RDY 0001575872-24-001123 6-K Filing: Nov 5, 2024

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Novemeber 2024

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): ______

Yes ¨	No x

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): ______

Yes ¨	No x

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 FINANCIALCONDITION

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 and half year ended September 30, 2024.

On November 5, 2024, we announced our results of operations for the quarter and half year ended September 30, 2024. 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 Limited Review report and Ind AS Unaudited Standalone Financial Results with Limited Review report for the quarter and half year ended September 30, 2024, a copy of which is attached to this Form 6-K as Exhibit 99.1 , 99.2 , 99.3 and 99.4 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 and half year ended September 30, 2024.

Exhibits

Exhibit Number		Description of Exhibits
99.1		Press Release, “Dr. Reddy’s Q2 FY2025 Financial Results”, November 5, 2025.
99.2		IFRS Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2024.
99.3		Ind AS Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2024.
99.4		Ind AS Unaudited Standalone Financial Results for the quarter and half year ended September 30, 2024.

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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: November 5, 2024	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer

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Exhibit99.1

	Dr. Reddy’s Laboratories Ltd.<br><br> <br>8-2-337, Road No. 3, Banjara Hills,<br><br> <br>Hyderabad - 500 034, Telangana,<br><br> <br>India.<br><br> <br>CIN : L85195TG1984PLC004507<br><br> <br>**<br><br> <br>Tel : +91 40 4900 2900<br><br> <br>Fax : +91 40 4900 2999<br><br> <br>Email : [email protected]<br><br> <br>www.drreddys.com**

November 5, 2024

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

BSE Limited (Scrip Code: 500124)

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

NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

Sub: Disclosure under Regulation 30 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) – Board meeting outcome

We would like to inform that the Board of Directors of the Company at its meeting held on November 5, 2024, has inter alia approved the following:

1.	Financial results
a.	Unaudited Consolidated Financial Results of the Company and its subsidiaries for the quarter and half-year<br>ended September 30, 2024, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting<br>Standards Board (IASB);
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b.	Press Release on Unaudited Financial Results of the Company for the above period.
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c.	Unaudited Consolidated Financial Results of the Company and its subsidiaries for the quarter and half-year<br>ended September 30, 2024, as per Indian Accounting Standards.
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d.	Unaudited Standalone Financial Results of the Company for the quarter and half-year ended September 30,<br>2024, as per Indian Accounting Standards.
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Pursuant to Regulation 33 of the SEBI Listing Regulations, the Limited Review Reports of the Statutory Auditors on the Unaudited Standalone and Consolidated Financial Results as mentioned at serial nos. (c) & (d) are also enclosed.

2.	Investment in step-down wholly owned subsidiary company

Approval of the fund infusion by way of investment in equity shares of Dr. Reddy’s Laboratories LLC, Russia, a step-down wholly-owned subsidiary, upto an amount of Rs.600 Crores. The fund will be used for working capital requirements.

The requisite details as required under SEBI Listing Regulations, read with the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, will be disclosed to the stock exchange(s) after approval of the Board of the said step-down wholly-owned subsidiary.

The Board Meeting commenced at 9:00 a.m. IST and concluded at 3:45 p.m. 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> <br>Hyderabad - 500034. Telangana, India.	Richa Periwal<br><br> <br><br><br> <br>AISHWARYA SITHARAM	[email protected]<br><br> <br>[email protected]	USHA IYER<br><br> <br>[email protected]

Dr. Reddy’s Q2 & H1FY25 FinancialResults

Hyderabad, India, November5, 2024: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and half year ended September 30, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

	Q2FY25	H1FY25

Revenues	₹<br> 80,162 Mn<br><br> <br>[Up: 17% YoY; 4% QoQ]	₹<br> 156,889 Mn<br><br> <br>[Up: 15% YoY]

Gross Margin	59.6%<br><br> <br>[Q2FY24: 58.7%; Q1FY25:<br> 60.4%]	60.0%<br><br> <br>[H1FY24: 58.7%]

SG&A Expenses	₹<br> 23,007 Mn<br><br> <br>[Up: 22% YoY; 1% QoQ]	₹<br> 45,698 Mn<br><br> <br>[Up: 25% YoY]

R&D Expenses	₹<br> 7,271 Mn<br><br> <br>[9.1% of Revenues]	₹<br> 13,464 Mn<br><br> <br>[8.6% of Revenues]

EBITDA	₹<br> 22,803 Mn<br><br> <br>[28.4% of Revenues]	₹<br> 44,402 Mn<br><br> <br>[28.3% of Revenues]

Profit before Tax	₹<br> 19,167 Mn<br><br> <br>[Flat YoY; Up: 2% QoQ]	₹<br> 37,988 Mn<br><br> <br>[Up: 1% YoY]

Profit after Tax<br><br> <br>before Non-Controlling Interest	₹<br> 13,415 Mn<br><br> <br>[Down: 9% YoY; 4% QoQ]	₹<br> 27,335 Mn<br><br> <br>[Down: 5% YoY]

Profit after Tax<br><br> <br>attributable to Equity Holders	₹<br> 12,553 Mn<br><br> <br>[Down: 15% YoY; 10% QoQ]	₹<br> 26,473 Mn<br><br> <br>[Down: 8% YoY]

Commenting on theresults, Co-Chairman & MD, G V Prasad said:

“We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalized our venture with Nestlé and completed the acquisition of Nicotinell^®^ and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation.”

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| --- | | All amounts in millions, except EPS | All US dollar amounts based on convenience translation rate of 1 USD = ₹83.76 | | --- | --- |

Dr. Reddy’s LaboratoriesLimited & Subsidiaries

Revenue Mix by Segment forthe quarter

Particulars	Q2FY25	Q2FY24	YoY		Q1FY25	QoQ
	()	()	Gr %		()	Gr%
Global Generics		71,576		61,084	17		68,858	4
North America		37,281		31,775	17		38,462	(3	)
Europe		5,770		5,286	9		5,265	10
India		13,971		11,860	18		13,252	5
Emerging Markets		14,554		12,163	20		11,878	23
Pharmaceutical Services and Active Ingredients (PSAI)		8,407		7,034	20		7,657	10
Others		179		684	(74	)	212	(16	)
Total		80,162		68,802	17		76,727	4

All values are in Indian Rupees.

Revenue Mix by Segment forthe half year

Particulars	H1FY25	H1FY24	YoY
	()	()	Gr%
Global Generics		140,434		121,167	16
North America		75,743		63,776	19
Europe		11,035		10,333	7
India		27,223		23,342	17
Emerging Markets		26,433		23,716	11
PSAI		16,064		13,743	17
Others		391		1,276	(69	)
Total		156,889		136,186	15

All values are in Indian Rupees.

****

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Consolidated Income Statement forthe quarter

Particulars	Q2FY25				Q2FY24				YoY		Q1FY25
	()		()	()		()		Gr %		()	()		Gr%
Revenues		957		80,162			821		68,802		17			916		76,727		4
Cost of Revenues		387		32,393			339		28,434		14			363		30,383		7
Gross Profit		570		47,769			482		40,368		18			553		46,344		3
% of Revenues				59.6	%				58.7	%						60.4	%
Selling, General & Administrative Expenses		275		23,007			224		18,795		22			271		22,691		1
% of Revenues				28.7	%				27.3	%						29.6	%
Research & Development Expenses		87		7,271			65		5,447		33			74		6,193		17
% of Revenues				9.1	%				7.9	%						8.1	%
Impairment of Non-Current Assets, net		11		924			1		55		1580			0		5
Other (Income)/Expense, net		(12	)	(984	)		(21	)	(1,796	)	(45	)		(6	)	(470	)	109
Results from Operating Activities		210		17,551			213		17,867		(2	)		214		17,925		(2	)
Finance (Income)/Expense, net		(19	)	(1,555	)		(15	)	(1,225	)	27			(10	)	(837	)	86
Share of Profit of Equity Accounted Investees, net of tax		(1	)	(61	)		(1	)	(42	)	45			(1	)	(59	)	3
Profit before Income Tax		229		19,167			228		19,134		0			225		18,821		2
% of Revenues				23.9	%				27.8	%						24.5	%
Income Tax Expense		69		5,752			52		4,334		33			59		4,901		17
Profit for the Period		160		13,415			177		14,800		(9	)		166		13,920		(4	)
% of Revenues				16.7	%				21.5	%						18.1	%
Attributable to Equity holders of the parent company		150		12,553			177		14,800		(15	)		166		13,920		(10	)
Attributable to Non-controlling interests		10		862			-		-		-			-		-		-
Diluted Earnings per Share (EPS)^		0.18		15.04			0.21		17.76		(15	)		0.20		16.69		(9	)

All values are in US Dollars.

^	Historical numbers re-casted basis the increased number ofshares post share split

EBITDA Computation for thequarter

Particulars	Q2FY25				Q2FY24				Q1FY25
	()		()	()		()		()	()
Profit before Income Tax		229		19,167			228		19,134		225		18,821
Interest (Income) / Expense, net*		(15	)	(1,262	)		(14	)	(1,166	)	(12	)	(1,037	)
Depreciation		31		2,629			29		2,437		30		2,508
Amortization		16		1,346			16		1,353		16		1,302
Impairment		11		924			1		55		0		5
EBITDA		272		22,803			260		21,813		258		21,599
% of Revenues				28.4	%				31.7	%			28.2	%

All values are in US Dollars.

*	Includes income from Investment

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Consolidated Income Statement forthe half year

Particulars	H1FY25				H1FY24				YoY
	()		()	()		()		Gr %
Revenues		1,873		156,889			1,626		136,186		15
Cost of Revenues		749		62,776			672		56,265		12
Gross Profit		1,124		94,113			954		79,921		18
% of Revenues				60.0	%				58.7	%
Selling, General & Administrative Expenses		546		45,698			436		36,497		25
% of Revenues				29.1	%				26.8	%
Research & Development Expenses		161		13,464			125		10,431		29
% of Revenues				8.6	%				7.7	%
Impairment of Non-Current Assets, net		11		929			1		66		1308
Other (Income)/Expense, net		(17	)	(1,454	)		(31	)	(2,576	)	(44	)
Results from Operating Activities		424		35,476			424		35,503		(0	)
Finance (Income)/Expense, net		(29	)	(2,392	)		(24	)	(2,009	)	19
Share of Profit of Equity Accounted Investees, net of tax		(1	)	(120	)		(1	)	(85	)	41
Profit before Income Tax		454		37,988			449		37,597		1
% of Revenues				24.2	%				27.6	%
Income Tax Expense		127		10,653			105		8,772		21
Profit for the Period		326		27,335			344		28,825		(5	)
% of Revenues				17.4	%				21.2	%
Attributable to Equity holders of the parent company		316		26,473			344		28,825		(8	)
Attributable to Non-controlling interests		10		862			-		-		-
Diluted Earnings per Share (EPS)^		0.39		31.73			0.41		34.58		(8	)

All values are in US Dollars.

^	Historical numbers re-casted basis the increased number ofshares post share split

EBITDA Computation for thehalf year

Particulars	H1FY25				H1FY24
	()		()	()		()
Profit before Income Tax		454		37,988			449		37,597
Interest (Income) / Expense, net*		(27	)	(2,300	)		(22	)	(1,851	)
Depreciation		61		5,137			56		4,718
Amortization		32		2,648			32		2,656
Impairment		11		929			1		66
EBITDA		530		44,402			516		43,186
% of Revenues				28.3	%				31.7	%

All values are in US Dollars.

Key Balance Sheet Items

Particulars	As<br> on 30th Sep 2024			As<br> on 30th Jun 2024
	()	()	()	()	()	()
Cash and Cash Equivalents and Other Investments		767		64,274		1,141	95,599	833	69,784
Trade Receivables		1,008		84,398		968	81,088	832	69,722
Inventories		860		72,039		819	68,568	676	56,592
Property, Plant, and Equipment		1,035		86,693		959	80,343	841	70,478
Goodwill and Other Intangible Assets		1,240		103,892		494	41,374	493	41,278
Loans and Borrowings (Current & Non-Current)		580		48,540		366	30,675	158	13,230
Trade Payables		427		35,776		407	34,109	364	30,485
Equity		3,692		309,283		3,518	294,627	3,022	253,086

All values are in US Dollars.

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KeyBusiness Highlights [for Q2FY25]

·	Completed<br> acquisition of the Nicotine Replacement Therapy (‘NRT’) portfolio outside<br> of the United States and paid upfront cash consideration of GBP 458 million.
·	Operationalized,<br> Dr. Reddy’s and Nestlé Health Science Limited, in August 2024 to undertake<br> the business of nutraceutical products and supplements in India and Nepal. 49% of the shares<br> in the subsidiary transferred to Nestlé India.
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·	Secured<br> Marketing Authorization from European Commission for our rituximab biosimilar,<br> following a positive opinion from the CHMP of the European Medicines Agency.
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·	Received<br> approval from the USFDA for Investigational New Drug (IND) application for AUR-112,<br> a highly differentiated potent and selective inhibitor of MALT1, being developed for treatment<br> of lymphoid malignancies.
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·	Entered<br> into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan,<br> a novel gastrointestinal drug, in India.
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ESG& other Updates [for Q2FY25]

·	Recognised<br> amongst ‘Top 15’ India's Most Sustainable Companies, 2024 by Businessworld<br> India
·	Received<br> ‘ESG Excellence Award’ 2024 in the ‘Large-cap Pharmaceuticals &<br> Healthcare’ category by KPMG India
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·	‘Voluntary Action Indicated’ (VAI) classification by the United States Food and Drug Administration<br> (USFDA) for two of our formulations manufacturing facilities in Duvvada, Visakhapatnam (FTO 7 and FTO 9), following their routine GMP inspection in May 2024 as<br> well as our API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh,<br> following their GMP Inspection in June 2024.
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·	Product-specific<br> Pre-Approval Inspection (PAI) completed by the USFDA at our formulations manufacturing<br> facility (FTO SEZ PU1) in Srikakulam, Andhra Pradesh in August 2024 and issued a Form<br> 483 with three observations. The response to the observations were submitted within stipulated<br> timelines.
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·	Routine<br> Good Manufacturing Practice (GMP) inspection concluded by the USFDA at our R&D centre in Bachupally, Hyderabad in September, 2024, with zero observations.
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·	Alteration<br> in share capital of the Company by sub-division/ split of existing equity shares of<br> face value of ₹5 each, fully paid up, including the American Depository Shares, into<br> 5 equity shares of ₹1 each, fully paid-up, approved by the shareholders as well<br> as the Board of Directors of the Company.
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RevenueAnalysis

·	Q2FY25 consolidated revenues at ₹80.2 billion, YoY growth of 17% and sequential growth<br> of 4%. YoY growth was primarily driven by growth in global generics revenues. QoQ growth<br> was primarily driven by global generics revenues in Emerging Markets, India, Europe as well<br> as PSAI.

H1FY25 consolidatedrevenues at ₹156.9 billion, YoY growth of 15%. The growth was driven by strong performances in global generics in North America, India, Emerging Markets as well as PSAI.

Global Generics(GG)

·	Q2FY25 revenues at ₹71.6 billion, YoY growth of 17% and QoQ growth of 4%. YoY growth was<br> broad-based, driven by improved sales volumes and new product launches. Sequential growth<br> was primarily driven by Emerging Markets and Europe.

H1FY25 revenuesat ₹140.4 billion, a YoY growth of 16%. The growth was across all markets, driven by increase in sales volumes.

North America

·	Q2FY25 revenues at ₹37.3 billion, YoY growth of 17% and QoQ decline of 3%. YoY growth<br> was largely on account of increase in sales volumes, partly offset by price erosion. Sequential<br> decline was due to decrease in sales volumes.

H1FY25 revenuesat ₹75.7 billion, YoY growth of 19%. The growth was largely on account of increase in sales volumes, partially offset by price erosion.

·	During<br> the quarter, we launched four new products in the region, all of which were launched in the<br> U.S. A total of 7 products were launched during the half year ended September 30, 2024.
·	During<br> the quarter, we filed two new Abbreviated New Drug Applications (ANDAs) with the USFDA, taking<br> our year-to-date ANDA filing count to three. As of September 30, 2024, 80 generic filings<br> were pending approval from the USFDA. These comprise of 75 ANDAs and five New Drug Applications<br> (NDAs) filed under Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act.<br> Of the 75 ANDAs, 44 are Paragraph IV applications, and we believe that 22 of these have the<br> ‘First to File’ status.
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During the quarter, we launched four new products in the region, all of which were launched in the U.S. A total of 7 products were launched during the half year ended September 30, 2024.

During the quarter, we filed two new Abbreviated New Drug Applications (ANDAs) with the USFDA, taking our year-to-date ANDA filing count to three. As of September 30, 2024, 80 generic filings were pending approval from the USFDA. These comprise of 75 ANDAs and five New Drug Applications (NDAs) filed under Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 75 ANDAs, 44 are Paragraph IV applications, and we believe that 22 of these have the ‘First to File’ status.

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Europe

·	Q2FY25 revenues at ₹5.8 billion, YoY growth of 9% and QoQ growth of 10%. YoY growth was<br> primarily on account of leveraging the portfolio to launch new products, partly offset by<br> price erosion. QoQ growth was primarily on account of new product launches.
-	Germany at ₹3.2 billion, YoY growth of 21% and QoQ growth of 16%.
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-	UK at ₹1.6 billion, YoY decline of 7% and QoQ growth of 3%.
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-	Rest of Europe at ₹0.9 billion, YoY growth of 4% and QoQ growth of 2%.
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H1FY25 revenuesat ₹11.0 billion, YoY growth of 7%. The growth was primarily on account of new product launches and momentum in base business, partly offset by price erosion.

-	Germany at ₹6.0 billion, YoY growth of 17%.
-	UK at ₹3.2 billion, YoY decline of 7%.
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-	Rest of Europe at ₹1.8 billion, YoY growth of 2%.
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·	During<br> the quarter, we launched 8 new products in the region, taking the year-to-date total to 20.
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India

·	Q2FY25 revenues at ₹14.0 billion, YoY growth of 18% and QoQ growth of 5%. YoY growth was<br> led by revenues from the vaccine portfolio in-licensed from Sanofi, new products launched<br> as well as price increases. QoQ growth was on account of increase in sales volumes and price,<br> as well as new product launches. As per IQVIA, our IPM rank was maintained at 10 for the<br> quarter.
·	H1FY25 revenues at ₹27.2 billion, YoY growth of 17%. YoY growth was largely on account<br> of revenues from in-licensed vaccine portfolio, new products launched as well as higher prices.
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·	During<br> the quarter, we launched three new brands in the country, taking the year-to-date total to<br> 16. We also integrated the nutraceutical products under our subsidiary, ‘Dr. Reddy’s<br> and Nestlé Health Science Limited’ during the quarter.
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Emerging Markets

·	Q2FY25 revenues at ₹14.6 billion, YoY growth of 20% and QoQ growth of 23%. YoY growth<br> is attributable to market share expansion as well as new product launches. QoQ growth was<br> primarily due to higher volumes in the base business.
-	Revenues from Russia at ₹6.9 billion, YoY growth of 18% and QoQ growth of 24%.
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-	YoY<br> growth was due to higher sales volumes and price and new product launches, partly offset<br> by unfavorable currency exchange rate movements.
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-	QoQ<br> growth was largely on account of market share expansion.
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-	Revenues from other Commonwealth of Independent States (CIS) countries and Romania at ₹2.1<br> billion, YoY decline of 2% and QoQ growth of 12%.
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-	YoY<br> decline was primarily on account of decline in base business volumes.
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-	QoQ<br> growth was largely driven by higher base business volumes and increase in prices.
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-	Revenues from Rest of World (RoW) territories at ₹5.6 billion, YoY growth of 32% YoY and<br> QoQ growth of 26%.
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-	YoY<br> growth was due to momentum in base business and contribution from new products.
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-	QoQ<br> growth was largely driven by increase in base business volumes.
---	---
·	H1FY25 revenues at ₹26.4 billion, YoY growth of 11%. The growth is attributable to market<br> share expansion and new product launches, partly offset by unfavorable forex.
---	---
-	Revenues from Russia at ₹12.4 billion, YoY growth of 9%. The growth was largely on account<br> of price increases in certain brands and improved volumes, partially offset by unfavorable<br> currency exchange rate movements.
---	---
-	Revenues from other CIS countries and Romania at ₹4.1 billion, YoY decline of 2%. The decline<br> was largely on account of lower sales volumes.
---	---
-	Revenues from RoW territories at ₹10.0 billion, YoY growth of 22%. The growth is largely<br> attributable to higher base business volumes and new product launches.
---	---
·	During<br> the quarter, we launched 22 new products across various countries in the region, taking the<br> year-to-date total to 39.
---	---

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Pharmaceutical Servicesand Active Ingredients (PSAI)

·	Q2FY25 revenues at ₹8.4 billion, YoY growth of 20% and QoQ growth of 10%. YoY and QoQ<br> growth was mainly driven by momentum in base business volumes, growth in services business<br> and revenues from new products.
·	H1FY25 revenues at ₹16.1 billion, with a growth of 17% YoY. The growth was mainly driven<br> by market share expansion, growth in services business and revenues from new products.
---	---
·	During<br> the quarter, we filed 22 Drug Master Files (DMFs) globally, taking the year-to-date count<br> to 36.
---	---

IncomeStatement Highlights:

Gross Margin

·	Q2FY25 at 59.6% (GG: 63.1%, PSAI: 30.0%), a YoY increase of 92 basis points (bps) and a QoQ<br> decline of 81 bps. The YoY increase was on account of improvement in product mix and overhead<br> leverage, partly offset by price erosion. On a sequential basis, the decline was primarily<br> on account of change in mix.

H1FY25 at 60.0% (GG: 63.9%, PSAI: 26.7%), a YoY increase by 130 bps YoY. The expansion in margin was on account of favourable product mix and productivity cost savings, partially offset by price erosion in select markets.

Selling, General& Administrative (SG&A) Expenses

·	Q2FY25 at ₹23.0 billion, YoY increase of 22% and QoQ increase of 1%.

We incurred one-time acquisition related costs towards NRT portfolio. Excluding the same, SG&A spend was at 28% of sales.

H1FY25 at ₹45.7 billion, YoY increase of 25%.

The increase is largely on account of higher investments in sales & marketing activities to strengthen our existing brands, new business initiatives, including scaling up ‘Over-the-Counter’ (OTC) and consumer health businesses, as well as higher personnel and freight expenses.

Research & Development(R&D) Expenses

·	Q2FY25 at ₹7.3 billion. As % to Revenues – Q2FY25: 9.1%	Q2FY24: 7.9%	Q1FY25:<br> 8.1%.

H1FY25 at ₹13.5 billion. As % to Revenues – H1FY25: 8.6% | H1FY24: 7.7%.

R&D investments is related to our ongoing development efforts across generics, biosimilars, as well as our novel oncology assets.

Other OperatingIncome

·	Q2FY25 at ₹1.0 billion as compared to ₹ 1.8 billion in Q2FY24.

H1FY25 at ₹1.5 billion as compared to ₹ 2.6 billion in H1FY24.

Net Finance Income

·	Q2FY25 at ₹1.6 billion compared to ₹1.2 billion in Q2FY24.

H1FY25 at ₹2.4 billion as compared to ₹2.0 billion in H1FY24.

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Profit before Tax

·	Q2FY25 at ₹19.2 billion, flat YoY and a QoQ growth of 2%. As % to Revenues – Q2FY25:<br> 23.9%	Q2FY24: 27.8%	Q1FY25: 24.5%.

Excluding the impact of aforesaid mentioned one-time acquisition related cost and impairment charge on non-current assets; underlying profit before tax stood at 25.7% of revenues.

H1FY25 at ₹38.0 billion, a YoY increase of 1%. As % to Revenues – H1FY25: 24.2% | H1FY24: 27.6%.

Income Tax

·	Q2FY25 at ₹5.8 billion. As % to PBT – Q2FY25: 30%	Q2FY24: 22.7%	Q1FY25: 26%.

The higher tax for the quarter is on account of reversal of a Deferred Tax Asset of Rs. 0.48 billion, created in earlier period on land, pursuant to the amendment in the Finance Act 2024, resulting in withdrawal of indexation benefit. Excluding the impact of this one-time reversal, adjusted effective tax rate for the quarter on the underlying PBT is 25.9%.

H1FY25: The ETR was 28.0% as compared to 23.3% in H1FY24.

Profit after Taxbefore Non-Controlling Interests

·	Q2FY25 at ₹13.4 billion, a YoY decline of 9% and a QoQ decline of 4%. As % to Revenues<br> – Q2FY25: 16.7%	Q2FY24: 21.5%	Q1FY25: 18.1%.

Excluding the impact of one-time acquisition related cost, impairment charge on non-current assets, one-time tax expense, underlying profit after tax before non-controlling interests stood at 18.0% of revenues.

H1FY25 at ₹27.3 billion, a YoY decline of 5%. As % to Revenues – H1FY25: 17.4% | H1FY24: 21.2%.

Non-ControllingInterests (NCI)

·	Q2FY25 at ₹0.9 billion. This primarily includes the share in a one-time deferred tax asset<br> recognized in the subsidiary books (Dr. Reddy’s and Nestlé Health Science Limited)<br> on account of transfer of Dr. Reddy’s nutraceuticals business to the subsidiary and<br> consequently allocated to NCI.

Profit attributableto Equity Holders of Parent Company

·	Q2FY25 at ₹12.6 billion, a YoY decline of 15% and a QoQ decline of 10%. As % to Revenues<br> – Q2FY25: 15.7%	Q2FY24: 21.5%	Q1FY25: 18.1%.

Excluding the impact of one-time acquisition related cost, impairment charge on non-current assets, one-time tax expense, underlying profit after tax attributable to equity holders of parent company stood at 19% of revenues.

H1FY25 at ₹26.5 billion, a YoY decline of 8%. As % to Revenues – H1FY25: 16.9% | H1FY24: 21.2%.

Diluted Earningsper Share (EPS)

·	Q2FY25 is ₹15.04. H1FY25 is ₹31.73.

The Earnings per share has been arrived at on the increased number of shares pursuant to the stock split of one fully paid-up equity share of Rupees five each into five fully paid-up equity share of Rupee one each.

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OtherHighlights:

Earnings beforeInterest, Tax, Depreciation and Amortization (EBITDA)

·	Q2FY25 at ₹22.8 billion, YoY growth of 5% and QoQ growth of 6%. As % to Revenues –<br> Q2FY25: 28.4%	Q2FY24: 31.7%	Q1FY25: 28.2%.

Excluding the impact of one-time acquisition related cost, EBITDA stood at 29.1% of sales.

·	H1FY25 at ₹44.4 billion, a YoY growth of 3%. As % to Revenues – H1FY25: 28.3%	<br> H1FY24: 31.7%.

Others:

·	Operating Working Capital : As on 30^th^ September 2024 at ₹120.7 billion.

·	Capital Expenditure: Q2FY25 at ₹7.4 billion.

·	Free Cash Flow: Q2FY25 at ₹2.0 billion.

·	Net Cash Surplus: As on 30^th^ September 2024 at ₹18.9 billion

·	Debt to Equity: As on 30^th^ September 2024 is (0.06)
·	ROCE: Q2FY25 at 28.5% (Annualized)
---	---

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About key metrics andnon-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.

| 11 |

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All amounts in millions, except EPS

Reconciliation of GAAPMeasures to Non-GAAP Measures

Operating WorkingCapital

Particulars	As on 30th Sep 2024
	()
Inventories		72,039
Trade Receivables		84,398
Less:
Trade Payables		35,776
Operating Working Capital		120,661

All values are in Indian Rupees.

Free Cash Flow

Particulars	Three months ended 30th Sep 2024
	()
Net cash generated from operating activities		16,538
Less:
Taxes		(7,223	)
Investments in Property, Plant & Equipment, and Intangibles		(7,279	)
Free Cash Flow before Acquisitions		2,036
Less:
Acquisitions related Pay-out		(51,442	)
Free Cash Flow		(49,406	)

All values are in Indian Rupees.

Net Cash Surplusand Debt to Equity

Particulars	As on 30th Sep 2024
	()
Cash and Cash Equivalents		11,330
Investments		52,944
Short-term Borrowings		(40,021	)
Long-term Borrowings, Non-Current		(7,361	)
Less:
Restricted Cash Balance – Unclaimed Dividend and others		177
Lease liabilities (included in Long-term Borrowings, Non-Current)		(3,561	)
Equity Investments (Included in Investments)		1,388
Net Cash Surplus		18,888
Equity		309,283
Net Debt/Equity		(0.06	)

All values are in Indian Rupees.

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Computation of Returnon Capital Employed

Particulars	As on 30th Sep 2024
	()
Profit before Tax		19,167
Less:
Interest and Investment Income (Excluding forex gain/loss)		1,262
Earnings Before Interest and taxes [A]		17,905
Average Capital Employed [B]		250,862
Annualized Return on Capital Employed (A/B) (Ratio)		28.5	%

All values are in Indian Rupees.

Computation of Capital Employed:

Particulars	As on
	Sep 30, <br><br>2024		Mar 31, <br><br>2024
Property Plant and Equipment		86,693		76,886
Intangibles		92,119		36,951
Goodwill		11,773		4,253
Investment in Equity Accounted Associates		4,779		4,196
Other Current Assets		28,217		22,560
Other Investments		1,200		1,059
Other Non-Current Assets		1,510		1,632
Inventories		72,039		63,552
Trade Receivables		84,398		80,298
Derivative Financial Instruments		63		(299	)
Less:
Other Liabilities		47,840		46,866
Provisions		5,260		5,444
Trade payables		35,776		30,919
Operating Capital Employed		293,865		207,859
Average Capital Employed		250,862

Computation of EBITDA

Refer page no. 3 & 4.

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Earnings Call Details

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

Date: November 5,2024

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

Conference Joining Information
Option 1: Pre-register with the below link and join without waiting for the operator
---
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=2636091&linkSecurityString=1174e664fe
Option 2: Join through below Dial-In Numbers
---	---
Universal Access Number:	+91 22 6280 1219<br><br> <br>+91 22 7115 8120
International Toll-Free Number:	USA: 1 866 746 2133<br><br> <br>UK: 0 808 101 1573<br><br> <br>Singapore: 800 101 2045<br><br> <br>Hong Kong: 800 964 448

No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call.

Play Back: The play back will be available after the earnings call, till November 11^th^, 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 03706.

Transcript: Transcript of the Earnings call 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, 2024. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein.

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Exhibit 99.2

	Dr. Reddy’s Laboratories Ltd.<br><br> <br>8-2-337, Road No. 3, Banjara Hills,<br><br> <br>Hyderabad - 500 034, Telangana,<br><br> <br>India.<br><br> <br>CIN : L85195TG1984PLC004507<br><br> <br><br><br> <br>Tel : +91 40 4900 2900<br><br> <br>Fax : +91 40 4900 2999<br><br> <br>Email : [email protected]<br><br> <br>www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

Unaudited consolidated financial results of Dr. Reddy's LaboratoriesLimited and its subsidiaries for the quarter and half year ended 30 September 2024 prepared in accordance with International FinancialReporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions

Sl.		Quarter ended									Half year ended						Year ended
No.	Particulars	30.09.2024			30.06.2024			30.09.2023			30.09.2024			30.09.2023			31.03.2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenues		80,162			76,727			68,802			156,889			136,186			279,164
2	Cost of revenues		32,393			30,383			28,434			62,776			56,265			115,557
3	Gross profit (1 - 2)		47,769			46,344			40,368			94,113			79,921			163,607
4	Selling, general and administrative expenses		23,007			22,691			18,795			45,698			36,497			77,201
5	Research and development expenses		7,271			6,193			5,447			13,464			10,431			22,873
6	Impairment of non-current assets, net		924			5			55			929			66			3
7	Other income, net		(984	)		(470	)		(1,796	)		(1,454	)		(2,576	)		(4,199	)
	Total operating expenses		30,218			28,419			22,501			58,637			44,418			95,878
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		17,551			17,925			17,867			35,476			35,503			67,729
	Finance income		2,312			1,435			1,578			3,747			2,733			5,705
	Finance expense		(757	)		(598	)		(353	)		(1,355	)		(724	)		(1,711	)
9	Finance income, net		1,555			837			1,225			2,392			2,009			3,994
10	Share of profit of equity accounted investees, net of tax		61			59			42			120			85			147
11	Profit before tax (8 + 9 + 10)		19,167			18,821			19,134			37,988			37,597			71,870
12	Tax expense, net		5,752			4,901			4,334			10,653			8,772			16,186
13	Profit for the period/year (11 -12)		13,415			13,920			14,800			27,335			28,825			55,684
	Attributable to:
	Equity holders of the parent company		12,553			13,920			14,800			26,473			28,825			55,684
	Non-controlling interests		862			-			-			862			-			-
14	Earnings per share attributable to equity shareholders of parent company:
	Basic earnings per share of Re.1/- each		15.07			16.72			17.80			31.79			34.68			66.93
	Diluted earnings per share of Re.1/- each		15.05			16.70			17.76			31.74			34.60			66.81
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

Segment information	All amounts in Indian Rupees millions
Sl.		Quarter ended						Half year ended				Year ended
---	---	---	---	---	---	---	---	---	---	---	---	---	---
No.	Particulars	30.09.2024		30.06.2024		30.09.2023		30.09.2024		30.09.2023		31.03.2024
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue:
	a) Pharmaceutical Services and Active Ingredients		11,030		10,309		9,446		21,339		18,664		40,580
	b) Global Generics		71,576		68,858		61,084		140,434		121,167		245,453
	c) Others		179		212		684		391		1,276		3,910
	Total		82,785		79,379		71,214		162,164		141,107		289,943
	Less: Inter-segment revenues		2,623		2,652		2,412		5,275		4,921		10,779
	Net revenues		80,162		76,727		68,802		156,889		136,186		279,164
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		2,518		1,768		1,254		4,286		2,263		6,919
	b) Global Generics		45,162		44,518		38,873		89,680		77,260		154,268
	c) Others		89		58		241		147		398		2,420
	Total		47,769		46,344		40,368		94,113		79,921		163,607
	Less: Selling and other un-allocable expenditure, net of other income		28,602		27,523		21,234		56,125		42,324		91,737
	Total profit before tax		19,167		18,821		19,134		37,988		37,597		71,870

Global Generics segment includes operations of Biologics business. Inter-segment revenues 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, 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<br>Company"), which have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the International<br>Accounting Standards Board (IASB) and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their<br>meetings held on 05 November 2024. The Auditors have carried out a limited review on the unaudited consolidated financial results and<br>issued an unmodified report thereon.
2	During the quarter and half year ended 30 September 2024, an amount of Rs. 906 million and Rs. 1,715 million,<br>respectively, and during the quarter and half year ended 30 September 2023, an amount of Rs. 1,598 million and Rs. 2,274 million, respectively,<br>representing government grants has been accounted as a reduction from cost of revenues.
---	---
3	"Impairment of non-current assets, net" recorded during the half year ended 30 September 2024<br>includes an amount of Rs.907 million pertaining to Haloette® (a generic equivalent to Nuvaring®), a product-related intangible,<br>due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared<br>to the carrying value. This impairment charge pertains to the Company’s Global Generics segment.
---	---
4	“Other income, net” for the year ended 31 March 2024 includes:
---	---

a. Rs.540 million recognised, in April 2023, pursuant to settlement agreement with Janssen Group in settlement of the claim brought in the Federal Court of Canada by the Company and its affiliates for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of Zytiga®(Abiraterone).

b. Rs.984 million recognised in September 2023 pursuant to settlement of product related litigation by the Company and its affiliates in the United Kingdom. These transactions pertains to the Company's Global Generics segment.

5	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.482 million, created in earlier period on land, during the<br>quarter and half year ended 30 September 2024.
6	Business purchase agreement with Nestlé India:
---	---

On 25 April 2024, the Company entered into an agreement with Nestlé India Limited ("Nestlé India") for the manufacturing, development, promotion, marketing, sale, distribution, and commercialization of nutraceutical products and supplements in India, as well as other mutually agreed geographies. These operations will be carried out by Dr. Reddy's Nutraceuticals Limited, established on 14 March 2024. The entity was later renamed as Dr. Reddy's and Nestlé Health Science Limited (the “Nutraceuticals subsidiary”) on 13 June 2024.

Upon completion of the closing conditions, the transaction concluded on 01 August 2024. Consequently, the Company has made an additional investment of Rs.7,340 million in its Nutraceuticals subsidiary, with corresponding infusion from Nestlé India amounting to Rs.7,056 million resulting in a revised shareholding pattern of 51:49 between the Company and Nestlé India. Subsequently, Nutraceuticals subsidiary had purchased the portfolio of nutraceutical products and supplements from Nestlé India for a consideration of Rs.2,231 million. The acquired portfolio consists of Product licenses, sales and marketing teams, contract manufacturers and employees. Based on fair valuation, the company had allocated purchase consideration and recognised Product licenses and other intangibles of Rs.1,982 million, property, plant and equipment and current assets of Rs.43 million and Goodwill of Rs.207 million.

Upon Closing, the Company had also transferred its nutraceuticals and supplements portfolio to the Nutraceuticals subsidiary as a common control transfer of business.

This acquisition pertains to the Company’s Global Generics segment.

Profit after tax attributable to Non-controlling interest for quarter and half year ended 30 September 2024, has arisen primarily on recognition of deferred tax asset on account of transfer of business from parent company to Nutraceuticals subsidiary. As at 30 September 2024, share of 49% held by Nestlé India is recorded under Non-controlling interest of Rs.3,939 million.

7	Consolidated statements of financial position

All amounts in Indian Rupees millions

	As at			As at
Particulars	30.09.2024			31.03.2024
	(Unaudited)			(Audited)
ASSETS
Current assets
Cash and cash equivalents		11,330			7,107
Other investments		51,744			74,363
Trade and other receivables		84,398			80,298
Inventories		72,039			63,552
Derivative financial instruments		400			169
Other current assets		28,217			22,560
Total current assets		248,128			248,049
Non-current assets
Property, plant and equipment		86,693			76,886
Goodwill		11,773			4,253
Other intangible assets		92,119			36,951
Investment in equity accounted investees		4,779			4,196
Other investments		1,200			1,059
Deferred tax assets		17,475			10,774
Tax assets		2,278			3,718
Other non-current assets		1,510			1,632
Total non-current assets		217,827			139,469
Total assets		465,955			387,518
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		35,776			30,919
Short-term borrowings		39,976			12,723
Long-term borrowings, current portion		1,158			1,307
Provisions		5,101			5,383
Tax liabilities		5,089			2,342
Derivative financial instruments		337			468
Bank overdraft		45			-
Other current liabilities		41,817			42,897
Total current liabilities		129,299			96,039
Non-current liabilities
Long-term borrowings		7,361			5,990
Deferred tax liabilities		13,830			909
Provisions		159			61
Other non-current liabilities		6,023			3,969
Total non-current liabilities		27,373			10,929
Total liabilities		156,672			106,968
Equity
Share capital		834			834
Treasury shares		(915	)		(991	)
Share premium		11,065			10,765
Share based payment reserve		1,497			1,508
Capital redemption reserve		173			173
Special economic zone re-investment reserve		541			653
Retained earnings		285,180			265,257
Other reserves		3,979			-
Other components of equity		2,990			2,351
Equity attributable to equity holders of the parent company		305,344			280,550
Non-controlling interests		3,939			-
Total equity		309,283			280,550
Total liabilities and equity		465,955			387,518

8	Consolidated statements of cash flows

All amounts in Indian Rupees millions

	Half year ended
Particulars	30.09.2024			30.09.2023
	(Unaudited)			(Unaudited)
Cash flows from/(used in) operating activities :
Profit for the period		27,335			28,825
Adjustments for:
Tax expense, net		10,653			8,772
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net		(2,245	)		(1,527	)
Depreciation and amortization		7,785			7,358
Impairment of non-current assets		929			66
Allowance for credit losses (on trade receivables and other advances)		96			137
Gain on sale or de-recognition of non-current assets, net		(447	)		(445	)
Share of profit of equity accounted investees		(120	)		(85	)
Inventories write-down		2,844			1,418
Foreign exchange loss/(gain), net		507			(1,179	)
Interest income, net		(54	)		(324	)
Equity settled share-based payment expense		208			211
Changes in operating assets and liabilities:
Trade and other receivables		(4,182	)		2,689
Inventories		(11,331	)		(9,340	)
Trade and other payables		4,062			4,568
Other assets and other liabilities, net		(9,474	)		(3,482	)
Cash generated from operations		26,566			37,662
Income tax paid, net		(8,754	)		(8,486	)
Net cash generated from operating activities		17,812			29,176
Cash flows (used in)/from investing activities :
Purchase of property, plant and equipment		(12,646	)		(7,323	)
Proceeds from sale of property, plant and equipment		411			487
Purchase of other intangible assets		(1,687	)		(8,787	)
Proceeds from sale of other intangible assets		419			21
Payment for acquisition of businesses		(51,441	)		-
Purchase of other investments		(138,326	)		(70,008	)
Proceeds from sale of other investments		162,988			71,815
Investment in associates		(317	)		-
Dividend received from equity accounted investees		-			445
Interest and dividend received		1,280			597
Net cash (used in)/from in investing activities		(39,319	)		(12,753	)
Cash flows (used in)/from financing activities :
Proceeds from issuance of equity shares (including treasury shares)		157			765
Proceeds from issuance of equity shares in subsidiary to Non-controlling interests		7,056			-
Proceeds from/(Repayment of) short-term borrowings, net		27,556			(1,054	)
Repayment of long term borrowings		-			(3,800	)
Proceeds from long term borrowings		-			3,800
Payment of principal portion of lease liabilities		(735	)		(524	)
Dividend paid		(6,662	)		(6,648	)
Interest paid		(1,681	)		(1,051	)
Net cash used in financing activities		25,691			(8,512	)
Net increase in cash and cash equivalents		4,184			7,911
Effect of exchange rate changes on cash and cash equivalents		(6	)		(155	)
Cash and cash equivalents at the beginning of the period		7,107			5,779
Cash and cash equivalents at the end of the period^(1)^		11,285			13,535

*FVTPL (fair value through profit or loss)

^(1)^	Adjusted for bank-overdraft of Rs.45 million and Rs.4 million for the half year ended 30 September2024 and 2023, respectively.

9	Business purchase agreement with Haleon:<br><br> <br>On 26 June 2024, the Company entered into definitive<br> agreement with Haleon UK Enterprises Limited (“Haleon”) to acquire Haleon’s global portfolio outside of the United States<br> of consumer healthcare brands in the Nicotine Replacement Therapy category (“NRT Business”).<br><br> <br><br><br> <br>The definitive agreement for the acquisition of this<br> NRT Business from Haleon includes the transfer of intellectual property, employees, agreements with commercial manufacturing organization,<br> marketing authorizations and other assets relating to the commercialization of four brands - i.e., Nicotinell, Nicabate, Thrive, and Habitrol.<br> The acquisition is inclusive of all formats such as lozenge, patch, spray and/or gum in all applicable global markets outside of the United<br> States.<br><br> <br>The closing conditions were met, and the transaction<br> was completed on 30 September 2024.<br><br> <br><br><br> <br>Upon Completion, the company acquired the shares of<br> Northstar Switzerland SARL from Haleon for an upfront cash payment of Rs.51,407 million (GBP 458 million). An additional consideration<br> of up to Rs.4,714 million (GBP 42 million) is payable which is contingent upon achieving agreed-upon sales targets in Calender years 2024<br> and 2025, bringing the total potential consideration to Rs.56,121 million (GBP 500 million).<br><br> <br><br><br> <br>The Company completed the provisional allocation of<br> purchase price. The fair value of consideration transferred is Rs.55,897 million (GBP 498 million). Based on fair valuation, the Company<br> recognised Intangibles (Brands) of Rs.54,920 million (GBP 488.80 million), Deferred tax liabilities of Rs.8,469 million (GBP 75.45 million)<br> and Goodwill of Rs.7,249 million (GBP 64.58 million). This acquisition pertains to the Company’s Global Generics segment.
	Further, The company executed a forward exchange contract<br> to hedge its exposure to the payment made in GBP. Upon maturity, hedge gain of Rs.2,197 million (GBP 20 million) was reclassified from<br> the cash flow hedge reserves and has been adjusted in consideration paid upon closing of the transaction.<br><br> <br><br><br> <br>Acquisition related costs amounting to Rs.1,017 and<br> Rs.280 were recognised as expenses under “Selling, general and administrative expenses” during the half year ended 30 September<br> 2024 and the year ended 31 March 2024, respectively.<br><br> <br><br><br> <br>This marketing authorisation will transition gradually<br> into the Company in a phased approach between April 2025 and February 2026. During transition period, Haleon group will provide distribution<br> and related services in the markets, facilitating successful integration of the business across various geographies into the Company.
10	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 6 July 2021, the Company received a subpoena from the SEC for the production of related documents, which were provided<br> to the SEC.<br><br> <br><br><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.
11	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, including sensitivity analysis, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.
12	The Board of Directors of the Company at their meeting<br> held on 27 July 2024 have approved the sub-division/ split of each equity share having a face value of Rupees five each, fully paid-up,<br> into five equity shares having a face value of Rupee One each, fully paid-up (the “stock split”), by alteration of the capital<br> clause of the Memorandum of Association of the Company. Further, each American Depositary Share (ADS) of the Company will continue to<br> represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary Receipt(ADR) holder<br> would consequently increase in proportion to the increase in number of equity shares.<br><br> <br><br><br> <br>On 12 September 2024 the approval of the shareholders<br> of the Company was obtained through a postal ballot process with a requisite majority.<br><br> <br><br><br> <br>Consequently, the authorized share capital was sub-divided<br> into 1,450,000,000 equity shares, the paid up share capital is sub-divided into 834,384,730 equity shares and Treasury shares are sub-divided<br> into 1,338,570 having a face value of Rupees One each w.e.f record date of 28 October 2024.<br><br> <br><br><br> <br>Post stock split, the number of each stock option<br> vested and unvested and not exercised as on the record date were sub-divided into five options and the exercise price was proportionately<br> adjusted.<br><br> <br><br><br> <br>The affect of stock split was considered in the computation<br> of basic and diluted EPS for the quarter and half year ended 30 September 2024 and prior periods have been restated considering face value<br> of Rupee One each in accordance with IAS 33 - "Earnings per Share" and rounded off to the nearest decimals.
---	---

By order of the Board

For Dr. Reddy’s Laboratories Limited

Place: Hyderabad	G V Prasad
Date: 5 November 2024	Co-Chairman & Managing Director

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Exhibit 99.3

S.R. Batliboi & Associates LLPChartered Accountants	THE<br> SKYVIEW 10
	18th<br> Floor, "NORTH LOBBY"
	Survey<br> No. 83/1, Raidurgam
	Hyderabad<br> – 500 032, India
	Tel:<br> +91 40 6141 6000

Independent Auditor’s Review Report on theQuarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

1.	We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results for the Quarter<br>and Half Year ended 30 September, 2024 (the “Statement”) of Dr. Reddy’s Laboratories Limited (the “Holding Company”)<br>and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint<br>ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing<br>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<br>on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”<br>issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate<br>assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries,<br>primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is<br>substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain<br>assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an<br>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.	Chirotech Technology Limited (Liquidated)
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8.	Dr. Reddy’s Farmaceutica Do Brasil Ltda.
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9.	Dr. Reddy’s Laboratories (EU) Limited
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10.	Dr. Reddy’s Laboratories (Proprietary) Limited
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11.	Dr. Reddy’s Laboratories (UK) Limited
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12.	Dr. Reddy’s Laboratories Canada, Inc.
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13.	Dr. Reddy’s Laboratories Chile SPA.
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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

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

Chartered Accountants

14.	Dr. Reddy’s Laboratories Inc.
15.	Dr. Reddy’s Laboratories Japan KK
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16.	Dr. Reddy’s Laboratories Kazakhstan LLP
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17.	Dr. Reddy’s Laboratories Louisiana LLC
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18.	Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.
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19.	Dr. Reddy’s Laboratories New York, LLC
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20.	Dr. Reddy’s Laboratories Philippines Inc.
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21.	Dr. Reddy’s Laboratories Romania Srl
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22.	Dr. Reddy’s Laboratories SA
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23.	Dr. Reddy’s Laboratories Taiwan Limited
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24.	Dr. Reddy’s Laboratories (Thailand) Limited
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25.	Dr. Reddy’s Laboratories LLC, Ukraine
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26.	Dr. Reddy’s New Zealand Limited.
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27.	Dr. Reddy’s Srl
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28.	Dr. Reddy’s Bio-Sciences Limited
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29.	Dr. Reddy’s Laboratories (Australia) Pty. Limited
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30.	Dr. Reddy’s Laboratories SAS
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31.	Dr. Reddy’s Research and Development B.V.
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32.	Dr. Reddy’s Venezuela, C.A. (till April 17, 2024)
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33.	Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited
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34.	DRL Impex Limited
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35.	Dr. Reddy’s Formulations Limited
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36.	Idea2Enterprises (India) Pvt. Limited
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37.	Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited)
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38.	Industrias Quimicas Falcon de Mexico, S.A. de CV
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39.	Lacock Holdings Limited
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40.	Dr. Reddy’s Laboratories LLC, Russia
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41.	Promius Pharma LLC
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42.	Reddy Holding GmbH
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43.	Reddy Netherlands B.V.
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44.	Reddy Pharma Iberia SAU
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45.	Reddy Pharma Italia S.R.L.
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46.	Reddy Pharma SAS
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47.	Svaas Wellness Limited
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48.	Nimbus Health GmbH
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49.	Dr. Reddy’s Laboratories Jamaica Limited
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50.	Dr. Reddy’s and Nestle Health Science Limited (Formerly, Dr. Reddy’s Nutraceuticals Limited)
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51.	Northstar Switzerland SARL (from September 30, 2024)
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52.	North Star OpCo Limited (from September 30, 2024)
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53.	North Star Sweden AB (from September 30, 2024)
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Associates:

1.	O2 Renewable Energy IX Private Limited
2.	Clean Renewable Energy KK 2A Private Limited (from 30 May 2024)
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Joint Ventures:

1.	DRES Energy Private Limited
2.	Kunshan Rotam Reddy Pharmaceutical Co. Limited
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Other Consolidating Entities:

1.	Dr. Reddy’s Employees ESOS<br>Trust
2.	Cheminor Employees Welfare Trust
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3.	Dr. Reddy’s Research Foundation
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S.R. Batliboi& Associates LLP ****

CharteredAccountants

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: 24213271BKELLC7849

Place: Hyderabad

Date: November 05, 2024

	Dr. Reddy’s Laboratories Ltd.<br><br> <br>8-2-337, Road No. 3, Banjara Hills,<br><br> <br>Hyderabad - 500 034, Telangana,<br><br> <br>India.<br><br> <br>CIN : L85195TG1984PLC004507<br><br> <br>**<br><br> <br>Tel : +91 40 4900 2900<br><br> <br>Fax : +91 40 4900 2999<br><br> <br>Email : [email protected]<br><br> <br>www.drreddys.com**

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTSFOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2024

				All amounts in Indian Rupees millions
Sl.				Quarter ended												Half year ended								Year ended
No.	****	Particulars	****	****	30.09.2024	****	****	****	30.06.2024	****	****	****	30.09.2023	****	****	****	30.09.2024	****	****	****	30.09.2023	****	****	****	31.03.2024	****
					(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Unaudited)				(Audited)
1		Revenue from operations
		a) Sales			78,859				75,396				67,348				154,255				133,491				271,396
		b) License fees and service income			1,302				1,331				1,454				2,633				2,695				7,768
		c) Other operating income			221				234				224				455				419				947
		Total revenue from operations			80,382				76,961				69,026				157,343				136,605				280,111
2		Other income			3,075				1,872				3,150				4,747				4,890				8,943
3		Total income (1 + 2)			83,457				78,833				72,176				162,090				141,495				289,054
4		Expenses
		a) Cost of materials consumed			12,872				12,272				9,559				25,144				22,527				44,901
		b) Purchase of stock-in-trade			12,828				13,801				11,378				26,629				20,149				43,991
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade			(2,033	)			(4,256	)			(907	)			(6,289	)			(3,270	)			(6,805	)
		d) Employee benefits expense			13,992				14,137				12,803				28,129				24,700				50,301
		e) Depreciation and amortisation expense			3,970				3,806				3,755				7,776				7,288				14,700
		f) Impairment of non-current assets, net			924				5				55				929				66				3
		g) Finance costs			757				598				353				1,355				724				1,711
		h) Other expenses			21,034				19,703				16,055				40,537				31,729				68,389
		Total expenses			64,344				60,066				53,051				124,210				103,913				217,191
5		Profit before tax and before share of equity accounted investees(3 - 4)			19,113				18,767				19,125				37,880				37,582				71,863
6		Share of profit of equity accounted investees, net of tax			61				59				42				120				85				147
7		Profit before tax (5+6)			19,174				18,826				19,167				38,000				37,667				72,010
8		Tax expense/(benefit):
		a) Current tax			7,713				5,215				5,901				12,928				13,098				19,459
		b) Deferred tax			(1,958	)			(313	)			(1,556	)			(2,271	)			(4,303	)			(3,228	)
9		Net profit after taxes and share of profit of associates (7 - 8)			13,419				13,924				14,822				27,343				28,872				55,779
10		Net profit after taxes attributable to
		a) Equity shareholders of the parent company			12,557				13,924				14,822				26,481				28,872				55,779
		b) Non-controlling interests			862				-				-				862				-				-
11		Other comprehensive income/(loss)
		a) (i) Items that will not be reclassified subsequently to profit or loss			(33	)			(91	)			(222	)			(124	)			(116	)			(28	)
		(ii) Income tax relating to items that will not be reclassified to profit or loss			-				-				-				-				-				4
		b) (i) Items that will be reclassified subsequently to profit or loss			2,978				115				(1,113	)			3,093				(966	)			(749	)
		(ii) Income tax relating to items that will be reclassified to profit or loss			16				(6	)			201				10				(9	)			117
		Total other comprehensive income/(loss)			2,961				18				(1,134	)			2,979				(1,091	)			(656	)
12		Total comprehensive income (9 + 11)			16,380				13,942				13,688				30,322				27,781				55,123
13		Total comprehensive income attributable to
		a) Equity shareholders of the parent company			15,518				13,942				13,688				29,460				27,781				55,123
		b) Non-controlling interest			862				-				-				862				-				-
14		Paid-up equity share capital (face value Re. 1/- each)			834				834				834				834				834				834
15		Other equity																							281,714
16		Earnings per equity share attributable to equity shareholders of parent(face value Re. 1/- each)
		Basic			15.08				16.72				17.82				31.80				34.73				67.04
		Diluted			15.05				16.70				17.78				31.75				34.65				66.92
					(Not annualised)				(Not annualised)				(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
Sl.		Quarter ended						Half year ended				Year ended
No.	Particulars	30.09.2024		30.06.2024		30.09.2023		30.09.2024		30.09.2023		31.03.2024
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Pharmaceutical Services and Active Ingredients		11,190		10,472		9,625		21,662		18,990		41,295
	b) Global Generics		71,636		68,929		61,130		140,565		121,260		245,673
	c) Others		179		212		683		391		1,276		3,922
	Total		83,005		79,613		71,438		162,618		141,526		290,890
	Less: Inter-segment revenue		2,623		2,652		2,412		5,275		4,921		10,779
	Total revenue from operations		80,382		76,961		69,026		157,343		136,605		280,111
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		2,521		1,772		1,260		4,293		2,273		6,929
	b) Global Generics		45,162		44,518		38,872		89,680		77,258		154,272
	c) Others		89		58		242		147		398		2,423
	Total		47,772		46,348		40,374		94,120		79,929		163,624
	Less: Selling and other un-allocable expenditure/(income), net		28,598		27,522		21,207		56,120		42,262		91,614
	Total profit before tax		19,174		18,826		19,167		38,000		37,667		72,010

Global Generics includes operations of Biologics business. Inter-segment revenue represents 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 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:

The above statement of unaudited consolidated 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 Companies Act,2013 ("the Act") read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 05 November 2024. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

“Other income” for the year ended 31 March 2024 includes :

---

a. Rs.540 million recognised in April 2023, pursuant to settlement agreement with Janssen Group, in settlement of the claim brought in the Federal Court of Canada by the Company and its affiliates for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of Zytiga®(Abiraterone).This transaction pertains to the Company's Global Generics segment.

b. Rs.984 million recognised in September 2023, pursuant to settlement of product related litigation by the Company and its affiliates in the United Kingdom. This transaction pertains to the Company's Global Generics segment.

3	During the quarter and half year ended 30 September 2024, an amount of Rs. 906 million and Rs. 1,715 million, respectively and during<br>the quarter and half year ended 30 September 2023 an amount of Rs. 1,598 million and Rs. 2,274 million, respectively representing government<br>grants has been accounted as a reduction from cost of material consumed.
4	"Impairment of non-current assets, net" Impairment loss recorded during the six months ended 30 September 2024 includes<br>an amount of Rs.907 million pertaining to Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to<br>constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to<br>the carrying value. This impairment charge pertains to the Company’s Global Generics segment.
---	---
5	Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company<br>has written off Deferred Tax Asset amounting to Rs. 482 million, created in earlier period on land, during the quarter and half year ended<br>30 September 2024.
---	---
6	Business purchase agreement with Nestlé India:<br><br>On 25 April 2024, the Company entered into an agreement with Nestlé India Limited ("Nestlé India") for the manufacturing,<br>development, promotion, marketing, sale, distribution, and commercialization of nutraceutical products and supplements in India, as well<br>as other mutually agreed geographies. These operations will be carried out by Dr. Reddy's Nutraceuticals Limited, established on 14 March<br>2024. The entity was later renamed as Dr. Reddy's and Nestlé Health Science Limited (the “Nutraceuticals subsidiary”)<br>on 13 June 2024.<br><br><br><br>Upon completion of the closing conditions, the transaction concluded on 01 August 2024. Consequently, the Company has made an additional<br>investment of Rs.7,340 million in its Nutraceuticals subsidiary, with corresponding infusion from Nestlé India amounting to Rs.7,056<br>million resulting in a revised shareholding pattern of 51:49 between the Company and Nestlé India. Subsequently, Nutraceuticals<br>subsidiary had purchased the portfolio of nutraceutical products and supplements from Nestlé India for a consideration of Rs.2,231<br>million. The acquired portfolio consists of Product licenses, sales and marketing teams, contract manufacturers and employees. Based on<br>fair valuation, the company had allocated purchase consideration and recognised Product licenses and other intangibles of Rs.1,982 million,<br>property, plant and equipment and current assets of Rs. 43 million and Goodwill of Rs.207 million.<br><br><br><br>Upon Closing, the Company had also transferred its nutraceuticals and supplements portfolio to the Nutraceuticals subsidiary as a common<br>control transfer of business.<br><br><br><br>This acquisition pertains to Company’s Global Generics segment.<br><br><br><br>Profit after tax attributable to Non-controlling interest for quarter and half year ended 30 September 2024, has arisen primarily on recognition<br>of deferred tax asset on account of transfer of business from parent company to Nutraceuticals subsidiary.As at 30 September 2024, share<br>of 49% held by Nestlé India is recorded under Non-controlling interest of Rs.3,939 million.
---	---

---	---

DR. REDDY’S LABORATORIES LIMITED

7	Business purchase agreement with Haleon:

On June 26, 2024, the Company entered into definitive agreement with Haleon UK Enterprises Limited (“Haleon”) to acquire Haleon’s global portfolio outside of the United States of consumer healthcare brands in the Nicotine Replacement Therapy category (“NRT Business”).

The definitive agreement for the acquisition of this NRT Business from Haleon includes the transfer of intellectual property, employees, agreements with commercial manufacturing organization, marketing authorizations and other assets relating to the commercialization of four brands - i.e., Nicotinell, Nicabate, Thrive, and Habitrol. The acquisition is inclusive of all formats such as lozenge, patch, spray and/or gum in all applicable global markets outside of the United States.

The closing conditions were met, and the transaction was completed on 30 September 2024.

Upon Completion, the company acquired the shares of Northstar Switzerland SARL from Haleon for an upfront cash payment of Rs. 51,407 million (GBP 458 million). An additional consideration of up to Rs. 4,714 million (GBP 42 million) is payable which is contingent upon achieving agreed-upon sales targets in Calender years 2024 and 2025, bringing the total potential consideration to Rs. 56,121 million (GBP 500 million).

The Company completed the provisional allocation of purchase price. The fair value of consideration transferred is Rs. 55,897 million (GBP 498 million). Based on fair valuation, the Company recognised Intangibles (Brands) of Rs. 54,920 million (GBP 488.80 million), Deferred tax liabilities of Rs. 8,469 million (GBP 75.45 million) and Goodwill of Rs. 7,249 million (GBP 64.58 million). This acquisition pertains to the Company’s Global Generics segment.

Further, The company executed a forward exchange contract to hedge its exposure to the payment made in GBP. Upon maturity, hedge gain of Rs. 2,197 million (GBP 20 million) was reclassified from the cash flow hedge reserves and has been adjusted in consideration paid upon closing of the transaction.

Acquisition related costs amounting to Rs.1,017 and Rs.280 were recognised as expenses under “Other expenses” during the half year ended 30 September 2024 and the year ended 31 March 2024, respectively.

This marketing authorisation will transition gradually into the Company in a phased approach between April 2025 and February 2026. During transition period, Haleon group will provide distribution and related services in the markets, facilitating successful integration of the business across various geographies into the Company.

The Board of Directors of the Company at their meeting held on 27 July 2024 have approved the sub-division/ split of each equity share having a face value of Rupees five each, fully paid-up, into five equity shares having a face value of Rupee One each, fully paid-up (the “stock split”), by alteration of the capital clause of the Memorandum of Association of the Company. 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 ADS held by an American Depositary Receipt(ADR) holder would consequently increase in proportion to the increase in number of equity shares.

On 12 September 2024 the approval of the shareholders of the Company was obtained through a postal ballot process with a requisite majority.

Consequently, the authorized share capital was sub-divided into 1,450,000,000 equity shares, the paid up share capital is sub-divided into 834,384,730 equity shares and Treasury shares are sub-divided into 1,338,570 having a face value of Rupee One each w.e.f record date of 28 October 2024.

Post stock split, the number of each stock option vested and unvested and not exercised as on the record date were sub-divided into five options and the exercise price was proportionately adjusted.

The affect of stock split was considered in the computation of basic and diluted EPS for the quarter and half year ended 30 September 2024 and prior periods have been restated considering face value of Rupee One each in accordance with Ind AS 33- "Earnings per Share" and rounded off to the nearest decimals.

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, including sensitivity analysis, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.

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

---

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.

DR.REDDY’S LABORATORIES LIMITED

11	Consolidated Balance Sheet	All amounts in Indian Rupees millions
	As at
---	---	---	---	---
Particulars	30.09.2024		31.03.2024
	(Unaudited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment		67,263		62,487
Capital work-in-progress		18,521		13,510
Goodwill		13,159		5,501
Other intangible assets		91,434		36,268
Intangible assets under development		685		683
Investment in equity accounted investees		4,779		4,196
Financial assets
Investments		1,200		1,059
Other financial assets		1,170		1,212
Deferred tax assets, net		17,295		10,578
Tax assets, net		2,279		3,718
Other non-current assets		1,301		1,373
Total non-current assets		219,086		140,585
Current assets
Inventories		72,039		63,552
Financial assets
Investments		30,647		44,050
Trade receivables		84,398		80,298
Derivative financial instruments		400		169
Cash and cash equivalents		11,330		7,107
Other bank balances		8,954		10,170
Other financial assets		15,524		22,527
Other current assets		24,906		20,180
Total current assets		248,198		248,053
TOTAL ASSETS		467,284		388,638
EQUITY AND LIABILITIES
Equity
Equity share capital		834		834
Other equity		306,659		281,714
Equity attributable to equity shareholders of the parent company		307,493		282,548
Non-Controlling interests		3,939		-
Total equity		311,432		282,548
Liabilities
Non-current liabilities
Financial liabilities
Borrowings		3,800		3,800
Lease liabilities		3,561		2,190
Other financial liabilities		2,806		-
Provisions		331		239
Deferred tax liabilities, net		13,762		841
Other non-current liabilities		2,385		3,140
Total non-current liabilities		26,645		10,210
Current liabilities
Financial liabilities
Borrowings		40,022		12,723
Lease liabilities		1,158		1,307
Trade payables
Total outstanding dues of micro enterprises and small enterprises		241		282
Total outstanding dues of creditors other than micro enterprises and small enterprises		29,965		25,862
Derivative financial instruments		337		468
Other financial liabilities		35,929		34,540
Liabilities for current tax, net		5,089		2,341
Provisions		6,361		6,920
Other current liabilities		10,105		11,437
Total current liabilities		129,207		95,880
TOTAL EQUITY AND LIABILITIES		467,284		388,638

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DR.REDDY’S LABORATORIES LIMITED

12	Consolidated statement of cashflows	All amounts in Indian Rupees millions
	Half year ended
---	---	---	---	---	---	---
Particulars	30.09.2024			30.09.2023
	(Unaudited)			(Unaudited)
Cash flows from/(used in) operating activities :
Profit before tax		38,000			37,667
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net		(2,245	)		(1,527	)
Depreciation and amortisation expense		7,776			7,288
Impairment of non-current assets		929			66
Allowance for credit losses (on trade receivables and other advances)		96			137
(Profit)/loss on sale or de-recognition of non-current assets, net		(447	)		(445	)
Share of profit of equity accounted investees		(120	)		(85	)
Unrealized exchange (gain)/loss, net		504			(1,179	)
Interest income		(1,409	)		(1,048	)
Finance costs		1,355			724
Equity settled share-based payment expense		208			211
Inventories write-down		2,844			1,418
Changes in operating assets and liabilities:
Trade receivables		(4,182	)		2,689
Inventories		(11,330	)		(9,340	)
Trade and other payables		4,062			4,568
Other assets and other liabilities, net		(9,474	)		(3,482	)
Cash generated from operations		26,565			37,662
Income tax paid, net		(8,754	)		(8,486	)
Net cash generated from operating activities		17,811			29,176
Cash flows (used in)/from investing activities :
Purchase of property, plant and equipment		(12,646	)		(7,323	)
Proceeds from sale of property, plant and equipment		411			487
Purchase of other intangible assets		(1,687	)		(8,787	)
Proceeds from sale of other intangible assets		419			21
Investment in equity accounted investees		(317	)		-
Payment for acquisition of businesses		(51,441	)		-
Purchase of investments (including bank deposits)		(138,326	)		(70,008	)
Proceeds from sale of investments (including bank deposits)		162,988			71,815
Interest and dividend received		1,280			597
Dividend received from equity accounted investees		-			445
Net cash (used in)/from investing activities		(39,319	)		(12,753	)
Cash flows (used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		157			765
Proceeds/(Repayment) of short-term borrowings, net		27,556			(1,054	)
Repayment of long-term loans and borrowings		-			(3,800	)
Proceeds from long term borrowings		-			3,800
Proceeds from issuance of equity shares in Subsidiary to Non-controlling interest		7,056			-
Payment of principal portion of lease liabilities		(735	)		(524	)
Dividend paid		(6,662	)		(6,648	)
Interest paid		(1,681	)		(1,051	)
Net cash from/(used in) financing activities		25,691			(8,512	)
Net increase/(decrease) in cash and cash equivalents		4,184			7,911
Effect of exchange rate changes on cash and cash equivalents		(6	)		(155	)
Cash and cash equivalents at the beginning of the period		7,107			5,779
Cash and cash equivalents at the end of the period^(1)^		11,285			13,535

**FVTPL (fair value through profit or loss)

^(1)^Adjusted for bank-overdraft of Rs.45 million and Rs. 4 million for the half year ended 30 September 2024 and 30 September 2023, respectively.

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

Place: Hyderabad			G V Prasad
Date: 05 November 2024			Co-Chairman & Managing Director

Exhibit 99.4

S.R. Batliboi & Associates LLPChartered Accountants	THE SKYVIEW 10<br><br> 18th Floor, "NORTH LOBBY"<br><br> Survey No. 83/1, Raidurgam<br><br> Hyderabad - 500 032, India<br><br> <br><br><br> <br>Tel : +91 40 6141 6000

Independent Auditor’s Review Report onthe Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (ListingObligations 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 Half Year Ended 30 September, 2024” (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<br>on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the<br>Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to<br>obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists<br>of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.<br>A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable<br>us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do<br>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: 24213271BKELLB2962

Place: Hyderabad

Date: November 05, 2024

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> <br>8-2-337, Road No. 3, Banjara Hills,<br><br> <br>Hyderabad - 500 034, Telangana,<br><br> <br>India.<br><br> <br>CIN : L85195TG1984PLC004507<br><br> <br>**<br><br> <br>Tel : +91 40 4900 2900<br><br> <br>Fax : +91 40 4900 2999<br><br> <br>Email : [email protected]<br><br> <br>www.drreddys.com**

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIALRESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2024

					All amounts in Indian Rupees millions
Sl.		Quarter ended									Half year ended						Year ended
No.	Particulars	30.09.2024			30.06.2024			30.09.2023			30.09.2024			30.09.2023			31.03.2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Sales		58,534			58,076			48,037			116,610			102,071			192,764
	b) License fees and service income		8,254			163			154			8,417			321			1,277
	c) Other operating income		175			173			196			348			368			797
	Total revenue from operations		66,963			58,412			48,387			125,375			102,760			194,838
2	Other income		2,076			2,178			2,231			3,935			4,567			8,623
	Total income (1 + 2)		69,039			60,590			50,618			129,310			107,327			203,461
3	Expenses
	a) Cost of materials consumed		9,343			9,111			7,512			18,454			15,651			32,915
	b) Purchase of stock-in-trade		6,565			7,403			4,992			13,968			8,834			19,866
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(930	)		(1,261	)		(1,054	)		(2,191	)		(1,217	)		(2,388	)
	d) Employee benefits expense		8,401			8,559			7,837			16,960			15,239			30,857
	e) Depreciation and amortisation expense		2,600			2,498			2,458			5,098			4,830			9,756
	f) Impairment of non current assets, net		-			-			-			-			-			260
	g) Finance costs		284			71			58			355			103			218
	h) Other expenses		16,368			15,070			12,809			31,119			25,685			54,064
	Total expenses		42,631			41,451			34,612			83,763			69,125			145,548
4	Profit before tax (1 + 2 - 3)		26,408			19,139			16,006			45,547			38,202			57,913
5	Tax expense
	a) Current tax		7,033			4,666			3,960			11,699			9,347			13,618
	b) Deferred tax		554			301			120			855			535			875
6	Net profit for the period/year (4 - 5)		18,821			14,172			11,926			32,993			28,320			43,420
7	Other comprehensive income / (loss)
	a) (i) Items that will not be reclassified to profit or loss		-			-			1			-			2			21
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			(7	)
	b) (i) Items that will be reclassified<br>subsequently to profit or loss		(88	)		55			(802	)		(33	)		(281	)		(446	)
	(ii) Income tax relating to items that will be reclassified to profit or loss		22			(14	)		201			8			71			114
	Total other comprehensive (loss) / income		(66	)		41			(600	)		(25	)		(208	)		(318	)
8	Total comprehensive income (6 + 7)		18,755			14,213			11,326			32,968			28,112			43,102
9	Paid-up equity share capital (face value Re. 1/- each)		834			834			834			834			834			834
10	Other equity																	241,574
11	Earnings per equity share (face value Re. 1/- each)
	Basic		22.60			17.02			14.34			39.62			34.06			52.19
	Diluted		22.56			16.99			14.31			39.55			33.99			52.09
			(Not annualised)			(Not annualised)			(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
Sl.		Quarter ended									Half year ended						Year ended
No.	Particulars	30.09.2024			30.06.2024			30.09.2023			30.09.2024			30.09.2023			31.03.2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Pharmaceutical Services and Active Ingredients		7,972			8,520			6,357			16,492			13,242			30,742
	b) Global Generics		61,467			52,447			43,995			113,914			93,673			173,405
	c) Others		23			61			128			84			259			678
	Total		69,462			61,028			50,480			130,490			107,174			204,825
	Less: Inter-segment revenue		2,499			2,616			2,093			5,115			4,414			9,987
	Total revenue from operations		66,963			58,412			48,387			125,375			102,760			194,838
2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients		(146	)		(70	)		(540	)		(216	)		(1,136	)		(287	)
	b) Global Generics		26,800			19,667			16,174			46,467			38,666			57,670
	c) Others		20			97			108			117			99			536
	Total		26,674			19,694			15,742			46,368			37,629			57,919
	Less: (i) Finance costs		284			71			58			355			103			218
	(ii) Other un-allocable expenditure / (income), net		(18	)		484			(322	)		466			(676	)		(212	)
	Total profit before tax		26,408			19,139			16,006			45,547			38,202			57,913

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:

1	The above statement of unaudited standalone financial results of Dr. Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards (''Ind AS'') prescribed under Section 133 of the Companies Act, 2013 ("the Act'') read with relevant rules issued thereunder, other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI'') were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on 05 November 2024. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon.
2	"Other income" for the year ended 31 March 2024 includes:<br><br> <br>a) Rs.540 million recognised in April 2023, pursuant to settlement agreement with Janssen Group, in settlement of the claim brought in the Federal Court of Canada by the Company and its affiliates for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of Zytiga®(Abiraterone).This transaction pertains to the Company's Global Generics segment.<br><br> <br>b) Dividend income of Rs. 445 million recognised in June 2023, declared by Kunshan Rotan Reddy Pharmaceutical Company Limited, joint venture of the company.
3	During the quarter and half year ended 30 September 2024, an amount of Rs. 896 million and Rs. 1,700 million respectively and during quarter<br>and half year ended 30 September 2023, an amount of Rs. 1,590 million and Rs. 2,263 million respectively, representing government grants<br>have been accounted as a reduction from cost of material consumed.

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DR. REDDY'S LABORATORIES LIMITED

4	Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 482 million, created in earlier period on land, during the quarter and half year ended 30 September 2024.
5	Agreement with Nestlé India:<br><br> <br>On 25 April 2024, the Company entered into an agreement with Nestlé India Limited ("Nestlé India") for the manufacturing, development, promotion, marketing, sale, distribution, and commercialization of nutraceutical products and supplements in India, as well as other mutually agreed geographies. These operations will be carried out by Dr. Reddy's Nutraceuticals Limited, established on 14 March 2024. The entity was later renamed as Dr. Reddy's and Nestlé Health Science Limited (the “Nutraceuticals subsidiary”) on 13 June 2024.
	Upon completion of the closing conditions, the transaction concluded on 01 August 2024. Consequently, the Company has made an additional investment of Rs. 7,340 million in its Nutraceuticals subsidiary, with corresponding infusion from Nestlé India amounting to Rs. 7,056 million resulting in a revised shareholding pattern of 51:49 between the Company and Nestlé India.
	Further, the Company also received Rs. 8,113 million (excluding GST) as consideration towards transfer of its nutraceutical and vitamins, minerals, herbals, and supplements portfolio to Nutraceuticals subsidiary as part of the definitive agreement. This has been recorded as License fees for the quarter and half year ended 30 September 2024.
	This acquisition pertains to Company’s Global Generics segment.
6	The Board of Directors of the Company at their<br> meeting held on 27 July 2024 have approved the sub-division/ split of each equity share having a face value of Rupees five each, fully<br> paid-up, into five equity shares having a face value of Rupee One each, fully paid-up (the “stock split”), by alteration of<br> the capital clause of the Memorandum of Association of the Company. Further, each American Depositary Share (ADS) of the Company will<br> continue to represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary Receipt(ADR)<br> holder would consequently increase in proportion to the increase in number of equity shares.<br><br> <br><br><br> <br>On 12 September 2024 the approval of the shareholders<br> of the Company was obtained through a postal ballot process with a requisite majority.<br><br> <br><br><br> <br>Consequently, the authorized share capital was<br> sub-divided into 1,450,000,000 equity shares, the paid up share capital is sub-divided into 834,384,730 equity shares and Treasury shares<br> are sub-divided into 1,338,570 having a face value of Rupee One each w.e.f record date of 28 October 2024.<br><br> <br><br><br> <br>Post stock split, the number of each stock option<br> vested and unvested and not exercised as on the record date were sub-divided into five options and the exercise price was proportionately<br> adjusted.<br><br> <br><br><br> <br>The affect of stock split was considered in the<br> computation of basic and diluted EPS for the quarter and half year ended 30 September 2024 and prior periods have been restated considering<br> face value of Rupee One each in accordance with Ind AS 33- "Earnings per Share" and rounded off to the nearest decimals.
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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, including sensitivity analysis, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.
8	The Company received an anonymous complaint in<br> September 2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments<br> 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<br> disclosed the matter to the U.S. Department of Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and<br> Securities Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee<br> of the Company’s Board of Directors. On 06 July 2021, the Company received a subpoena from the SEC for the production of related<br> documents, which were provided to the SEC.<br><br> <br><br><br> <br>The Company has continued to engage with the SEC<br> and 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.

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DR. REDDY'S LABORATORIES LIMITED

9 Balance sheet	All amounts in Indian Rupees millions
		As at		As at
Particulars		30.09.2024		31.03.2024
		(Unaudited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment			54,419		51,094
Capital work-in-progress			15,754		11,719
Goodwill			853		853
Other intangible assets			23,341		23,944
Intangible assets under development			391		391
Financial assets
Investments			99,686		32,027
Loans			15		617
Other financial assets			873		919
Tax assets, net			1,023		3,161
Other non-current assets			790		709
Total non-current assets			197,145		125,434
Current assets
Inventories			45,679		40,189
Financial assets
Investments			25,333		41,179
Trade receivables			59,514		46,239
Derivative instruments			242		165
Cash and cash equivalents			983		2,014
Other bank balances			5,547		10,155
Other financial assets			14,288		22,078
Other current assets			17,865		16,140
Total current assets			169,451		178,159
TOTAL ASSETS			366,596		303,593
EQUITY AND LIABILITIES
Equity
Equity share capital			834		834
Other equity			268,245		241,574
Total Equity			269,079		242,408
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities			480		495
Provisions			92		93
Deferred tax liabilities, net			5,007		4,161
Other non-current liabilities			952		1,055
Total non-current liabilities			6,531		5,804
Current liabilities
Financial liabilities
Borrowings			37,100		7,100
Lease liabilities			307		334
Trade payables
Total outstanding dues of micro enterprises and small enterprises			240		268
Total outstanding dues of creditors other than micro enterprises and small enterprises			21,618		20,180
Derivative instruments			322		290
Other financial liabilities			18,826		17,023
Liabilities for current tax, net			4,066		670
Provisions			2,977		3,283
Other current liabilities			5,530		6,233
Total current liabilities			90,986		55,381
TOTAL EQUITY AND LIABILITIES			366,596		303,593

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DR. REDDY'S LABORATORIES LIMITED

10 Statement of cashflows
	Half year ended
Particulars	30.09.2024			30.09.2023
	(Unaudited)			(Unaudited)
Cash flows from/(used in) operating activities :
Profit before tax		45,547			38,202
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL**, net		(1,988	)		(1,477	)
Depreciation and amortisation expense		5,098			4,830
Allowance for credit losses (on trade receivables and other advances)		87			111
Profit on sale or de-recognition of non-current assets, net		(4	)		(380	)
Unrealized exchange (gain)/loss, net		(117	)		105
Interest income		(1,718	)		(1,425	)
Finance costs		355			103
Equity settled share-based payment expense		189			180
Inventories write-down		1,635			769
Dividend income		-			(445	)
Changes in operating assets and liabilities:
Trade receivables		(13,354	)		(13,753	)
Inventories		(7,125	)		(6,475	)
Trade payables		1,410			3,012
Other assets and other liabilities, net		(2,100	)		(3,014	)
Cash generated from operations		27,915			20,343
Income taxes paid, net		(6,166	)		(4,643	)
Net cash generated from operating activities		21,749			15,700
Cash flows from/(used in) investing activities :
Purchase of property, plant and equipment		(10,204	)		(6,379	)
Proceeds from sale of property, plant and equipment		194			414
Purchase of other intangible assets		(577	)		(964	)
Proceeds from sale of other intangible assets		104			21
Purchase of investments (including bank deposits)		(113,202	)		(65,458	)
Proceeds from sale of investments (including bank deposits)		143,644			62,762
Equity investments in subsidiary/associates		(67,601	)		(500	)
Dividend received		-			445
Interest income received		1,619			683
Loans and advances repaid/(given) by/to subsidiaries		602			(602	)
Net cash used in investing activities		(45,421	)		(9,578	)
Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		157			765
Proceeds/(Repayment of) from short-term loans and borrowings, net		29,985			(6	)
Payment of principal portion of lease liabilities		(140	)		(126	)
Dividend paid		(6,662	)		(6,648	)
Interest paid		(683	)		(117	)
Net cash from/(used in) financing activities		22,657			(6,132	)
Net decrease in cash and cash equivalents		(1,015	)		(10	)
Effect of exchange rate changes on cash and cash equivalents		(16	)		3
Cash and cash equivalents at the beginning of the period		2,014			1,123
Cash and cash equivalents at the end of the period		983			1,116

*Rounded off to million.

**FVTPL (fair value through profit or loss)

By order of the Board

For Dr. Reddy's Laboratories Limited

Place:	Hyderabad	G V Prasad
Date:	05 November 2024	Co-Chairman & Managing Director

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RDY 6-K