RDY 6-K

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 x 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 x

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	Outcome of the Board Meeting held on July 23, 2025
99.2	Press Release, “Dr. Reddy’s Q1 FY2026 Financial Results”, July 23, 2025.
99.3	IFRS Unaudited Consolidated Financial Results for the quarter ended June 30, 2025.
99.4	Ind AS Unaudited Consolidated Financial Results for the quarter ended June 30, 2025.
99.5	Ind AS Unaudited Standalone Financial Results for the quarter ended June 30, 2025.
2
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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><br>(Registrant)
Date: July 23, 2025	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer
3
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Exhibit 99.1

	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: [email protected]
	Web: www.drreddys.com

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: Outcome of Board Meeting

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:

1.	Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2025, prepared<br>in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB);
2.	Press Release on Unaudited Financial Results of the Company for the quarter ended June 30, 2025;
---	---
3.	Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2025, as per Indian<br>Accounting Standards;
---	---
4.	Unaudited Standalone Financial Results of the Company for the quarter ended June 30, 2025, as per Indian<br>Accounting Standards; and
---	---
5.	Limited Review Reports of the Statutory Auditors on the Unaudited Standalone and Consolidated Financial<br>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

K Randhir Singh

Company Secretary, Compliance Officer & Head-CSR

Encl: as above

Exhibit 99.2

	CONTACT
DR. REDDY’S LABORATORIES LTD.<br><br>8-2-337, Road No. 3, Banjara Hills,<br><br>Hyderabad - 500034. Telangana, India.	Investor relationS	Media relationS
	Richa Periwal	[email protected]
	AISHWARYA SITHARAM	PRIYA K
	[email protected]	[email protected]

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

1

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<br>%				()			Gr%
Global<br>Generics		75,620			68,858				10			75,365				0
North America		34,123			38,462				(11	)		35,586				(4	)
Europe		12,744			5,265				142	^		12,750				0
India		14,711			13,252				11			13,047				13
Emerging Markets		14,042			11,878				18			13,981				0
Pharmaceutical<br>Services and Active Ingredients (PSAI)		8,181			7,657				7			9,563				(14	)
Others		1,651			212				678			132				1149
Total		85,452			76,727				11			85,060				0

All values are in Indian Rupees.

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

2

Consolidated Income Statement for the quarter

Particulars	Q1FY26				Q1FY25				YoY			Q4FY25				QoQ
	()		()		()		()		Gr %			()		()		Gr%
Revenues	997		85,452		895		76,727			11		992		85,060			0
Cost of Revenues	429		36,825		354		30,383			21		441		37,797			(3	)
Gross Profit	567		48,627		541		46,344			5		551		47,263			3
% of Revenues			56.9	%			60.4	%						55.6	%
Selling, General & Administrative Expenses	299		25,647		265		22,691			13		281		24,055			7
% of Revenues			30.0	%			29.6	%						28.3	%
Research & Development Expenses	73		6,244		72		6,193			1		85		7,258			(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	)	(2,465	)		(70	)
Results from Operating Activities	204		17,475		209		17,925			(2	)	206		17,647			(1	)
Finance (Income)/Expense, net	(18	)	(1,570	)	(10	)	(837	)		88		(27	)	(2,352	)		(33	)
Share of Profit of Equity Investees, net of tax	(0	)	(2	)	(1	)	(59	)		(98	)	(1	)	(55	)		(98	)
Profit before Income Tax	222		19,047		220		18,821			1		234		20,054			(5	)
% of Revenues			22.3	%			24.5	%						23.6	%
Income Tax Expense	58		4,951		57		4,901			1		49		4,181			18
Profit for the Period	164		14,096		162		13,920			1		185		15,873			(11	)
% of Revenues			16.5	%			18.1	%						18.7	%
Attributable to Equity holders of the Parent Co.	165		14,178		162		13,920			2		186		15,939			(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				Q1FY25				Q4FY25
	()		()		()		()		()		()
Profit before Income Tax	222		19,047		220		18,821		234		20,054
Interest (Income) / Expense, net*	(12	)	(1,028	)	(12	)	(1,037	)	(7	)	(627	)
Depreciation	34		2,894		29		2,508		31		2,636
Amortization	22		1,871		15		1,302		22		1,919
Impairment	-		-		0		5		9		768
EBITDA	266		22,784		252		21,599		289		24,749
% of Revenues			26.7	%			28.2	%			29.1	%

*Includes income from Investment

Key Balance Sheet Items

Particulars		As<br>on 30th Jun 2025						As<br>on 31st Mar 2025						As<br>on 30th Jun 2024
		()			()			()			()			()			()
Cash and Cash<br>Equivalents and Other Investments		853			73,169			797			68,299			1,115			95,599
Trade Receivables		1,110			95,137			1,055			90,420			946			81,088
Inventories		882			75,600			829			71,085			800			68,568
Property, Plant, and Equipment		1,199			1,02,784			1,140			97,761			943			80,813
Goodwill and Other Intangible<br>Assets		1,255			1,07,572			1,267			1,08,613			483			41,374
Loans and Borrowings (Current<br>& Non-Current)		567			48,644			545			46,766			358			30,675
Trade Payables		437			37,457			414			35,523			398			34,109
Equity		4,126			3,53,755			3,932			3,37,166			3,436			2,94,628

3

Key Business Highlights for Q1FY26

·	Expanded partnership with Alvotech to co-develop, manufacture and co-commercialize pembrolizumab,<br>a biosimilar candidate to Keytruda^®^.
·	Expanded collaboration with Sanofi to launch Beyfortus^TM^ (Nirsevimab), a novel drug<br>for preventing Respiratory Syncytial Virus (RSV) in India.
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·	Launched Sensimune in India, an immunotherapy product for house dust mite-induced allergies, in<br>partnership with ALK-Abelló.
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ESG Highlights and other updates for Q1FY26

·	Improved rating by Carbon Disclosure Project (CDP) to ‘A’ in the Climate category,<br>positioning us among the top 2% of the global companies assessed. We upheld our leadership status in the Water and Supplier Engagement<br>categories.
·	Received a Form 483 with two observations for Middleburgh API facility in New York. The USFDA has classified<br>the inspection outcome as 'Voluntary Action Indicated (VAI)'.
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·	Received<br>a Form 483 with two observations following GMP inspection conducted at CTO-5, our API facility in Miryalaguda, Telangana. All<br>observations have been addressed and responded to within the stipulated timelines.
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4

Revenue Analysis

·	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)

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

North America

·	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.

·	During the quarter, we launched five new products in the U.S.
·	We filed one new Abbreviated New Drug Application (ANDA) with the USFDA during the quarter.
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·	Filings pending approval from USFDA - 73 includes:
---	---
○	70 ANDAs (43 are Paragraph IV applications, and 22 may have a ‘First to File’ status and
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○	3 New Drug Applications (NDAs) filed under Section 505(b)(2)
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Europe

·	Q1FY26 revenues at ₹12.7 billion, YoY growth of 142% and flat<br>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<br>of 11%.
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○	UK at ₹1.7 billion, YoY growth of 10% and QoQ decline of 20%.
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○	Rest of Europe at ₹1.2 billion, YoY growth of 30% and QoQ growth of 9%.
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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.

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

India

·	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.

·	As per IQVIA, our IPM rank was maintained at 10.
·	During the quarter, we launched five new brands.
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○	Includes two Innovative assets Beyfortus (RSV Vaccine) & Sensimmune (Acarizex Slit)
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5

Emerging Markets

·	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<br>was due to higher volumes of existing products, new product introductions and favorable forex. QoQ gains reflect favourable forex, improved<br>pricing and higher sales volumes.
-	Revenues from other Commonwealth of Independent States (CIS) countries and Romania at ₹2.0<br>billion, YoY growth of 2% and QoQ decline of 20%. While YoY growth was supported by new product launches, whereas QoQ decline was due<br>to lower volumes.
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-	Revenues from Rest of World (RoW) territories at ₹5.0 billion, growth of 13% YoY and flat<br>QoQ. While YoY growth was due to higher sales volumes and new product launches, though partially moderated by price erosion, QoQ performance<br>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)

·	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.

6

Income Statement Highlights:

Gross Margin

·	Q1FY26 at 56.9% (GG: 60.9%, PSAI: 13.2%), a YoY decline of 350 basis points (bps) and a QoQ improvement<br>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

·	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

·	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

·	Q1FY26 income at ₹1.6 billion compared to ₹0.9 billion in Q1FY25.

Profit before Tax

·	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

·	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

·	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)

·	Q1FY26 is ₹17.02.

7

Other Financial Highlights:

EBITDA

·	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:

·	Operating<br>Working Capital: As on 30^th^ June 2025 at ₹133.3 billion.
·	Capital Expenditure: Q1FY26 at ₹6.8 billion.
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·	Free Cash Flow: Q1FY26 at ₹4.5 billion.
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·	Net Cash Surplus: As on 30^th^ June 2025 at ₹29.2 billion
---	---
·	Net Debt to Equity: As on 30^th^ June 2025 is (0.08)
---	---
·	Annualized Return on Capital Employed (RoCE): Q1FY26 stood at 22.0%
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8

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 "Reconciliation of GAAP to Non-GAAP Results" table in this press release.

9

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars	As on 30th Jun 2025
	()
Inventories	75,600
Trade Receivables	95,137
Less:
Trade Payables	(37,457	)
Operating Working Capital	133,280

All values are in Indian Rupees.

Free Cash Flow

Particulars	Three months ended<br>30th Jun 2025
	()
Net cash generated from operating activities	17,817
Less:
Taxes	(3,188	)
Investments in Property, Plant & Equipment and intangibles	(10,115	)
Free Cash Flow before Acquisitions	4,514
Less:
Acquisition related pay-outs	-
Free Cash Flow	4,514

All values are in Indian Rupees.

Net Cash Surplus and Debt to Equity

Particulars	As on 30th Jun 2025
	()
Cash and Cash Equivalents	9,004
Investments	64,165
Short-term Borrowings	(38,381	)
Long-term Borrowings (Current & Non-current)	(10,263	)
Less:
Restricted Cash Balance – Unclaimed Dividend and others	292
Lease liabilities (Included in Short-term and Long-term Borrowings)	(6,463	)
Equity Investments (Included in Investments)	1,476
Net Cash Surplus	29,220
Equity	353,755
Net Debt/Equity	(0.08	)

All values are in Indian Rupees.

10

Computation of RoCE

Particulars	As on 30th Jun 2025
	()
Profit before Tax	19,047
Less:
Interest and Investment Income (Excluding forex gain/loss)	(1,028	)
Earnings Before Interest and taxes [A]	18,019
Average Capital Employed [B]	328,294
Return on Capital Employed (A/B) (Ratio)	22.0	%

All values are in Indian Rupees.

Computation of Capital Employed:

Particulars	As on
	Jun 30, 2025		Mar 31, 2025
Property Plant and Equipment		102,784		97,761
Intangibles		95,597		96,803
Goodwill		11,975		11,810
Investment in Equity Accounted Associates		4,938		4,811
Other Current Assets		31,768		30,142
Other Investments		6,481		10,391
Other Non-Current Assets		939		972
Inventories		75,600		71,085
Trade Receivables		95,137		90,420
Derivative Financial Instruments		38		(729	)
Less:
Other Liabilities		47,254		48,788
Provisions		6,789		6,324
Trade payables		37,457		35,523
Operating Capital Employed		333,757		322,831
Average Capital Employed		328,294

Computation of EBITDA

Refer page no. 3 & 4.

11

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
https://drreddys.zoom.us/webinar/register/WN_RA32U4QvSCyTsyQgWVgrDA

Audio Link and Transcript will be available on the Company’s website: www.drreddys.com

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: www.drreddys.com.

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

12

Exhibit 99.3

	Dr. Reddy’s Laboratories Ltd.<br><br>8-2-337, Road No. 3, Banjara Hills,<br><br>Hyderabad - 500 034, Telangana, India.<br><br>CIN : L85195TG1984PLC004507<br><br>Tel : +91 40 4900 2900<br><br>Fax : +91 40 4900 2999<br><br>Email : [email protected]<br><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									Year ended
Sl. No.	Particulars	30.06.2025			31.03.2025			30.06.2024			31.03.2025
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenues		85,452			85,060			76,727			325,535
2	Cost of revenues		36,825			37,797			30,383			135,107
3	Gross profit (1 - 2)		48,627			47,263			46,344			190,428
4	Selling, general and administrative expenses		25,647			24,055			22,691			93,870
5	Research and development expenses		6,244			7,258			6,193			27,380
6	Impairment of non-current assets, net		-			768			5			1,693
7	Other income, net		(739	)		(2,465	)		(470	)		(4,358	)
	Total operating expenses		31,152			29,616			28,419			118,585
8	Results from operating activities<br><br>[(3) - (4 + 5 + 6 + 7)]		17,475			17,647			17,925			71,843
	Finance income		2,400			3,008			1,435			7,553
	Finance expense		(830	)		(656	)		(598	)		(2,829	)
9	Finance income, net		1,570			2,352			837			4,724
10	Share of profit of equity accounted investees, net of tax		2			55			59			217
11	Profit before tax (8 + 9 + 10)		19,047			20,054			18,821			76,784
12	Tax expense, net		4,951			4,181			4,901			19,539
13	Profit for the period/year (11 - 12)		14,096			15,873			13,920			57,245
	Attributable to:
	Equity holders of the parent company		14,178			15,939			13,920			56,544
	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)

Segment information	All amounts in Indian Rupees millions
		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		75,620		75,365		68,858		289,552
	b) Pharmaceutical Services and Active Ingredients		9,709		11,675		10,309		43,235
	c) Others		1,651		132		212		2,137
	Total		86,980		87,172		79,379		334,924
	Less: Inter-segment revenues		1,528		2,112		2,652		9,389
	Net revenues		85,452		85,060		76,727		325,535
2	Segment results:
	Gross profit from each segment
	a) Global Generics		46,086		44,707		44,518		179,606
	b) Pharmaceutical Services and Active Ingredients		1,082		2,518		1,768		9,157
	c) Others		1,459		38		58		1,665
	Total		48,627		47,263		46,344		190,428
	Less: Selling and other un-allocable expenditure, net of other income		29,580		27,209		27,523		113,644
	Total profit before tax		19,047		20,054		18,821		76,784

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"<br>for the year ended 31 March 2025 primarily includes:<br><br>a. Impairment of intangibles pertaining to acquisition from Mayne:<br><br>-an amount of Rs.907 million towards Haloette®<br>(a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from<br>its contract manufacturer, resulting in a lower recoverable value compared to the carrying value.<br><br>-an amount of Rs.270 million pertaining to impairment of certain product<br>related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying value.<br><br>b. Other impairments:<br><br>-an impairment loss of Rs. 288 million consequent<br>to adverse market conditions with respect to certain product related intangibles forming part of the Company’s global generic business<br>in India and Europe.<br><br>The above impairment charge pertains to the Company’s Global Generics segment.
3	“Other income, net” for the quarter and<br>year ended 31 March 2025 includes cumulative amount of foreign exchange gain of Rs. 1,551 million, reclassified from the foreign currency<br>translation reserve and a loss of Rs. 52 million due to turnaround fees paid upon divestment of the membership interest in the subsidiary<br>“Dr. Reddy’s Laboratories Louisiana LLC”.<br><br>This transaction pertains to the Company's Global<br>Generics segment.

4	Business purchase agreement with Haleon:<br><br>Effective 30 September 2024, the Company acquired<br>global Nicotine Replacement Therapy business from Haleon UK Enterprises Limited (“Haleon”), including brands in lozenge, patch,<br>spray, and gum formats sold in markets outside the United States. This transaction included transfer of intellectual property, employees,<br>manufacturing contracts, and product licenses. The marketing authorisations will transition gradually into the Company in a phased approach<br>between April 2025 and February 2026. During the transition period, Haleon group provides distribution and related services in the markets,<br>facilitating successful integration of the business across various geographies into the Company.<br><br>During the three months ended 30 June 2025, the transfer<br>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<br>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<br>equity shares having a face value of Rupee One each, fully paid-up (the “stock split”), with shareholder approval obtained<br>via postal ballot on 12 September 2024. Consequently, w.e.f. 28 October 2024, the authorized share capital, the paid-up share capital,<br>and the treasury shares were adjusted accordingly. As on 30 June 2025, the closing number of fully paid-up shares and treasury shares<br>were 834,581,775 and 2,210,925 respectively.<br><br>Further, each American Depositary Share (ADS) of the<br>Company will continue to represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary<br>Receipt(ADR) holder would consequently increase in proportion to the increase in number of equity shares.<br><br>The impact of the stock split has been considered<br>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<br>revised face value of Rupee One per share, in accordance with IAS 33 – 'Earnings per Share', and rounded off to the nearest decimals.
6	The Company received an anonymous complaint in September<br>2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or<br>on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed<br>the matter to the U.S. Department of Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities<br>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<br>Board of Directors. On 06 July 2021, the Company received a subpoena from the SEC for the production of related documents, which were<br>provided to the SEC.<br><br>The Company has continued to engage with the SEC and<br>DOJ, including through submissions and presentations regarding the initial complaint and additional complaints relating to other markets,<br>and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company, and the Company<br>is complying with its listing obligations as it relates to updating the regulatory agencies. While the findings from the aforesaid investigations<br>could result in government or regulatory enforcement actions against the Company in the United States and/or foreign jurisdictions and<br>can also lead to civil and criminal sanctions under relevant laws, the outcomes, including liabilities, are not reasonably ascertainable<br>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<br><br>For Dr. Reddy’s Laboratories Limited
---	---	---
Place: Hyderabad<br><br>Date: 23 July 2025		G V Prasad<br><br>Co-Chairman & Managing Director

Exhibit 99.4

	THE SKYVIEW 10<br><br>18th Floor, “NORTH LOBBY”<br><br>Survey No. 83/1, Raidurgam<br><br>Hyderabad - 500 032, India<br><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<br>Laboratories Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred<br>to as “the Group”), its associates and joint ventures for the quarter ended 30 June 2025 (the “Statement”), attached<br>herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure<br>Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
2.	The Holding Company’s Management is responsible for the preparation of the Statement in accordance<br>with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting”<br>prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles<br>generally accepted in India and in compliance with the Listing Regulations. The Statement has been approved by the Holding Company’s<br>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,<br>“Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered<br>Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement<br>is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible<br>for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than<br>an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become<br>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

1.	Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.
2.	Aurigene Oncology Limited (Formerly, Aurigene Discovery Technologies Limited)
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3.	Aurigene Pharmaceutical Services Limited
---	---
4.	beta Institut gemeinnützige GmbH
---	---
5.	betapharm Arzneimittel GmbH
---	---
6.	Cheminor Investments Limited
---	---

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

7.	Dr. Reddy’s Farmaceutica Do Brasil Ltda.
8.	Dr. Reddy’s Laboratories (EU) Limited
---	---
9.	Dr. Reddy’s Laboratories (Proprietary) Limited
---	---
10.	Dr. Reddy’s Laboratories (UK) Limited
---	---
11.	Dr. Reddy’s Laboratories Canada, Inc.
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12.	Dr. Reddy’s Laboratories Chile SPA.
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13.	Dr. Reddy’s Laboratories Inc.
---	---
14.	Dr. Reddy’s Laboratories Japan KK
---	---
15.	Dr. Reddy’s Laboratories Kazakhstan LLP
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16.	Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.
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17.	Dr. Reddy’s Laboratories New York, LLC
---	---
18.	Dr. Reddy’s Laboratories Philippines Inc.
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19.	Dr. Reddy’s Laboratories Romania Srl
---	---
20.	Dr. Reddy’s Laboratories SA
---	---
21.	Dr. Reddy’s Laboratories Taiwan Limited
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22.	Dr. Reddy’s Laboratories (Thailand) Limited
---	---
23.	Dr. Reddy’s Laboratories LLC, Ukraine
---	---
24.	Dr. Reddy’s New Zealand Limited.
---	---
25.	Dr. Reddy’s Srl
---	---
26.	Dr. Reddy’s Bio-Sciences Limited
---	---
27.	Dr. Reddy’s Laboratories (Australia) Pty. Limited
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28.	Dr. Reddy’s Laboratories SAS
---	---
29.	Dr. Reddy’s Netherlands B.V. (Formerly Dr. Reddy’s Research and Development B.V.)
---	---
30.	Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited
---	---
31.	DRL Impex Limited
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32.	Dr. Reddy’s Formulations Limited
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33.	Idea2Enterprises (India) Pvt. Limited
---	---
34.	Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited)
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35.	Industrias Quimicas Falcon de Mexico, S.A. de CV
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36.	Lacock Holdings Limited
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37.	Dr. Reddy’s Laboratories LLC, Russia
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38.	Promius Pharma LLC
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39.	Reddy Holding GmbH
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40.	Reddy Netherlands B.V.
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41.	Reddy Pharma Iberia SAU
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42.	Reddy Pharma Italia S.R.L.
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43.	Reddy Pharma SAS
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44.	Svaas Wellness Limited
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45.	Nimbus Health GmbH
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46.	Dr. Reddy’s Laboratories Jamaica Limited
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47.	Dr. Reddy’s and Nestle Health Science Limited (Formerly, Dr. Reddy’s Nutraceuticals Limited)
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48.	Northstar Switzerland SARL
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49.	North Star OpCo Limited
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50.	North Star Sweden AB
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51.	Dr. Reddy's Denmark ApS
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52.	Dr. Reddy's Finland Oy
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53.	Dr. Reddy’s Laboratories (Vietnam) Company Limited (incorporated on May 09, 2025)

Associates

1.	O2 Renewable Energy IX Private Limited
2.	Clean Renewable Energy KK 2A Private Limited
---	---

Joint Venture

1.	DRES Energy Private Limited
2.	Kunshan Rotam Reddy Pharmaceutical Co. Limited (Including Kunshan Rotam Reddy Medicine Co., Ltd.)
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Other Consolidating Entities

1.	Dr. Reddy’s Employees ESOS Trust
2.	Cheminor Employees Welfare Trust
---	---
3.	Dr. Reddy’s Research Foundation
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5.	Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come<br>to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles<br>laid down in the aforesaid Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013,<br>as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed<br>the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or<br>that it contains any material misstatement.
---	---

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Shankar Srinivasan

Partner

Membership No.: 213271

UDIN: 25213271BMISTI3600

Place: Hyderabad

Date: July 23, 2025

	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: [email protected]
	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
		Quarter ended									Year ended
Sl.<br>No.	Particulars	30.06.2025			31.03.2025			30.06.2024			31.03.2025
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Sales		82,666			82,105			75,396			316,320
	b) License fees and service income		2,786			2,955			1,331			9,215
	c) Other operating income		269			224			234			904
	Total revenue from operations		85,721			85,284			76,961			326,439
2	Other income		2,903			5,221			1,872			10,973
3	Total income (1 + 2)		88,624			90,505			78,833			337,412
4	Expenses
	a) Cost of materials consumed		20,358			17,165			12,272			56,835
	b) Purchase of stock-in-trade		12,159			11,275			13,801			48,411
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(4,442	)		60			(4,256	)		(5,447	)
	d) Employee benefits expense		15,035			14,006			14,137			55,800
	e) Depreciation and amortisation expense		4,761			4,547			3,806			17,037
	f) Impairment of non-current assets, net		-			768			5			1,693
	g) Finance costs		830			656			598			2,829
	h) Other expenses		20,875			22,031			19,703			83,676
	Total expenses		69,576			70,508			60,066			260,834
5	Profit before tax and before share of equity accounted investees (3 - 4)		19,048			19,997			18,767			76,578
6	Share of profit of equity accounted investees, net of tax		2			55			59			217
7	Profit before tax (5 + 6)		19,050			20,052			18,826			76,795
8	Tax expense/(benefit):
	a) Current tax		10,261			4,323			5,215			22,581
	b) Deferred tax		(5,310	)		(138	)		(313	)		(3,038	)
9	Net profit after taxes and share of profit of associates (7 - 8)		14,099			15,867			13,924			57,252
10	Net profit after taxes attributable to
	a) Equity shareholders of the parent company		14,181			15,933			13,924			56,551
	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	)
	(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		2,077			1,425			115			2,376
	(ii) Income tax relating to items that will be reclassified to profit or loss		(33	)		(238	)		(6	)		(58	)
	Total other comprehensive income / (loss)		2,049			1,094			18			2,049
12	Total comprehensive income (9 + 11)		16,148			16,961			13,942			59,301
13	Total comprehensive income attributable to
	a) Equity shareholders of the parent company		16,230			17,027			13,942			58,600
	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		-			-			-			334,662
16	Earnings per equity share attributable to equity shareholders of parent (face value Re. 1/- each)
	Basic		17.04			19.12			16.72			67.89
	Diluted		17.02			19.10			16.70			67.79
			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results

DR. REDDY'S LABORATORIES LIMITED

Segment information	All amounts in Indian Rupees millions
		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		75,732		75,432		68,929		289,810
	b) Pharmaceutical Services and Active Ingredients		9,874		11,819		10,472		43,868
	c) Others		1,643		145		212		2,150
	Total		87,249		87,396		79,613		335,828
	Less: Inter-segment revenue		1,528		2,112		2,652		9,389
	Total revenue from operations		85,721		85,284		76,961		326,439
2	Segment results:
	Gross profit from each segment
	a) Global Generics		46,086		44,707		44,518		179,606
	b) Pharmaceutical Services and Active Ingredients		1,087		2,526		1,772		9,178
	c) Others		1,459		40		58		1,665
	Total		48,632		47,273		46,348		190,449
	Less: Selling and other un-allocable expenditure, net		29,582		27,221		27,522		113,654
	Total profit before tax		19,050		20,052		18,826		76,795

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<br>(the “parent company”), together with its subsidiaries (collectively, the “Company”), joint ventures and associates,<br>which have been prepared in accordance with Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies<br>Act,2013 ("the Act") read with relevant rules issued thereunder, other accounting principles generally accepted in India and<br>guidelines issued by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by Audit Committee and<br>approved by the Board of Directors at their meeting held on 23 July 2025. The Statutory Auditors have carried out a limited review on<br>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<br>foreign exchange gain of Rs.1,493 million, reclassified from the foreign currency translation reserve and a loss of Rs.52 million due<br>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:

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.

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.

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/<br>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<br>One each, fully paid-up (the “stock split”), with shareholder approval obtained via postal ballot on 12 September 2024. Consequently,<br>w.e.f 28 October 2024, the authorized share capital, the paid-up share capital, and the treasury shares were adjusted accordingly. As<br>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<br>in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S.<br>anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of<br>Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities Exchange Board of India. The Company<br>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<br>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<br>duration of military conflict between Russia and Ukraine, in assessing the recoverability of receivables, goodwill, intangible assets,<br>investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of<br>approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying<br>amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material<br>changes to future economic conditions.
8	The figures for the quarter ended 31 March 2025 are the balancing figures between audited figures in respect<br>of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which<br>were subject to limited review.
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By order of the Board

For Dr. Reddy’s Laboratories Limited

---	---
Place: Hyderabad	G V Prasad
Date: 23 July 2025	Co-Chairman & Managing Director

Exhibit 99.5

	THE SKYVIEW 10
	18th Floor, “NORTH LOBBY”
	Survey No. 83/1, Raidurgam
	Hyderabad - 500 032, India
	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<br>Laboratories Limited (the “Company”) for the quarter ended 30 June 2025 (the “Statement”), attached herewith,<br>being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)<br>Regulations, 2015, as amended (the “Listing Regulations”).
2.	The Company’s Management is responsible for the preparation of the Statement in accordance with<br>the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting”<br>prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles<br>generally accepted in India and in compliance with the Listing Regulations. The Statement has been approved by the Company’s Board<br>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,<br>“Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered<br>Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement<br>is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible<br>for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than<br>an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become<br>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<br>the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting<br>Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued<br>thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in<br>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
Partner
Membership No.: 213271
UDIN: 25213271BMISTJ1312
Place: Hyderabad
Date: July 23, 2025

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

	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	: [email protected]
	www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2025

All<br>amounts in Indian Rupees millions
				Quarter<br>ended												Year<br>ended
Sl. No.		Particulars		30.06.2025				31.03.2025				30.06.2024				31.03.2025
				(Unaudited)				(Audited)				(Unaudited)				(Audited)
1		Revenue from<br>operations
		a) Sales			77,520				54,063				58,076				218,448
		b) License fees and service income			367				1,400				163				12,020
		c) Other operating income			208				166				173				686
		Total revenue from operations			78,095				55,629				58,412				231,154
2		Other income			3,983				4,144				2,178				10,034
		Total income (1 + 2)			82,078				59,773				60,590				241,188
3		Expenses
		a) Cost of materials consumed			11,355				9,426				9,111				37,997
		b) Purchase of stock-in-trade			6,638				5,347				7,403				24,399
		c) Changes in inventories of finished goods,<br>work-in-progress and stock-in-trade			(2,129	)			822				(1,261	)			(1,739	)
		d) Employee benefits expense			8,873				7,971				8,559				32,875
		e) Depreciation and amortisation expense			2,798				2,645				2,498				10,394
		f) Impairment of non current assets, net			-				1,036				-				1,036
		g) Finance costs			192				311				71				1,099
		h) Other expenses			14,988				16,597				15,070				62,768
		Total expenses			42,715				44,155				41,451				168,829
4		Profit before tax (1 + 2<br>- 3)			39,363				15,618				19,139				72,359
5		Tax expense / (benefit)
		a) Current tax			9,417				3,643				4,666				17,905
		b) Deferred tax			334				(32	)			301				960
6		Net profit for the period<br>/ year (4 - 5)			29,612				12,007				14,172				53,494
7		Other comprehensive income<br>/ (loss)
		a) (i) Items that will not be reclassified<br>to profit or loss			-				(103	)			-				(103	)
		(ii) Income tax relating to items that will<br>not be reclassified to profit or loss			-				26				-				26
		b) (i) Items that will be reclassified to profit<br>or loss			248				1,046				55				234
		(ii) Income tax relating to items that will<br>be reclassified to profit or loss			(63	)			(263	)			(14	)			(59	)
		Total other comprehensive<br>income / (loss)			185				706				41				98
8		Total comprehensive income<br>(6 + 7)			29,797				12,713				14,213				53,592
9		Paid-up equity share capital (face value Re.<br>1/- each)			835				834				834				834
10		Other equity															287,732
11		Earnings per equity share<br>(face value Re. 1/- each)
		Basic			35.59				14.41				17.02				64.22
		Diluted			35.54				14.39				16.99				64.13
					(Not<br>annualised)				(Not<br>annualised)				(Not<br>annualised)

See accompanying notes to the financial results.

DR. REDDY'S LABORATORIES LIMITED

Segment<br>information				All amounts<br>in Indian Rupees millions
				Quarter<br>ended												Year ended
Sl.<br>No.		Particulars		30.06.2025				31.03.2025				30.06.2024				31.03.2025
				(Unaudited)				(Audited)				(Unaudited)				(Audited)
		Segment<br>wise revenue and results
1		Segment<br>revenue
		a) Global Generics			72,241				48,287				52,447				204,602
		b) Pharmaceutical Services<br>and Active Ingredients			7,103				9,140				8,520				33,904
		c) Others			257				45				61				1,410
		Total			79,601				57,472				61,028				239,916
		Less: Inter-segment revenue			1,506				1,843				2,616				8,762
		Total revenue<br>from operations			78,095				55,629				58,412				231,154
2		Segment<br>results
		Profit / (loss) before tax<br>and interest from each segment
		a) Global Generics			38,387				15,231				19,667				69,966
		b) Pharmaceutical Services<br>and Active Ingredients			(221	)			256				(70	)			353
		c) Others			226				47				97				1,419
		Total			38,392				15,534				19,694				71,738
		Less: (i) Finance costs			192				311				71				1,099
		(ii) Other un-allocable (income)<br>/ expenditure, net			(1,163	)			(395	)			484				(1,720	)
		Total profit<br>before tax			39,363				15,618				19,139				72,359

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

Segmental capital employed

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

Notes:

1	The above statement of unaudited standalone financial results of Dr. Reddy's Laboratories<br>Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards (''Ind AS'') prescribed<br>under Section 133 of the Companies Act, 2013 ("the Act'') read with relevant rules issued thereunder, other accounting principles<br>generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI'') were reviewed and recommended<br>by the Audit Committee and approved by the Board of Directors at their meetings held on 23 July 2025. The Statutory Auditors have carried<br>out a limited review on the unaudited standalone financial results and issued unmodified report thereon.
2	"License fees and service income" for the year ended 31 March 2025 includes:
---	---

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.

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<br>includes:

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.

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.

DR. REDDY'S LABORATORIES LIMITED

4

The Board of Directors of the Company, in their meeting on 27 July 2024, approved the sub-division/<br>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<br>One each, fully paid-up (the “stock split”), with shareholder approval obtained via postal ballot on 12 September 2024. Consequently,<br>w.e.f. 28 October 2024, the authorized share capital, the paid-up share capital, and the treasury shares were adjusted accordingly. As<br>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.

5

The Company received an anonymous complaint in September 2020, alleging that healthcare professionals<br>in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S.<br>anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of<br>Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities Exchange Board of India. The Company<br>engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company’s Board of Directors. On<br>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.

6	The Company considered the uncertainties relating to the escalation of conflict in the middle<br>east, and duration of military conflict between Russia and Ukraine, in assessing the recoverability of receivables, goodwill, intangible<br>assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the<br>date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover<br>the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor<br>any material changes to future economic conditions.
7	The figures for the quarter ended 31 March 2025 are the balancing figures between audited<br>figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant<br>financial year, which were subject to limited review.
---	---
By order of the Board
---
For Dr. Reddy's Laboratories Limited
Place:	Hyderabad			<br><br>G V Prasad
---	---	---	---	---
Date:	23 July 2025			Co-Chairman & Managing Director