RDY 0001575872-26-000034 6-K Filing: Jan 21, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

January 2026

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

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

Hyderabad, Telangana 500 034, India

+91-40-49002900

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

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

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

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

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

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

Yes ☐ No ☒

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

EXHIBITS

Exhibit<br><br>Number		Description<br>of Exhibits
99.1		Press Release, “Dr. Reddy’s Q4 FY2025 Financial Results”, January 21, 2026.
99.2		IFRS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025.
99.3		Ind AS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025.
99.4		Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2025.

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.<br>REDDY’S LABORATORIES LIMITED<br><br>(Registrant)

Date: January 21, 2026	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary

Exhibit 99.1

	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>Web: www.drreddys.com

January 21, 2026

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

BSE Limited. (Scrip Code: 500124)

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

NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

Sub: Outcome of Board Meeting

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

1)	Unaudited Consolidated Financial Results of the Company for the quarter and nine months ended December<br>31, 2025, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards<br>Board (IASB).
2)	Press Release on Unaudited Financial Results of the Company for the quarter and nine months ended December<br>31, 2025.
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3)	Unaudited Consolidated Financial Results of the Company for the quarter and nine months ended December<br>31, 2025, as per Indian Accounting Standards.
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4)	Unaudited Standalone Financial Results of the Company for the quarter and nine months ended December 31,<br>2025, as per Indian Accounting Standards.
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5)	Limited Review Reports of the Statutory Auditors on the Unaudited Standalone and Consolidated Financial<br>Results as mentioned at serial nos. 3 & 4.
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The Board Meeting commenced at 2.00 PM IST and concluded at 4.31 PM IST.

This is for your information and record.

Thanking you,

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer & Head-CSR

Encl: as above

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

Dr. Reddy’s Q3 & 9MFY26 Financial Results

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

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

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

All amounts<br>in millions, except EPS	All US dollar<br>amounts based on convenience translation rate of 1 USD = ₹89.84

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

Particulars	Q3FY26	Q3FY25	YoY			Q2FY26	QoQ
	()	()	Gr<br>%			()	Gr%
Global<br>Generics	79,113	73,753		7		78,498		1
North America	29,644	33,834		(12	)	32,408		(9	)
Europe	14,476	12,096		20		13,762		5
India	16,032	13,464		19		15,780		2
Emerging<br>Markets	18,961	14,358		32		16,548		15
Pharmaceutical<br>Services and Active Ingredients (PSAI)	8,018	8,219		(2	)	9,450		(15	)
Others	137	1,614		(92	)	103		33
Total	87,268	83,586		4		88,051		(1	)

All values are in Indian Rupees.

Revenue Mix by Segment for the nine months period

Particulars	9MFY26	9MFY25	YoY
	()	()	Gr%
Global Generics	233,231	214,187		9
North America	96,175	109,578		(12	)
Europe	40,981	23,132		77^
India	46,523	40,687		14
Emerging Markets	49,552	40,791		21
PSAI	25,649	24,283		6
Others	1,891	2,005		(6	)
Total	260,771	240,475		8

All values are in Indian Rupees.

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

Consolidated Income Statement for the quarter

Particulars	Q3FY26				Q3FY25				YoY			Q2FY26				QoQ
	()		()		()		()		Gr %			()		()		Gr%
Revenues	971		87,268		930		83,586			4.4		980		88,051			(0.9	)
Cost of Revenues	450		40,462		384		34,534			17		444		39,911			1
Gross Profit	521		46,806		546		49,052			(5	)	536		48,140			(3	)
% of Revenues			53.6	%			58.7	%						54.7	%
Selling, General & Administrative Expenses	300		26,918		268		24,117			12		294		26,436			2
% of Revenues			30.8	%			28.9	%						30.0	%
Research & Development Expenses	68		6,149		74		6,658			(8	)	69		6,202			(1	)
% of Revenues			7.0	%			8.0	%						7.0	%
Impairment of Non-Current Assets, net	3		271		(0	)	(4	)		(6,875	)	7		662			(59	)
Other (Income)/Expense, net	(9	)	(770	)	(5	)	(439	)		75		(30	)	(2,673	)		(71	)
Results from Operating Activities	158		14,238		208		18,720			(24	)	195		17,513			(19	)
Finance (Income)/Expense, net	(13	)	(1,168	)	0		20			(5,940	)	(9	)	(774	)		51
Share of Profit of Equity Investees, net of tax	(0	)	(23	)	(0	)	(42	)		(45	)	(1	)	(63	)		(63	)
Profit before Income Tax	172		15,429		209		18,742			(18	)	204		18,350			(16	)
% of Revenues			17.7	%			22.4	%						20.8	%
Income Tax Expense	39		3,533		52		4,704			(25	)	45		4,082			(13	)
Profit for the Period	132		11,896		156		14,038			(15	)	159		14,268			(17	)
% of Revenues			13.6	%			16.8	%						16.2	%
Attributable to Equity holders of the Parent Co.	135		12,098		157		14,133			(14	)	160		14,372			(16	)
% of Revenues			13.9	%			16.9	%						16.3	%
Attributable to Non-controlling interests	(2	)	(202	)	(1	)	(95	)		113		(1	)	(104	)		95
Diluted Earnings per Share (EPS)	0.16		14.52		0.19		16.94			(14	)	0.19		17.25			(16	)

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

Particulars	Q3FY26				Q3FY25				Q2FY26
	()		()		()		()		()		()
Profit before Income Tax	172		15,429		209		18,742		204		18,350
Interest (Income) / Expense, net*	(5	)	(422	)	(5	)	(475	)	(6	)	(552	)
Depreciation	35		3,178		30		2,733		34		3,091
Amortization	23		2,037		22		1,986		22		1,960
Impairment	3		271		(0	)	(4	)	7		662
EBITDA	228		20,493		256		22,982		262		23,511
% of Revenues			23.5	%			27.5	%			26.7	%

*Includes income from Investment

Consolidated Income Statement for the nine months period

Particulars	9MFY26				9MFY25				YoY
	()		()		()		()		Gr%
Revenues	2,903		260,771		2,677		240,475			8
Cost of Revenues	1,305		117,198		1,083		97,310			20
Gross Profit	1,598		143,573		1,594		143,165			0.3
% of Revenues			55.1	%			59.5	%
Selling, General & Administrative Expenses	879		79,001		777		69,815			13
% of Revenues			30.3	%			29.0	%
Research & Development Expenses	207		18,595		224		20,122			(8	)
% of Revenues			7.1	%			8.4	%
Impairment of Non-Current Assets, net	10		933		10		925			1
Other (Income)/Expense, net	(47	)	(4,182	)	(21	)	(1,893	)		121
Results from Operating Activities	548		49,226		603		54,196			(9	)
Finance (Income)/Expense, net	(39	)	(3,512	)	(26	)	(2,372	)		48
Share of Profit of Equity Investees, net of tax	(1	)	(88	)	(2	)	(162	)		(46	)
Profit before Income Tax	588		52,826		631		56,730			(7	)
% of Revenues			20.3	%			23.6	%
Income Tax Expense	140		12,565		171		15,357			(18	)
Profit for the Period	448		40,261		461		41,373			(3	)
% of Revenues			15.4	%			17.2	%
Attributable to Equity holders of the Parent Co.	452		40,649		452		40,606			0.1
% of Revenues			15.6	%			16.9	%
Attributable to Non-controlling interests	(4	)	(388	)	9		767			(151	)
Diluted Earnings per Share (EPS)	0.54		48.78		0.54		48.68			0.2

EBITDA Computation for the nine months period

Particulars	9MFY26				9MFY25
	()		()		()		()
Profit before Income Tax	588		52,826		631		56,730
Interest (Income) / Expense, net*	(22	)	(2,002	)	(31	)	(2,775	)
Depreciation	102		9,162		88		7,870
Amortization	65		5,867		52		4,634
Impairment	10		933		10		925
EBITDA	743		66,787		750		67,384
% of Revenues			25.6	%			28.0	%

*Includes income from Investment

Key Balance Sheet Items

Particulars	As on 31st Dec 2025		As on 30th Sep 2025		As on 31st Dec 2024
	()	()	()	()	()	()
Cash and Cash Equivalents and Other Investments	971	87,191	828	74,393	715	64,198
Trade Receivables	1,149	103,206	1,088	97,738	1,026	92,212
Inventories	879	79,009	844	75,821	797	71,630
Property, Plant, and Equipment	1,286	115,544	1,246	111,981	1,036	93,053
Goodwill and Other Intangible Assets	1,277	114,727	1,260	113,240	1,166	104,780
Loans and Borrowings (Current & Non-Current)	754	67,732	652	58,539	569	51,085
Trade Payables	454	40,796	448	40,248	401	36,022
Equity	4,183	375,756	4,030	362,082	3,579	321,565

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Key Business Highlights for Q3FY26

●	Entered<br>into a strategic collaboration with Immutep for commercialisation of a novel, immunotherapy<br>oncology drug, Eftilagimod Alfa, in key global markets outside North America, Europe,<br>Japan, and Greater China, for an upfront of US$20 million, potential regulatory and commercial<br>milestones of up to US$349.5 million as well as double digit royalties.
●	Launched<br>Hevaxin^®^, a novel, recombinant vaccine for the prevention of Hepatitis-E<br>virus infection in India.
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●	Integration<br>of 85% of acquired Consumer Healthcare business in Nicotine Replacement Therapy (NRT)<br>business by value completed as of December 2025.
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●	Received<br>the marketing authorization for Semaglutide injection in India from Drugs Controller<br>General of India (DCGI), following the recommendation of Subject Expert Committee<br>(SEC) under Central Drugs Standard Control Organization (CDSCO).
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●	Received<br>a Notice of Non-Compliance from Pharmaceutical Drugs Directorate in Canada for Semaglutide<br>injection, outlining requests for additional information and clarifications on specific aspects<br>of our submission. Submitted response by mid-November 2025.
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●	Completed<br>filing of the Biologics License Application (BLA) for the Intravenous (IV) presentation<br>of our abatacept biosimilar candidate in December 2025.
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●	Received<br>European Commission (EC) approval and marketing authorisation from Medicines<br>and Healthcare products Regulatory Agency (MHRA) in United Kingdom for denosumab<br>biosimilar. Launched the product in Germany in December 2025.
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●	Received<br>a Complete Response Letter (CRL) from the United States Food & Drug Administration<br>(USFDA) for denosumab biosimilar BLA, developed by our partner, Alvotech. The<br>CRL refers to the observations from a pre-license inspection of Alvotech’s Reykjavik<br>manufacturing facility.
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●	Received<br>a CRL for rituximab biosimilar BLA, in reference to the ongoing resolution<br>of observations arising from the Pre Approval Inspection (PAI) of our Biologics facility<br>at Bachupally, Hyderabad, Telangana, India conducted in September 2025, as well as certain<br>aspects pertaining to the BLA. Further, received a Post- Application Action Letter (PAAL)<br>from USFDA, in relation to the response submitted to the aforesaid mentioned observations<br>related to rituximab biosimilar.
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●	Aurigene<br>Pharmaceutical Services Limited (APSL), our CDMO business, served as the exclusive API manufacturer<br>for two of 46 Novel Drugs approved by USFDA in 2025.
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●	APSL<br>delivered three discovery programs through it’s in-house, AI assisted drug discovery<br>platform, ‘Aurigene.AI’.
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ESG Highlights for Q3FY26

●	Announced<br>Science-Based Net Zero Climate Targets, making us the only Indian Pharmaceutical company<br>to commit to such a target by FY2045.
●	Leadership<br>position in Carbon Disclosure Project’s (CDP) Water Security and Climate Change<br>categories for 2025.
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●	Received<br>CII Award of Merit for Excellence in 4R category, ranking in top 25 companies in India<br>for waste minimization and management.
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●	Received<br>certification from TÜV SÜD South Asia for Net Positive Water Impact (NPWI).
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●	Received<br>India’s Top 100 Great Places to Work^®^ certification, for the<br>2^nd^ consecutive year.
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●	Received<br>Industrial Green Chemistry World (IGCW) Award 2025 in MNC, Large and Medium scale<br>category at the 8^th^ IGCW Convention.
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●	Received<br>seven Eminence Awards at the 7^th^ Annual Pharmaceutical Manufacturing and<br>Automation Conclave.
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Other Updates for Q3FY26

●	Received<br>‘VAI’ as inspection outcome, following a GMP and a PAI conducted by the USFDA in July 2025 at formulations manufacturing<br>facility, FTO-11, in Srikakulam, Andhra Pradesh, India.
●	GMP<br>inspection concluded by USFDA at our API facility, CTO SEZ, in Srikakulam, Andhra<br>Pradesh, with zero observations.
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●	Received<br>a Form 483 with five observations post a GMP and a PAI conducted by USFDA at our formulations<br>facility (FTO-SEZ PU-01) in Srikakulam, Andhra Pradesh. We have responded to the agency<br>within the stipulated timeline.
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Revenue Analysis

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

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

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

Global Generics (GG)

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

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

North America

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

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

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

●	During<br>the quarter, we launched six new products, while a total of 18 new products were launched<br>during 9MFY26.
●	We<br>filed four new Abbreviated New Drug Applications (ANDAs) with the USFDA during the quarter,<br>taking the total to ten for 9MFY26.
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●	As<br>of December 31, 2025, filings pending approval from USFDA were 73 including:
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○	71<br>ANDAs (43 are Paragraph IV applications, and 21 may have a ‘First to File’ status)<br>and
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○	Two<br>New Drug Applications (NDAs) filed under Section 505(b)(2), of which one is a Paragraph IV<br>application.
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Europe

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

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

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

-	Q3FY26<br>NRT revenues at ₹7.5 billion, growth of 25% YoY and 8% QoQ.

9MFY26 NRT revenues at ₹21.2 billion.

-	Q3FY26<br>Germany revenues at ₹4.0 billion, growth of 21% YoY and 1% QoQ.

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

-	Q3FY26<br>UK revenues at ₹1.7 billion, decline of 12% YoY and growth of 6% QoQ.

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

-	Q3FY26<br>Rest of Europe revenues at ₹1.3 billion, growth of 49% YoY and 2% QoQ.

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

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

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India

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

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

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

●	As<br>per IQVIA, our rank in the Indian Pharmaceutical Market (IPM) was at 10 on a Moving Quarterly<br>Total (MQT) and Moving Annual Total (MAT) basis. We moved to the 9^th^ position<br>in December 2025.
●	As<br>per IQVIA, we continued to outperform the IPM, with secondary sales growth of 12.3% as compared<br>to IPM growth of 11.85 on a MQT basis and 9.7% as compared to IPM growth of 8.9% on a MAT<br>basis.
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●	During<br>the quarter, we launched two new brands, taking the total to 18 for 9MFY26.
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Emerging Markets

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

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

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

-	Q3FY26<br>Russia revenues at ₹10.6 billion, growth of 51% YoY and 21% QoQ.

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

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

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

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

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

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

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

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

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

Pharmaceutical Services and Active Ingredients (PSAI)

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

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

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

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

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Income Statement Highlights:

Gross Margin

●	Q3FY26at 53.6% (GG: 57.4%, PSAI: 17.3%), a decline of 505 basis points (bps) YoY and 104 bps<br>QoQ.

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

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

Selling, General & Administrative (SG&A) Expenses

●	Q3FY26at ₹26.9 billion, increase of 12% YoY and 2% QoQ.

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

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

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

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

Research & Development (R&D) Expenses

●	Q3FY26at ₹6.1 billion, decrease of 8% YoY and 1% QoQ.

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

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

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

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

Impairment

●	Q3FY26at ₹0.3 billion compared to a reversal of ₹0.004 billion in Q3FY25.

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

Other Operating Income

●	Q3FY26income at ₹0.8 billion compared to ₹0.4 billion in Q3FY25.

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

Net Finance Income/Expense

●	Q3FY26income at ₹1.2 billion compared to ₹0.02 billion expense in Q3FY25.

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

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

Profit before Tax (PBT)

●	Q3FY26at ₹15.4 billion, decline of 18% YoY and 16% QoQ.

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

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

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

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

Income Tax

●	Q3FY26at ₹3.5 billion. As % to PBT – Q3FY26: 22.9% \| Q3FY25: 25.1% \| Q2FY26: 22.2%.

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

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

Profit attributable to Equity Holders of Parent Company

●	Q3FY26at ₹12.1 billion, decline of 14% YoY and 16% QoQ.

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

9MFY26 at ₹40.6 billion, flat YoY.

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

Diluted Earnings per Share (EPS)

●	Q3FY26<br>is ₹14.52.

9MFY26 is ₹48.78.

Other Financial Highlights:

EBITDA

●	Q3FY26at ₹20.5 billion, decline of 11% YoY and 13% QoQ.

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

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

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

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

Others:

●	Operating<br>Working Capital: As on 31^st^ December 2025 at ₹141.4 billion.
●	Capital<br>Expenditure: Q3FY26 at ₹6.7 billion.
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●	Free<br>Cash Flow: Q3FY26 at ₹3.7 billion.
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●	Net<br>Cash Surplus: As on 31^st^ December 2025 at ₹30.7 billion.
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●	Net<br>Debt to Equity: As on 31^st^ December 2025 is (0.08).
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●	Annualized<br>Return on Capital Employed (RoCE): Q3FY26 stood at 20.4%.
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About key metrics and non-GAAP Financial Measures

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

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

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

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to “Reconciliation of GAAP to Non-GAAP Results” table in this press release.

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars
	(₹)
Inventories	79,009
Trade Receivables	103,206
Less:
Trade Payables	(40,796	)
Operating Working Capital	141,419

Free Cash Flow

Particulars
	(₹)
Net cash generated from operating activities	13,975
Less:
Taxes	(3,067	)
Investments in Property, Plant & Equipment	(7,168	)
Free Cash Flow before Acquisitions	3,739
Less:
Acquisition related pay-outs	-
Free Cash Flow	3,739

Net Cash Surplus and Debt to Equity

Particulars	As on 31^st^ Dec 2025
		(₹)
Cash and Cash Equivalents		18,657
Investments		68,534
Short-term Borrowings		(50,286	)
Long-term Borrowings (Current & Non-current)		(17,446	)
Less:
Restricted Cash Balance – Unclaimed Dividend and others		739
Lease liabilities (Included in Short-term and Long-term Borrowings)		(13,646	)
Equity Investments (Included in Investments)		1,673
Net Cash Surplus		30,677
Equity		375,756
Net Debt/Equity		(0.08	)

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Computation of RoCE

Particulars	As on 31st Dec 2025
	()
Profit before Tax	15,429
Less:
Interest and Investment Income (Excluding forex gain/loss)	(422	)
Earnings Before Interest and taxes [A]	15,007
Average Capital Employed [B]	332,537
Annualised Return on Capital Employed (A/B) (Ratio)	20.4	%

All values are in Indian Rupees.

Computation of Capital Employed:

Particulars	As on
	Dec 31,<br><br>2025			Mar 31,<br><br>2025
Property Plant and Equipment		115,544			97,761
Intangibles		102,317			96,803
Goodwill		12,410			11,810
Investment in Equity Accounted Associates		5,348			4,811
Other Current Assets		32,486			30,142
Other Non-Current Assets		1,096			972
Inventories		79,009			71,085
Trade Receivables		103,206			90,420
Derivative Financial Instruments		(2,889	)		(729	)
Less:
Other Liabilities		48,393			48,788
Provisions		6,704			6,324
Trade payables		40,796			35,523
Operating Capital Employed		352,634			312,440
Average Capital Employed		332,537

Computation of EBITDA

Refer page no. 3 & 4.

Earnings Call Details

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

Date: Wednesday, January 21, 2026

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

Conference<br>Joining Information
Pre-register<br>with the below link and join
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https://drreddys.zoom.us/webinar/register/WN_wj_WaDfNT8m2RusUHh-ldQ

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, our quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2025, September 30, 2025 and our other filings with US SEC. The company assumes no obligation to update any information contained herein.

Exhibit 99.2

	Dr. Reddy’s Laboratories Ltd.<br><br>8-2-337, Road No. 3, Banjara Hills,<br><br>Hyderabad - 500 034, Telangana,<br><br>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 and nine months ended 31 December 2025 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

								All amounts in Indian Rupees millions
		Quarter ended									Nine months ended						Year ended
Sl. No.	Particulars	31.12.2025			30.09.2025			31.12.2024			31.12.2025			31.12.2024			31.03.2025
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenues		87,268			88,051			83,586			260,771			240,475			325,535
2	Cost of revenues		40,462			39,911			34,534			117,198			97,310			135,107
3	Gross profit (1 - 2)		46,806			48,140			49,052			143,573			143,165			190,428
4	Selling, general and administrative expenses		26,918			26,436			24,117			79,001			69,815			93,870
5	Research and development expenses		6,149			6,202			6,658			18,595			20,122			27,380
6	Impairment of non-current assets, net		271			662			(4	)		933			925			1,693
7	Other income, net		(770	)		(2,673	)		(439	)		(4,182	)		(1,893	)		(4,358	)
	Total operating expenses		32,568			30,627			30,332			94,347			88,969			118,585
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		14,238			17,513			18,720			49,226			54,196			71,843
	Finance income		2,112			1,681			798			6,193			4,545			7,553
	Finance expense		(944	)		(907	)		(818	)		(2,681	)		(2,173	)		(2,829	)
9	Finance income, net		1,168			774			(20	)		3,512			2,372			4,724
10	Share of profit of equity accounted investees, net of tax		23			63			42			88			162			217
11	Profit before tax (8 + 9 + 10)		15,429			18,350			18,742			52,826			56,730			76,784
12	Tax expense, net		3,533			4,082			4,704			12,565			15,357			19,539
13	Profit for the period/year (11 - 12)		11,896			14,268			14,038			40,261			41,373			57,245
	Attributable to:
	Equity holders of the parent company		12,098			14,372			14,133			40,649			40,606			56,544
	Non-controlling interests		(202	)		(104	)		(95	)		(388	)		767			701
14	Earnings per equity share attributable to equity shareholders of parent
	Basic earnings per share of Re.1/- each		14.53			17.26			16.96			48.83			48.75			67.88
	Diluted earnings per share of Re.1/- each		14.52			17.25			16.94			48.78			48.68			67.78
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

Segment<br>information								All<br>amounts in Indian Rupees millions
		Quarter<br>ended						Nine<br>months ended				Year<br>ended
Sl.<br>No.	Particulars	31.12.2025		30.09.2025		31.12.2024		31.12.2025		31.12.2024		31.03.2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment<br>wise revenue and results:
1	Segment<br>revenue:
	a) Global Generics		79,113		78,498		73,753		233,231		214,187		289,552
	b) Pharmaceutical Services<br>and Active Ingredients		9,675		11,584		10,221		30,968		31,560		43,235
	c) Others		137		103		1,614		1,891		2,005		2,137
	Total		88,925		90,185		85,588		266,090		247,752		334,924
	Less: Inter-segment revenues		1,657		2,134		2,002		5,319		7,277		9,389
	Net revenues		87,268		88,051		83,586		260,771		240,475		325,535

2	Segment<br>results:
	Gross profit from each segment
	a) Global Generics		45,375		46,428		45,219		137,889		134,899		179,606
	b) Pharmaceutical Services<br>and Active Ingredients		1,385		1,700		2,353		4,167		6,639		9,157
	c) Others		46		12		1,480		1,517		1,627		1,665
	Total		46,806		48,140		49,052		143,573		143,165		190,428
	Less: Selling and other un-allocable<br>expenditure, net of other income		31,377		29,790		30,310		90,747		86,435		113,644
	Total profit<br>before tax		15,429		18,350		18,742		52,826		56,730		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, have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the International Accounting Standards Board (IASB), and presented as per the format of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 21 January 2026. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.
2	The Government of India has consolidated 29 existing<br>labour legislations into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020,<br>Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the “New<br>Labour Codes”). The New Labour Codes are effective from 21 November 2025 and introduce changes, among other things, setting a uniform<br>definition of wages. The Government is in the process of issuing related rules to the New Labour Codes. The New Labour Codes have implications<br>on employee benefits including gratuity, leave encashment, and other related obligations.<br><br>The Company has assessed the implications of the New<br>Labour Codes and has recognized an incremental cost of Rs.1,170 million towards employee benefits during the three months ended 31 December<br>2025. The Company continues to monitor the developments pertaining to the New Labour Codes and the impact of these will be accounted in<br>accordance with applicable accounting standards.
3	During the nine months ended 31 December 2025, consequent<br>to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site<br>in Middleburgh, New York. Consequent to discontinuance of development, the Company recorded the following financial impacts, resulting<br>in a net loss of Rs.47 million in the income statement:<br><br>- Impairment loss of the entire carrying value of<br>Rs.535 million for property, plant and equipment;<br><br>- Inventory related provisions of Rs.260 million;<br><br>- Other development program related wind down costs<br>of Rs.129 million;<br><br>- Gain recognized from the write back of liabilities<br>no longer required of Rs.877 million.<br><br>This transaction pertains to the Company’s Global<br>Generics segment.
4	“Other income, net” for the nine months ended 31 December 2025 includes an amount of Rs. 748 million representing payment for avoided litigation costs pursuant to settlement of product related litigations, by the Company in the United States.
5	During the nine months 31 December 2025, the Company<br>received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January<br>2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections,<br>and a revised report was issued on 15 September 2025. The Company submitted further objections, stating that the specified services should<br>not be subject to VAT on 6 October 2025 and is awaiting the final tax assessment.<br><br>Based on its best estimate, the Company has recorded<br>a provision of Rs.695 million under “Selling, general and administrative expenses”, and believes that the likelihood of any<br>further liability that may arise on account of this is not probable.
6	"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<br>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<br>of certain product related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying<br>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<br>Global Generics segment.
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7	“Other income, net” for the year ended<br>31 March 2025 includes cumulative amount of foreign exchange gain of Rs.1,551 million, reclassified from the foreign currency translation<br>reserve upon divestment of the membership interest in the subsidiary “Dr. Reddy’s Laboratories Louisiana LLC”.<br><br>This transaction pertains to the Company's Global<br>Generics segment.
8	Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs.473 million, created in earlier period on land, during the nine months ended 31 December 2024.
9	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 July 6, 2021 the Company received a subpoena from the SEC for the production of related documents, which were provided<br>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.
10	The Company considered the uncertainties relating to geo-political conflicts (including Russia and Ukraine) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.
		By order of the Board
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		For Dr. Reddy’s Laboratories Limited

Place: Hyderabad		G V Prasad
Date: 21 January 2026		Co-Chairman & Managing Director

DIN : 00057433

Exhibit 99.3

	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 and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

1.	We have reviewed the accompanying “Statement of Unaudited Consolidated Financial Results for the<br>Quarter and Nine months ended 31 December 2025” (the “Statement”) of Dr. Reddy’s Laboratories Limited (the “Holding<br>Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates<br>and joint ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI<br>(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
2.	The Holding Company’s Management is responsible for the preparation of the Statement in accordance<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 Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding<br>Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
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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.
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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
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4.	beta Institut gemeinnützige GmbH
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5.	betapharm Arzneimittel GmbH
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6.	Cheminor Investments Limited
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7.	Dr. Reddy’s Farmaceutica Do Brasil Ltda.
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8.	Dr. Reddy’s Laboratories (EU) Limited
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9.	Dr. Reddy’s Laboratories (Proprietary) Limited
---	---
10.	Dr. Reddy’s Laboratories (UK) Limited
---	---
11.	Dr. Reddy’s Laboratories Canada, Inc.
---	---
12.	Dr. Reddy’s Laboratories Chile SPA.
---	---
13.	Dr. Reddy’s Laboratories Inc.
---	---

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

14.	Dr. Reddy’s Laboratories Japan KK
15.	Dr. Reddy’s Laboratories Kazakhstan LLP
---	---
16.	Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.
---	---
17.	Dr. Reddy’s Laboratories New York, LLC
---	---
18.	Dr. Reddy’s Laboratories Philippines Inc.
---	---
19.	Dr. Reddy’s Laboratories Romania Srl
---	---
20.	Dr. Reddy’s Laboratories SA
---	---
21.	Dr. Reddy’s Laboratories Taiwan Limited
---	---
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
---	---
28.	Dr. Reddy’s Laboratories SAS
---	---
29.	Dr. Reddy’s Netherlands B.V. (Formally Dr. Reddy’s Research and Development B.V.)
---	---
30.	Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited
---	---
31.	DRL Impex Limited
---	---
32.	Dr. Reddy’s Formulations Limited
---	---
33.	Idea2Enterprises (India) Pvt. Limited
---	---
34.	Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited, till August 05, 2025)
---	---
35.	Industrias Quimicas Falcon de Mexico, S.A. de CV
---	---
36.	Lacock Holdings Limited
---	---
37.	Dr. Reddy’s Laboratories LLC, Russia
---	---
38.	Promius Pharma LLC
---	---
39.	Reddy Holding GmbH
---	---
40.	Reddy Netherlands B.V.
---	---
41.	Reddy Pharma Iberia SAU
---	---
42.	Reddy Pharma Italia S.R.L.
---	---
43.	Reddy Pharma SAS
---	---
44.	Svaas Wellness Limited
---	---
45.	Nimbus Health GmbH
---	---
46.	Dr. Reddy’s Laboratories Jamaica Limited
---	---
47.	Dr. Reddy’s and Nestle Health Science Limited (Formerly, Dr. Reddy’s Nutraceuticals Limited)
---	---
48.	Northstar Switzerland SARL
---	---
49.	North Star OpCo Limited
---	---
50.	North Star Sweden AB
---	---
51.	Dr. Reddy’s Denmark ApS
---	---
52.	Dr. Reddy’s Finland Oy (Effective from December 20, 2024)
---	---
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 Company Limited)
---	---

Other Consolidating Entities

1.	Dr. Reddy’s Employees ESOS Trust
2.	Cheminor Employees Welfare Trust
---	---
3.	Dr. Reddy’s Research Foundation
---	---

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

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004


per Shankar Srinivasan
Partner
Membership No.: 213271
UDIN: 26213271KJKVEJ8016
Place: Hyderabad
Date: January 21, 2026
	Dr. Reddy’s Laboratories Ltd.<br><br>8-2-337, Road No. 3, Banjara Hills<br><br>Hyderabad – 500 034, Telangana,<br>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>Web: www.drreddys.com
---	---

DR. REDDY’S LABORATORIES LIMITED

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

All amounts in Indian Rupees millions

		Quarter ended									Nine months ended						Year ended
Sl. No.	Particulars	31.12.2025			30.09.2025			31.12.2024			31.12.2025			31.12.2024			31.03.2025
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Sales		84,204			86,386			79,960			253,256			234,215			316,320
	b) License fees and service income		3,066			1,663			3,626			7,515			6,259			9,215
	c) Other operating income		264			234			226			767			681			904
	Total revenue from operations		87,534			88,283			83,812			261,538			241,155			326,439
2	Other income		2,688			3,239			1,502			8,830			6,156			10,973
3	Total income (1 + 2)		90,222			91,522			85,314			270,368			247,311			337,412
4	Expenses
	a) Cost of materials consumed		18,255			14,413			14,526			53,026			39,670			56,835
	b) Purchase of stock-in-trade		15,421			17,459			10,507			45,039			37,136			48,411
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(2,723	)		(635	)		782			(7,800	)		(5,507	)		(5,447	)
	d) Employee benefits expense		15,885			14,521			13,665			45,441			41,794			55,800
	e) Depreciation and amortisation expense		5,210			5,046			4,714			15,017			12,490			17,037
	f) Impairment of non-current assets, net		270			673			(4	)		943			925			1,693
	g) Finance costs		944			907			817			2,681			2,172			2,829
	h) Other expenses		21,551			21,753			21,606			64,179			62,050			83,676
	Total expenses		74,813			74,137			66,613			218,526			190,730			260,834
5	Profit before tax and before share of equity accounted investees(3 - 4)		15,409			17,385			18,701			51,842			56,581			76,578
6	Share of profit of equity accounted investees, net of tax		23			63			42			88			162			217
7	Profit before tax (5+6)		15,432			17,448			18,743			51,930			56,743			76,795
8	Tax expense/(benefit):
	a) Current tax		2,074			1,847			5,330			14,182			18,258			22,581
	b) Deferred tax		1,462			2,233			(629	)		(1,615	)		(2,900	)		(3,038	)
9	Net profit after taxes and share of profit of associates (7 - 8)		11,896			13,368			14,042			39,363			41,385			57,252
10	Net profit after taxes attributable to
	a) Equity shareholders of the parent company		12,099			13,471			14,137			39,751			40,618			56,551
	b) Non-controlling interests		(203	)		(103	)		(95	)		(388	)		767			701
11	Other comprehensive income/(loss)
	a) (i) Items that will not be reclassified subsequently to profit or loss		(16	)		(14	)		(52	)		(25	)		(176	)		(293	)
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			24
	b) (i) Items that will be reclassified subsequently to profit or loss		1,810			862			(2,142	)		4,749			951			2,376
	(ii) Income tax relating to items that will be reclassified to profit or loss		(24	)		270			170			213			180			(58	)
	Total other comprehensive income/(loss)		1,770			1,118			(2,024	)		4,937			955			2,049
12	Total comprehensive income (9 + 11)		13,666			14,486			12,018			44,300			42,340			59,301
13	Total comprehensive income attributable to
	a) Equity shareholders of the parent company		13,869			14,589			12,113			44,688			41,573			58,600
	b) Non-controlling interest		(203	)		(103	)		(95	)		(388	)		767			701
14	Paid-up equity share capital (face value Re. 1/- each)		835			835			834			835			834			834
15	Other equity																	334,662
16	Earnings per equity share attributable to equity shareholders of parent(face value Re. 1/- each)
	Basic		14.53			16.18			16.97			47.76			48.77			67.89
	Diluted		14.52			16.17			16.94			47.70			48.69			67.79
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results


Segment information	All amounts in Indian Rupees millions
---	---
		Quarter ended						Nine months ended				Year ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---
Sl. No.	Particulars	31.12.2025		30.09.2025		31.12.2024		31.12.2025		31.12.2024		31.03.2025
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Global Generics		79,568		78,235		73,813		233,535		214,378		289,810
	b) Pharmaceutical Services and Active Ingredients		9,472		12,079		10,387		31,425		32,049		43,868
	c) Others		151		103		1,614		1,897		2,005		2,150
	Total		89,191		90,417		85,814		266,857		248,432		335,828
	Less: Inter-segment revenue		1,657		2,134		2,002		5,319		7,277		9,389
	Total revenue from operations		87,534		88,283		83,812		261,538		241,155		326,439
2	Segment results:
	Gross profit from each segment
	a) Global Generics		45,411		46,431		45,219		137,928		134,899		179,606
	b) Pharmaceutical Services and Active Ingredients		1,360		1,706		2,359		4,153		6,652		9,178
	c) Others		43		5		1,478		1,507		1,625		1,665
	Total		46,814		48,142		49,056		143,588		143,176		190,449
	Less: Selling and other un-allocable expenditure/(income), net		31,382		30,694		30,313		91,658		86,433		113,654
	Total profit before tax		15,432		17,448		18,743		51,930		56,743		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<br>of Dr. Reddy’s Laboratories Limited (“the Company”), together with its subsidiaries (collectively, “the Company”)<br>joint ventures and associates, have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) prescribed<br>under section 133 of Companies Act,2013 (“the Act”) read with relevant rules issues thereunder, other accounting principles<br>generally accepted in India and guidelines issues by the Securities and Exchange Board of India (“SEBI”) were reviewed and<br>recommended by Audit Committee and approved by the Board of Directors at their meetings held on 21 January 2026. The Statutory Auditors<br>have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.
2	The Government of India has consolidated 29 existing labour legislations<br>into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations<br>Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the “New Labour Codes”).<br>The New Labour Codes are effective from 21 November 2025 and introduce changes that include, among other things, setting a uniform definition<br>of wages. The Government is in the process of issuing related rules. The New Labour Codes have implications on employee benefits including<br>gratuity, leave encashment, and other related obligations.<br>The Company has assessed the implications of the New Labour Codes and<br>has recognized an incremental cost of Rs.1,170 million towards employee benefits during the three months ended 31 December 2025. The<br>Company continues to monitor the developments pertaining to the New Labour Codes and the impact of these will be accounted in accordance<br>with applicable accounting standards.
---	---
3	During the nine months ended 31 December, 2025, consequent to<br>certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site<br>in Middleburgh, New York.<br>Consequent to discontinuance of development, the Company recorded the following financial impacts, resulting<br>in a net loss of Rs.934 million in the income statement.<br><br>- Impairment loss of the entire carrying value of<br>Rs.545 million for property, plant and equipment;<br><br>- Inventory related provisions of Rs.260 million;<br><br>- Other development program related wind down costs of Rs.129 million;<br><br>This transaction pertains to the Company’s Global Generics segment.
---	---
4	Other income for the nine months ended 31 December 2025 includes<br>Rs. 748 million representing payment for avoided litigation costs pursuant to settlement of product related litigations, by the Company<br>in the United States.
---	---
5	During the nine months ended 31 December, 2025, the Company received<br>a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020<br>to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections,<br>and a revised report was issued on 15 September, 2025. The Company submitted further objections, stating that the specified services<br>should not be subject to VAT on 6 October, 2025 and is awaiting the final tax assessment.<br>Based on its best estimate, the Company<br>has recorded a provision of Rs.695 million under “Other expenses”, and believes that the likelihood of any further liability<br>that may arise on account of this is not probable.
---	---
6	“Impairment of non-current assets, net” for the year<br>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.


7	“Other income” for the year ended 31 March 2025 includes<br>cumulative amount of foreign exchange gain of Rs.1,551 million, reclassified from the foreign currency translation reserve upon divestment<br>of the membership interest in the subsidiary “Dr. Reddy’s Laboratories Louisiana LLC”. This transaction pertains to<br>the Company’s Global Generics segment.
---	---
8	Pursuant to the amendment in The Finance Act 2024, resulting in<br>withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs. 473 million,<br>created in earlier periods on land, during the nine months ended 31 December 2024.
---	---
9	The Company received an anonymous complaint in September 2020,<br>alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf<br>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 July 6, 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 DOJ, including through submissions and presentations<br>regarding the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework,<br>which includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates<br>to updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement<br>actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under<br>relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time.
---	---
10	The Company considered the uncertainties relating to geo-political<br>conflicts (including Russia and Ukraine) in assessing the recoverability of receivables, goodwill, intangible assets, investments and<br>other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these<br>financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables,<br>goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future<br>economic conditions.
---	---
			By<br>order of the Board
---	---	---	---
			For Dr.<br>Reddy’s Laboratories Limited

Place: Hyderabad			G<br>V Prasad
Date: 21 January 2026			Co-Chairman<br>& Managing Director

DIN : 00057433

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 and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

1.	We have reviewed the accompanying “Statement of Unaudited Standalone Financial Results for the Quarter<br>and Nine months ended 31 December 2025” (the “Statement”) of Dr. Reddy’s Laboratories Limited (the “Company”)<br>attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations<br>and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
2.	The Company’s Management is responsible for the preparation of the Statement in accordance with<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 Regulation 33 of the Listing Regulations. The Statement has been approved by the 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.
---	---
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: 26213271ADHCAU7701
Place: Hyderabad
Date: January 21, 2026

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.<br><br>8-2-337, Road No. 3, Banjara Hills,<br><br>Hyderabad - 500 034, Telangana,<br><br>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

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

		All amounts in Indian Rupees millions
		Quarter ended									Nine months ended						Year ended
Sl. No.	Particulars	31.12.2025			30.09.2025			31.12.2024			31.12.2025			31.12.2024			31.03.2025
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Sales		40,718			45,587			47,775			163,825			164,385			218,448
	b) License fees and service income		1,946			442			2,203			2,755			10,620			12,020
	c) Other operating income		163			157			172			528			520			686
	Total revenue from operations		42,827			46,186			50,150			167,108			175,525			231,154
2	Other income		3,603			3,642			2,354			11,224			6,287			10,034
	Total income (1 + 2)		46,430			49,828			52,504			178,332			181,812			241,188
3	Expenses
	a) Cost of materials consumed		10,668			10,090			10,117			32,113			28,571			37,997
	b) Purchase of stock-in-trade		7,692			7,238			5,084			21,568			19,052			24,399
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(1,315	)		(23	)		(370	)		(3,467	)		(2,561	)		(1,739	)
	d) Employee benefits expense		9,602			8,679			7,944			27,154			24,904			32,875
	e) Depreciation and amortisation expense		3,143			2,948			2,651			8,889			7,749			10,394
	f) Impairment of non current assets, net		157			37			-			194			-			1,036
	g) Finance costs		414			334			433			940			788			1,099
	h) Other expenses		15,027			15,362			15,451			45,373			46,568			62,768
	Total expenses		45,388			44,665			41,310			132,764			125,071			168,829
4	Profit before tax (1 + 2 - 3)		1,042			5,163			11,194			45,568			56,741			72,359
5	Tax expense
	a) Current tax		130			777			2,563			10,324			14,262			17,905
	b) Deferred tax		6			513			137			853			992			960
6	Net profit for the period/year (4 - 5)		906			3,873			8,494			34,391			41,487			53,494
7	Other comprehensive income
	a) (i) Items that will not be reclassified to profit or loss		-			-			-			-			-			(103	)
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			26
	b) (i) Items that will be reclassified to profit or loss		94			(1,186	)		(779	)		(844	)		(812	)		234
	(ii) Income tax relating to items that will be reclassified to profit or loss		(24	)		299			196			213			204			(59	)
	Total other comprehensive (loss)/income		70			(887	)		(583	)		(631	)		(608	)		98
8	Total comprehensive income (6 + 7)		976			2,986			7,911			33,760			40,879			53,592
9	Paid-up equity share capital (face value Re. 1/- each)		835			835			834			835			834			834
10	Other equity																	287,732
11	Earnings per equity share (face value Re. 1/- each)
	Basic		1.09			4.65			10.20			41.32			49.81			64.22
	Diluted		1.09			4.65			10.18			41.27			49.73			64.13
			(Not<br><br>annualised)			(Not<br><br>annualised)			(Not<br><br>annualised)			(Not<br><br>annualised)			(Not<br><br>annualised)

See accompanying notes to the financial results.

DR. REDDY’S LABORATORIES LIMITED

Segment information	All amounts in Indian Rupees millions
		Quarter ended								Nine months ended						Year ended
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Sl. No.	Particulars	31.12.2025			30.09.2025		31.12.2024			31.12.2025			31.12.2024			31.03.2025
		(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Global Generics		38,129			40,170		42,401			150,540			156,315			204,602
	b) Pharmaceutical Services and Active Ingredients		6,257			8,040		8,272			21,400			24,764			33,904
	c) Others		57			20		1,281			334			1,365			1,410
	Total		44,443			48,230		51,954			172,274			182,444			239,916
	Less: Inter-segment revenue		1,616			2,044		1,804			5,166			6,919			8,762
	Total revenue from operations		42,827			46,186		50,150			167,108			175,525			231,154
2	Segment results
	Profit/(loss) before tax and interest from each segment
	a) Global Generics		2,494			5,976		8,268			46,857			54,735			69,966
	b) Pharmaceutical Services and Active Ingredients		(794	)		65		313			(950	)		97			353
	c) Others		73			48		1,255			347			1,372			1,419
	Total		1,773			6,089		9,836			46,254			56,204			71,738
	Less: (i) Finance costs		414			334		433			940			788			1,099
	(ii) Other un-allocable (income)/expenditure, net		317			592		(1,791	)		(254	)		(1,325	)		(1,720	)
	Total profit before tax		1,042			5,163		11,194			45,568			56,741			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

Notes:

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

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

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

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

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

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

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

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DR. REDDY’S LABORATORIES LIMITED

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

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

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

Place: Hyderabad	G V Prasad
Date: 21 January 2026	Co-Chairman & Managing Director

DIN : 00057433

RDY 6-K