Dr Reddys Laboratories Ltd 6-K, filed Jan 23, 2025

Dr Reddys Laboratories Ltd (RDY)

6-K 2025-01-23 For: 2025-01-23

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Added on July 04, 2026

About this 6-K

Dr Reddys Laboratories Ltd filed this 6-K on January 23, 2025.

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Exhibit Number		Description of Exhibits

99.1		Press Release, “Dr. Reddy’s Q3 FY2025 Financial Results”, January 23, 2025.

99.2		IFRS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2024.

99.3		Ind AS Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2024.

99.4		Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2024.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: January 23, 2025	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer

	a.	Unaudited Consolidated Financial Results of the Company and its subsidiaries for the quarter ended December 31, 2024, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB).

	b.	Press Release on Unaudited Financial Results of the Company for the above period.

	c.	Unaudited Consolidated Financial Results of the Company and its subsidiaries for the quarter ended December 31, 2024, as per Indian Accounting Standards.

	d.	Unaudited Standalone Financial Results of the Company for the quarter ended December 31, 2024, as per Indian Accounting Standards.

	Q3FY25	9MFY25

Revenues	₹ 83,586 Mn [Up: 16% YoY^; 4% QoQ]	₹ 240,475 Mn [Up: 15% YoY^]

Gross Margin	58.7% [Q3FY24: 58.5%; Q2FY25: 59.6%]	59.5% [9MFY24: 58.6%]

SG&A Expenses	₹ 24,117 Mn [Up: 19% YoY; 5% QoQ]	₹ 69,815 Mn [Up: 23% YoY]

R&D Expenses	₹ 6,658 Mn [8.0% of Revenues]	₹ 20,122 Mn [8.4% of Revenues]

EBITDA	₹ 22,982 Mn [27.5% of Revenues]	₹ 67,384 Mn [28.0% of Revenues]

Profit before Tax	₹ 18,742* Mn [Up: 3% YoY; Down: 2% QoQ]	₹ 56,730 Mn [Up: 2% YoY]

Profit after Tax attributable to Equity Holders	₹ 14,133 Mn [Up: 2% YoY; 13% QoQ]	₹ 40,606 Mn [Down: 5% YoY]

Particulars	Q3FY25		Q3FY24		YoY		Q2FY25		QoQ
	(₹)		(₹)		Gr %		(₹)		Gr%
Global Generics		73,753		63,095		17		71,576		3
North America		33,834		33,492		1		37,281		(9	)
Europe*		12,096		4,970		143		5,770		110
India		13,464		11,800		14		13,971		(4	)
Emerging Markets		14,358		12,833		12		14,554		(1	)
Pharmaceutical Services and Active Ingredients (PSAI)		8,219		7,839		5		8,407		(2	)
Others		1,614		1,214		33		179		802
Total		83,586		72,148		16		80,162		4

Particulars	9MFY25		9MFY24		YoY
	(₹)		(₹)		Gr%
Global Generics		214,187		184,262		16
North America		109,578		97,269		13
Europe*		23,132		15,303		51
India		40,687		35,141		16
Emerging Markets		40,790		36,549		12
PSAI		24,283		21,582		13
Others		2,005		2,490		(19	)
Total		240,475		208,334		15

Particulars	As on 31^st Dec 2024				As on 30^th Sep 2024				As on 31^st Dec 2023
	($)		(₹)		($)		(₹)		($)		(₹)
Cash and Cash Equivalents and Other Investments		750		64,198		751		64,274		896		76,665
Trade Receivables		1,078		92,212		987		84,398		917		78,417
Inventories		837		71,630		842		72,039		711		60,796
Property, Plant, and Equipment		1,088		93,053		1,013		86,693		851		72,795
Goodwill and Other Intangible Assets		1,225		104,780		1,214		103,892		481		41,192
Loans and Borrowings (Current & Non-Current)		597		51,085		567		48,540		232		19,851
Trade Payables		421		36,022		418		35,776		364		31,113
Equity		3,759		321,565		3,615		309,283		3,131		267,850

	·	Consolidated Nicotine Replacement Therapy (‘NRT’) financials in this quarter. Integration of the NRT business progressing as per plan.

	·	Entered into a voluntary licensing agreement with Gilead Sciences to manufacture and commercialise HIV treatment drug, Lenacapavir, in 120+ countries.

	·	Promising results of Phase 1 study for India’s first trial for novel autologous CAR-T cell therapy for multiple myeloma announced by our subsidiary, Aurigene Oncology Limited.

	·	Denosumab biosimilar filing completed for the US and Europe by our partner, Alvotech.

	·	Launched Toripalimab, the first and only immuno-oncology drug approved for the treatment of nasopharyngeal carcinoma in India.

	·	MSCI ESG rating upgraded to ‘A’ in December 2024.

	·	Placed 5th globally amongst pharma companies assessed in the 2024 S&P Global’s Corporate Sustainability Assessment, with an ESG score of 79/100.

	·	Continue to be members of the DJSI World Index for the 2^nd year in a row, along with the DJSI Emerging Markets Index for the 9^th year in a row.

Particulars	Q3FY25						Q3FY24						YoY			Q2FY25						QoQ
	($)			(₹)			($)			(₹)			Gr %			($)			(₹)			Gr%
Revenues*		977			83,586			843			72,148			16			937			80,162			4
Cost of Revenues		404			34,534			350			29,945			15			379			32,393			7
Gross Profit		573			49,052			493			42,203			16			558			47,769			3
% of Revenues					58.7	%					58.5	%								59.6	%
Selling, General & Administrative Expenses		282			24,117			236			20,228			19			269			23,007			5
% of Revenues					28.9	%					28.0	%								28.7	%
Research & Development Expenses		78			6,658			65			5,565			20			85			7,271			(8	)
% of Revenues					8.0	%					7.7	%								9.1	%
Impairment of Non-Current Assets, net		(0	)		(4	)		1			110			(104	)		11			924			(100	)
Other (Income)/Expense, net		(5	)		(439	)		(11	)		(967	)		(55	)		(12	)		(984	)		(55	)
Results from Operating Activities		219			18,720			202			17,267			8			205			17,551			7
Finance (Income)/Expense, net		0			20			(11	)		(963	)		(102	)		(18	)		(1555	)		(101	)
Share of Profit of Equity Accounted Investees, net of tax		(0	)		(42	)		(0	)		(27	)		56			(1	)		(61	)		(31	)
Profit before Income Tax		219			18,742	^#		213			18,257			3			224			19,167			(2	)
% of Revenues					22.4	%					25.3	%								23.9	%
Income Tax Expense		55			4,704			52			4,468			5			67			5,752			(18	)
Profit for the Period		164			14,038			161			13,789			2			157			13,415			5
% of Revenues					16.8	%					19.1	%								16.7	%
Attributable to Equity holders of the parent company		165			14,133			161			13,789			2			147			12,553			13
Attributable to Non-controlling interests		(1	)		(95	)					-			-			10			862			-
Diluted Earnings per Share (EPS)		0.20			16.94			0.19			16.54	^		2			0.18			15.05			13

Particulars	Q3FY25						Q3FY24						Q2FY25
	($)			(₹)			($)			(₹)			($)			(₹)
Profit before Income Tax		219			18,742			213			18,257			224			19,167
Interest (Income) / Expense, net*		(6	)		(475	)		(12	)		(1,030	)		(15	)		(1,262	)
Depreciation		32			2,733			28			2,437			31			2,629
Amortization		23			1,986			16			1,333			16			1,346
Impairment		(0	)		(4	)		1			110			11			924
EBITDA		269			22,982			247			21,107			267			22,803
% of Revenues					27.5	%					29.3	%					28.4	%

Particulars	9MFY25						9MFY24						YoY
	($)			(₹)			($)			(₹)			Gr %
Revenues*		2,811			240,475			2,435			208,334			15
Cost of Revenues		1,137			97,310			1,008			86,210			13
Gross Profit		1,673			143,165			1,428			122,124			17
% of Revenues					59.5	%					58.6	%
Selling, General & Administrative Expenses		816			69,815			663			56,725			23
% of Revenues					29.0	%					27.2	%
Research & Development Expenses		235			20,122			187			15,996			26
% of Revenues					8.4	%					7.7	%
Impairment of Non-Current Assets, net		11			925			2			176			426
Other (Income)/Expense, net		(22	)		(1,893	)		(41	)		(3,543	)		(47	)
Results from Operating Activities		634			54,196			617			52,770			3
Finance (Income)/Expense, net		(28	)		(2,372	)		(35	)		(2,972	)		(20	)
Share of Profit of Equity Accounted Investees, net of tax		(2	)		(162	)		(1	)		(112	)		45
Profit before Income Tax		663			56,730			653			55,854			2
% of Revenues					23.6	%					26.8	%
Income Tax Expense		180			15,357			155			13,240			16
Profit for the Period		484			41,373			498			42,614			(3	)
% of Revenues					17.2	%					20.5	%
Attributable to Equity holders of the parent company		475			40,606			498			42,614			(5	)
Attributable to Non-controlling interests		9			767						-
Diluted Earnings per Share (EPS)		0.57			48.68			0.60			51.14	^		(5	)

Particulars	9MFY25						9MFY24
	($)			(₹)			($)			(₹)
Profit before Income Tax		663			56,730			653			55,854
Interest (Income) / Expense, net*		(32	)		(2,775	)		(34	)		(2,881	)
Depreciation		92			7,870			84			7,155
Amortization		54			4,634			47			3,989
Impairment		11			925			2			176
EBITDA		788			67,384			752			64,293
% of Revenues					28.0	%					30.9	%

	·	Continue to feature amongst NIFTY 100 ESG Sector Leaders.

	·	Named in TIME & Statista's global list of ‘World's Best Companies - Sustainable Growth’

	·	Good Manufacturing Practice (GMP) inspection completed by the USFDA at our API facility, CTO-2, in Bollaram, Hyderabad in November, 2024 and issued a Form 483 with seven observations. The response to the observations were submitted within stipulated timelines.

	·	Q3FY25 revenues at ₹12.1 billion, YoY growth of 143% and QoQ growth of 110%. Q3FY25 revenues includes revenues from the recently acquired NRT portfolio. Underlying growth excluding NRT is 22% YoY and 5% QoQ.

	o	Germany at ₹3.3 billion, YoY growth of 24% and QoQ growth of 3%

	o	UK at ₹1.9 billion, YoY growth of 39% and QoQ growth of 16%.

	o	Rest of Europe at ₹0.8 billion, YoY decline of 10% and QoQ decline of 8%

	·	9MFY25 revenues at ₹23.1 billion, YoY growth of 51%. Underlying YoY growth excluding NRT is 12%.

	·	9MFY25 revenues at ₹40.8 billion, YoY growth of 12%. The growth is attributable to market share expansion and new product launches, partly offset by unfavorable forex.

	-	Revenues from Russia at ₹19.4 billion, YoY growth of 12%. The growth was largely on account of price increases in certain brands and improved volumes, partially offset by adverse forex.

	-	Revenues from other CIS countries and Romania at ₹6.5 billion, flat YoY.

	-	the reversal of a previously recognized deferred tax asset on indexation of land;

Particulars	Three months ended 31^st Dec 2024
	(₹)
Net cash generated from operating activities		13,277
Less:
Taxes		(6,656	)
Investments in Property, Plant & Equipment and intangibles		(8,708	)
Cash Flow		(2,087	)

Particulars	As on
	Dec 31, 2024			Mar 31, 2024
Property Plant and Equipment		93,053			76,886
Intangibles		92,925			36,951
Goodwill		11,855			4,253
Investment in Equity Accounted Associates		4,742			4,196
Other Current Assets		28,750			22,560
Other Investments		4,276			1,059
Other Non-Current Assets		1,360			1,632
Inventories		71,630			63,552
Trade Receivables		92,214			80,298
Derivative Financial Instruments		(1,319	)		(299	)
Less:
Other Liabilities		47,940			46,866
Provisions		5,725			5,444
Trade payables		36,022			30,919
Operating Capital Employed		309,799			207,859
Average Capital Employed		258,829

		Quarter ended									Nine months ended						Year ended
Sl. No.	Particulars	31.12.2024			30.09.2024			31.12.2023			31.12.2024			31.12.2023			31.03.2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenues		83,586			80,162			72,148			240,475			208,334			279,164
2	Cost of revenues		34,534			32,393			29,945			97,310			86,210			115,557
3	Gross profit (1 - 2)		49,052			47,769			42,203			143,165			122,124			163,607
4	Selling, general and administrative expenses		24,117			23,007			20,228			69,815			56,725			77,201
5	Research and development expenses		6,658			7,271			5,565			20,122			15,996			22,873
6	Impairment of non-current assets, net		(4	)		924			110			925			176			3
7	Other income,net		(439	)		(984	)		(967	)		(1,893	)		(3,543	)		(4,199	)
	Total operating expenses		30,332			30,218			24,936			88,969			69,354			95,878
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		18,720			17,551			17,267			54,196			52,770			67,729
	Finance income		798			2,312			1,357			4,545			4,090			5,705
	Finance expense		(818	)		(757	)		(394	)		(2,173	)		(1,118	)		(1,711	)
9	Finance (expense)/income,net		(20	)		1,555			963			2,372			2,972			3,994
10	Share of profit of equity accounted investees, net of tax		42			61			27			162			112			147
11	Profit before tax (8 + 9 + 10)		18,742			19,167			18,257			56,730			55,854			71,870
12	Tax expense,net		4,704			5,752			4,468			15,357			13,240			16,186
13	Profit for the period/year (11 -12)		14,038			13,415			13,789			41,373			42,614			55,684

	Attributable to:
	Equity holders of the parent company		14,133			12,553			13,789			40,606			42,614			55,684
	Non-controlling interests		(95	)		862			-			767			-			-

14	Earnings per equity share attributable to equity shareholders of parent
	Basic earnings per share of Re.1/- each		16.96			15.07			16.56			48.75			51.23			66.93
	Diluted earnings per share of Re.1/- each		16.94			15.05			16.54			48.68			51.14			66.81
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

1	The above statement of unaudited consolidated financial results of Dr.Reddy’s Laboratories Limited (“the Company”), which have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the International Accounting Standards Board (IASB) and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 23 January 2025. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

2	“Revenues” for the quarter and nine months ended 31 December 2024 includes an amount of Rs.1,266 million received as a milestone payment upon U.S.FDA approval of DFD 29, in accordance with the license and collaboration agreement dated 29 June 2021 with Journey Medical Corporation. This transaction pertains to the Company’s Others segment.

3	During the quarter and nine months ended 31 December 2024, an amount of Rs.841 million and Rs.2,556 million, respectively, and during the quarter and nine months ended 31 December 2023, an amount of Rs.1,148 million and Rs.3,422 million, respectively, representing government grants has been accounted as a reduction from cost of revenues.

4	“Impairment of non-current assets, net” recorded during the nine months ended 31 December 2024 includes an amount of Rs.907 million pertaining to Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value. This impairment charge pertains to the Company’s Global Generics segment.

5	“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.

6	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 periods on land, during the nine months ended 31 December 2024.

7	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 recognized 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 nine months ended 31 December 2024, has arisen primarily on recognition of deferred tax asset on account of transfer of business from parent company to Nutraceuticals subsidiary. As at 31 December 2024, share of 49% held by Nestlé India is recorded under Non-controlling interest of Rs.3,844 million.

8	Business purchase agreement with Haleon: On 26 June 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 “Selling, general and administrative expenses” during the nine months ended 31 December 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 amount of revenue and profit before tax (derived after amortisation of NRT brands and integration expense) pertaining to the business acquired from Haleon since the acquisition date (i.e., September 30, 2024) was Rs.6,049 (GBP 56.3 million) and Rs.1,240 ( GBP 11.3 million) respectively, during the three months ended December 31, 2024.

9	The Company received an anonymous complaint in September 2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company’s Board of Directors. On 6 July 2021, the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC. The Company has continued to engage with the SEC and DOJ, including through submissions and presentations regarding the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates to updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time.

10	The Company considered the uncertainties relating to the escalation of conflict in the middle east, and duration of military conflict between Russia and Ukraine, in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.

11	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 ADSs 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 w.e.f. record date of 28 October 2024, the authorized share capital, the paid up share capital and the treasury shares were sub-divided into five equity shares having a face value of Rupee One each. As on 31 December 2024, the closing number of shares fully paid up and treasury shares were 834,424,050 and 1,302,980 respectively. 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 effect of stock split was considered in the computation of basic and diluted EPS for the quarter and nine months ended 31 December 2024 and prior periods have been restated considering face value of Rupee One each in accordance with IAS 33- “Earnings per Share” and rounded off to the nearest decimals.


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

per Shankar Srinivasan
Partner
Membership No.: 213271

UDIN: 25213271BMISKZ7444

Place: Hyderabad
Date: January 23, 2025

			All amounts in Indian Rupees millions
			Quarter ended									Nine months ended						Year ended
Sl. No.		Particulars	31.12.2024			30.09.2024			31.12.2023			31.12.2024			31.12.2023			31.03.2024
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
	1	Revenue from operations
		a) Sales		79,960			78,859			69,647			234,215			203,138			271,396
		b) License fees and service income		3,626			1,302			2,501			6,259			5,196			7,768
		c) Other operating income		226			221			220			681			639			947

		Total revenue from operations		83,812			80,382			72,368			241,155			208,973			280,111

	2	Other income		1,502			3,075			2,162			6,156			6,984			8,943

	3	Total income (1 + 2)		85,314			83,457			74,530			247,311			215,957			289,054

	4	Expenses
		a) Cost of materials consumed		14,526			12,872			11,412			39,670			33,939			44,901
		b) Purchase of stock-in-trade		10,507			12,828			12,083			37,136			32,232			43,991
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		782			(2,033	)		(1,735	)		(5,507	)		(5,005	)		(6,805	)
		d) Employee benefits expense		13,665			13,992			12,764			41,794			37,464			50,301
		e) Depreciation and amortisation expense		4,714			3,970			3,735			12,490			11,023			14,700
		f) Impairment of non-current assets, net		(4	)		924			110			925			176			3
		g) Finance costs		817			757			394			2,172			1,118			1,711
		h) Other expenses		21,606			21,034			17,503			62,050			49,164			68,389
		Total expenses		66,613			64,344			56,266			190,730			160,111			217,191

	5	Profit before tax and before share of equity accounted investees(3 - 4)		18,701			19,113			18,264			56,581			55,846			71,863

	6	Share of profit of equity accounted investees, net of tax		42			61			27			162			112			147

	7	Profit before tax (5+6)		18,743			19,174			18,291			56,743			55,958			72,010

	8	Tax expense/(benefit):
		a) Current tax		5,330			7,713			3,538			18,258			16,636			19,459
		b) Deferred tax		(629	)		(1,958	)		944			(2,900	)		(3,359	)		(3,228	)

	9	Net profit after taxes and share of profit of associates (7 - 8)		14,042			13,419			13,809			41,385			42,681			55,779

	10	Net profit after taxes attributable to
		a) Equity shareholders of the parent company		14,137			12,557			13,809			40,618			42,681			55,779
		b) Non-controlling interests		(95	)		862			-			767			-			-

	11	Other comprehensive income/(loss)
		a) (i) Items that will not be reclassified subsequently to profit or loss		(52	)		(33	)		132			(176	)		16			(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		(2,142	)		2,978			782			951			(184	)		(749	)
		(ii) Income tax relating to items that will be reclassified to profit or loss		170			16			78			180			69			117
		Total other comprehensive income/(loss)		(2,024	)		2,961			992			955			(99	)		(656	)

	12	Total comprehensive income (9 + 11)		12,018			16,380			14,801			42,340			42,582			55,123

	13	Total comprehensive income attributable to
		a) Equity shareholders of the parent company		12,113			15,518			14,801			41,573			42,582			55,123
		b) Non-controlling interest		(95	)		862			-			767			-			-

	12	Paid-up equity share capital (face value Re. 1/- each)		834			834			834			834			834			834

	13	Other equity																	281,714

	14	Earnings per equity share attributable to equity shareholders of parent(face value Re. 1/- each)
		Basic		16.97			15.08			16.59			48.77			51.31			67.04
		Diluted		16.94			15.05			16.56			48.69			51.22			66.92
				(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)