment.
	10	On 14 June 2021, the Company received the arbitration decision and award in favour of Hatchtech Pty Limited regarding the Civil Litigation and Arbitration relating to the acquisition of the product Xeglyze®. The award required the Company to pay an amount of Rs. 3,401 million (U.S.$ 46.25 million) towards milestone payments, interest, and fees. As the Company was carrying only Rs. 1,471 million (U.S.$ 20 million) as the provision towards this litigation, an additional expense of Rs. 1,930 million (U.S.$ 26.25 million) [Rs. 1,838 million (U.S.$ 25 million) as “Impairment of non-current assets” and Rs. 92 million (U.S.$ 1.25 million) as “selling and other expenses”] was recognised during the six months ended 30 September 2021. The said expense forms part of the Company’s Others segment.

	14	India’s Code on Social Security, 2020, which aims to consolidate, codify and revise certain existing social security laws, received Presidential assent in September 2020 and has been published in the Gazette of India. However, the related final rules have not yet been issued and the date on which this Code will come into effect has not been announced. The Company will assess the impact of this Code and the rules thereunder when they come into effect.

	15	The Company considered the uncertainties relating to the COVID-19 pandemic and 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, including sensitivity analysis, 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.

	16	The unaudited results were reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 28 October 2022.

	17	The results for the quarter and half year ended 30 September 2022 were subject to a “Limited Review” by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon.


per Shankar Srinivasan
Partner
Membership No.: 213271

UDIN: 22213271BBCHRE7806

	Dr. Reddy’s Laboratories Ltd.
	8-2-337, Road No. 3, Banjara Hills,
	Hyderabad - 500 034, Telangana,
	India,
	CIN : L85195TG1984PLC004507

	Tel :+91 40 4900 2900
	Fax :+91 40 4900 2999
	Email : mail@drreddys.com
	www.drreddys.com

	*	Rounded off to million.
	**	FVTPL (fair value through profit or loss)
	⁽¹⁾	Adjusted for bank overdraft of Rs. Nil and Rs. 9 million for periods ended 30 September 2022 and 30 September 2021 respectively.
	⁽²⁾	Adjusted for bank overdraft of Rs. 3 million and Rs. Nil for periods ended 30 September 2022 and 30 September 2021 respectively.

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

Place: Hyderabad	G V Prasad
Date: 28 October 2022	Co-Chairman & Managing Director