Skip to main content
Equibles

RDY 6-K

Dr Reddys Laboratories Ltd (RDY)

6-K 2025-10-24 For: 2025-10-24
View Original
Added on July 04, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 2025

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

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

Hyderabad, Telangana 500 034, India

+91-40-49002900

(Address of principal executive office)

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

Form 20-F   x                                  Form 40-F   ¨

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

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

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

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

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

Yes   ¨                                     No   x

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

EXHIBITS

Exhibit Number Description of Exhibits
99.1 Outcome of the Board Meeting<br> held on October 24, 2025
99.2 IFRS Unaudited Consolidated Financial Results for the<br> quarter ended September 30, 2025.
99.3 Press Release, “Dr. Reddy’s Q2 FY2026 Financial<br> Results”, October 24, 2025.
99.4 Ind AS Unaudited Consolidated<br> Financial Results for the quarter ended September 30, 2025.
99.5 Ind AS Unaudited Standalone<br> Financial Results for the quarter ended September 30, 2025. 
| 2 |

| --- |

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

DR.<br> REDDY’S LABORATORIES LIMITED (Registrant)
Date:<br> October 24, 2025 By: /s/<br> K Randhir Singh
Name: K Randhir Singh
Title: Company Secretary 
| 3 |

| --- |

Exhibit 99.1

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

October 24, 2025

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

BSE Limited. (Scrip Code: 500124)

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

NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

Sub: Outcomeof Board Meeting

Pursuant to Regulations 30 and 33 and other applicable provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and in furtherance to our letter dated September 22, 2025, we would like to inform that the Board of Directors of the Company, at their meeting held today, i.e. October 24, 2025, have inter alia approved the Unaudited Financial Results of the Company for the quarter and half-year ended September 30, 2025. In this regard, we are enclosing herewith:

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

The Board Meeting commenced at 2:00 PM (IST) and concluded at 3:57 PM (IST).

This is for your information and records.

Thanking you.

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer &Head-CSR

Encl: as above

Exhibit 99.2

Dr. Reddy’s Laboratories Ltd.<br><br> <br>8-2-337, Road No. 3, Banjara Hills,<br><br> <br>Hyderabad - 500 034, Telangana, 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 ofDr. Reddy's Laboratories Limited and its subsidiaries for the quarter and half year ended 30 September 2025 prepared in accordance withInternational Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions

Quarter ended Half year ended Year ended
Sl. No. Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Revenues 88,051 85,452 80,162 173,503 156,889 325,535
2 Cost of revenues 39,911 36,825 32,393 76,736 62,776 135,107
3 Gross profit (1 - 2) 48,140 48,627 47,769 96,767 94,113 190,428
4 Selling, general and administrative expenses 26,436 25,647 23,007 52,083 45,698 93,870
5 Research and development expenses 6,202 6,244 7,271 12,446 13,464 27,380
6 Impairment of non-current assets, net 662 - 924 662 929 1,693
7 Other income, net (2,673 ) (739 ) (984 ) (3,412 ) (1,454 ) (4,358 )
Total operating expenses 30,627 31,152 30,218 61,779 58,637 118,585
8 Results from operating activities [(3) - (4 + 5 + 6 + 7)] 17,513 17,475 17,551 34,988 35,476 71,843
Finance income 1,681 2,400 2,312 4,081 3,747 7,553
Finance expense (907 ) (830 ) (757 ) (1,737 ) (1,355 ) (2,829 )
9 Finance income, net 774 1,570 1,555 2,344 2,392 4,724
10 Share of profit of equity accounted investees, net of tax 63 2 61 65 120 217
11 Profit before tax (8 + 9 + 10) 18,350 19,047 19,167 37,397 37,988 76,784
12 Tax expense, net 4,082 4,951 5,752 9,033 10,653 19,539
13 Profit for the period/year (11 - 12) 14,268 14,096 13,415 28,364 27,335 57,245
Attributable to:
Equity holders of the parent company 14,372 14,178 12,553 28,549 26,473 56,544
Non-controlling interests (104 ) (82 ) 862 (185 ) 862 701
14 Earnings per equity share attributable to equity shareholders of parent
Basic earnings per share of Re.1/- each 17.26 17.04 15.07 34.30 31.79 67.88
Diluted earnings per share of Re.1/- each 17.25 17.02 15.05 34.26 31.74 67.78
(Not annualised) (Not annualised) (Not annualised) (Not annualised) (Not annualised)

Segment information All amounts in<br>Indian Rupees millions
Quarter<br> ended Half<br> year ended Year<br> ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sl.<br> No. Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Segment<br> wise revenue and results:
1 Segment<br> revenue:
a) Global Generics 78,498 75,620 71,576 154,118 140,434 289,552
b) Pharmaceutical Services<br> and Active Ingredients 11,584 9,709 11,030 21,293 21,339 43,235
c) Others 103 1,651 179 1,754 391 2,137
Total 90,185 86,980 82,785 177,165 162,164 334,924
Less: Inter-segment revenues 2,134 1,528 2,623 3,662 5,275 9,389
Net revenues 88,051 85,452 80,162 173,503 156,889 325,535
2 Segment<br> results:
Gross profit from each segment
a) Global Generics 46,428 46,086 45,162 92,514 89,680 179,606
b) Pharmaceutical Services<br> and Active Ingredients 1,700 1,082 2,518 2,782 4,286 9,157
c) Others 12 1,459 89 1,471 147 1,665
Total 48,140 48,627 47,769 96,767 94,113 190,428
Less: Selling and other un-allocable<br> expenditure, net of other income 29,790 29,580 28,602 59,370 56,125 113,644
Total profit<br> before tax 18,350 19,047 19,167 37,397 37,988 76,784

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

Segmental capital employed

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

Notes:

1 The above Statement of unaudited consolidated financial results<br>of Dr. Reddy’s Laboratories Limited (the “parent company”), together with its subsidiaries (collectively, the “Company”),<br>joint ventures and associates, have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the<br>International Accounting Standards Board (IASB), and presented as per the format of Regulation 33 of SEBI (Listing Obligations and Disclosure<br>Requirements) Regulations, 2015, as amended, and were reviewed and recommended by Audit Committee and approved by the Board of Directors<br>at their meetings held on 24 October 2025. The Auditors have carried out a limited review on the unaudited consolidated financial results<br>and issued an unmodified report thereon.
2 During the quarter and six months period ended 30 September<br>2025, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated<br>estrogen at its site in Middleburgh, New York. Consequent to discontinuance of development, the Company recorded the following financial<br>impacts, resulting in a net loss of Rs.47 million in the income statement:
--- ---

  • Impairment loss of the entire carrying value of Rs.535 million for property, plant and equipment;

  • Inventory related provisions of Rs.260 million;

  • Other development program related wind down costs of Rs.129 million;

  • Gain recognized from the write back of liabilities no longer required of Rs.877 million.

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

3 "Impairment of non-current assets, net" for the year<br>ended 31 March 2025 primarily includes:

a. Impairment of intangibles pertaining to acquisition from Mayne:

-an amount of Rs.907 million towards Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value.

-an amount of Rs.270 million pertaining to impairment of certain product related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying value.

b. Other impairments:

-an impairment loss of Rs. 288 million consequent to adverse market conditions with respect to certain product related intangibles forming part of the Company’s global generic business in India and Europe.

The above impairment charge pertains to the Company’s Global Generics segment.

4 In September 2025, the Company had acquired the STUGERON brand<br>from Janssen Pharmaceutica NV ( an affiliate of Johnson & Johnson) for a consideration of Rs.4,464 million ($50.5 million).The portfolio<br>acquired includes STUGERON® FORTE and STUGERON® PLUS, across 18 markets in the Asia-Pacific and Europe, Middle East, and Africa<br>regions, with India and Vietnam as the key markets.
5 “Other income, net” for the quarter and year ended<br>31 March 2025 includes cumulative amount of foreign exchange gain of Rs. 1,551 million, reclassified from the foreign currency translation<br>reserve upon divestment of the membership interest in the subsidiary “Dr. Reddy’s Laboratories Louisiana LLC”. This<br>transaction pertains to the Company's Global Generics segment.
--- ---
6 During the six months ended 30 September 2025, the Company received<br>a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020<br>to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections,<br>and a revised report was issued on 15 September 2025. The Company submitted further objections, stating that the specified services should<br>not be subject to VAT on 6 October 2025 and is awaiting the final tax assessment.
--- ---

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

7 Pursuant to the amendment in The Finance Act 2024, resulting<br>in withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs.473 million,<br>created in earlier period on land, during the quarter and half year ended 30 September 2024.

8 Consolidated statements of financial position

All amounts in Indian Rupees millions

Particulars As at As at
**** 30.09.2025 **** **** 31.03.2025 ****
(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents 9,906 14,654
Other investments 59,906 43,254
Trade and other receivables 97,738 90,420
Inventories 75,821 71,085
Derivative financial instruments 114 557
Other current assets 36,032 30,142
Total current assets 279,517 250,112
Non-current assets
Property, plant and equipment 111,981 97,761
Goodwill 12,298 11,810
Other intangible assets 100,942 96,803
Investment in equity accounted investees 5,184 4,811
Other investments 4,581 10,391
Deferred tax assets 22,717 18,508
Tax assets 3,713 1,821
Other non-current assets 1,072 972
Total non-current assets 262,488 242,877
Total assets 542,005 492,989
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 40,248 35,523
Short-term borrowings 41,155 38,045
Long-term borrowings, current portion 5,747 857
Provisions 6,548 6,168
Tax liabilities 7,628 3,028
Derivative financial instruments 2,836 1,286
Other current liabilities 46,765 45,485
Total current liabilities 150,927 130,392
Non-current liabilities
Long-term borrowings 11,637 7,864
Deferred tax liabilities 14,827 14,108
Provisions 173 156
Other non-current liabilities 2,359 3,303
Total non-current liabilities 28,996 25,431
Total liabilities 179,923 155,823
Equity
Share capital 835 834
Treasury shares (1,937 ) (2,264 )
Share premium 11,310 11,133
Share based payment reserve 1,637 1,642
Capital redemption reserve 173 173
Retained earnings 337,683 315,793
Other reserves 3,979 3,979
Other components of equity 4,809 2,098
Equity attributable to equity holders of the parent company 358,489 333,388
Non-controlling interests 3,593 3,778
Total equity 362,082 337,166
Total liabilities and equity 542,005 492,989

9 Consolidated statements of cash flows

All amounts in Indian Rupees millions

Particulars Half year ended
30.09.2025 30.09.2024
(Unaudited) (Unaudited)
Cash flows from/(used in) operating activities :
Profit for the period 28,364 27,335
Adjustments for:
Tax expense, net 9,033 10,653
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net (1,277 ) (2,245 )
Depreciation and amortization 9,816 7,785
Impairment of non-current assets 662 929
Allowance for credit losses (on trade receivables and other advances) 679 96
Gain on sale or de-recognition of non-current assets, net (268 ) (447 )
Share of profit of equity accounted investees (65 ) (120 )
Inventories write-down 3,450 2,844
Foreign exchange (gain)/loss, net (509 ) 507
Interest income, net (303 ) (54 )
Equity settled share-based payment expense 212 208
Changes in operating assets and liabilities:
Trade and other receivables (7,689 ) (4,182 )
Inventories (8,186 ) (11,331 )
Trade and other payables 8,846 4,062
Other assets and other liabilities, net (3,718 ) (9,474 )
Cash generated from operations 39,047 26,566
Income tax paid, net (8,845 ) (8,754 )
Net cash generated from operating activities 30,202 17,812
Cash flows (used in)/from investing activities :
Purchase of property, plant and equipment (12,084 ) (12,646 )
Proceeds from sale of property, plant and equipment 142 411
Purchase of other intangible assets (8,198 ) (1,687 )
Proceeds from sale of other intangible assets 239 419
Payment for acquisition of businesses - (51,441 )
Purchase of other investments (102,831 ) (138,326 )
Proceeds from sale of other investments 93,289 162,988
Investment in associates (51 ) (317 )
Interest and dividend received 759 1,280
Net cash (used in)/from in investing activities (28,735 ) (39,319 )
Cash flows (used in)/from financing activities :
Proceeds from issuance of equity shares (including treasury shares) 288 157
Purchase of treasury shares
Proceeds from issuance of equity shares in subsidiary to non-controlling interests - 7,056
Proceeds from short-term borrowings, net 2,675 27,556
Payment of principal portion of lease liabilities (565 ) (735 )
Dividend paid (6,659 ) (6,662 )
Interest paid (2,265 ) (1,681 )
Net cash used in financing activities (6,526 ) 25,691
Net increase in cash and cash equivalents (5,059 ) 4,184
Effect of exchange rate changes on cash and cash equivalents 372 (6 )
Cash and cash equivalents at the beginning of the period^(1)^ 14,593 7,107
Cash and cash equivalents at the end of the period^(2)^ 9,906 11,285

*FVTPL (fair value through profit or loss)

^(1)^Adjusted for bank-overdraft of Rs.61 million for theyear ended 31 March 2025.

^(2)^Adjusted for bank-overdraft of Rs.45 million for thehalf year ended 30 September 2024.

10 The Company received an anonymous complaint in September 2020,<br>alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf<br>of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed<br>the matter to the U.S. Department of Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities<br>Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company’s<br>Board of Directors. On July 6, 2021 the Company received a subpoena from the SEC for the production of related documents, which were<br>provided to the SEC. The Company has continued to engage with the SEC and DOJ, including through submissions and presentations regarding<br>the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework, which<br>includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates to<br>updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement<br>actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under<br>relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time.
11 The Company considered the uncertainties relating to the escalation<br>of conflict in the middle east, and duration of military conflict between Russia and Ukraine, in assessing the recoverability of receivables,<br>goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of<br>information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects<br>to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue<br>to closely monitor any material changes to future economic conditions.
--- ---
By order of the Board
--- --- ---
For Dr. Reddy’s Laboratories Limited
Place: Hyderabad G V Prasad
Date: 24 October 2025 Co-Chairman & Managing Director

Exhibit 99.3

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

Dr. Reddy’sQ2 & H1FY26 Financial Results

Hyderabad, India,October 24, 2025: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and six months ended September 30, 2025. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

Q2FY26 H1FY26
Revenues ₹ 88,051 Mn<br><br> <br>[Up: 9.8% YoY; 3% QoQ] ₹ 173,503 Mn<br><br> <br>[Up: 10.6% YoY]
Gross Margin 54.7%<br><br> <br>[Q2FY25: 59.6%; Q1FY26: 56.9%] 55.8%<br><br> <br>[H1FY25: 60.0%]
SG&A Expenses ₹ 26,436 Mn<br><br> <br>[Up: 15% YoY; 3% QoQ] ₹ 52,083 Mn<br><br> <br>[Up: 14% YoY]
R&D Expenses ₹ 6,202 Mn<br><br> <br>[7.0% of Revenues] ₹ 12,446 Mn<br><br> <br>[7.2% of Revenues]
EBITDA ₹ 23,511 Mn<br><br> <br>[26.7% of Revenues] ₹ 46,295 Mn<br><br> <br>[26.7% of Revenues]
Profit before Tax ₹ 18,350 Mn<br><br> <br>[Down: 4% YoY; 4% QoQ] ₹ 37,397 Mn<br><br> <br>[Down: 2% YoY]
Profit after Tax attributable to Equity Holders ₹ 14,372 Mn<br><br> <br>[Up: 14% YoY; 1% QoQ] ₹ 28,549 Mn[Up: 8% YoY]

Commenting on the results, Co-Chairman & MD, G V Prasadsaid: “Growth in Q2 was driven by momentum in branded markets and steady contributions from the Nicotine ReplacementTherapy (NRT) portfolio, which helped offset the decline in U.S. Lenalidomide sales. We remain focused on strengthening our core business,advancing key pipeline assets, driving productivity and pursuing business development initiatives.”

 
1
All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = ₹88.78

Dr.Reddy’s Laboratories Limited & Subsidiaries ****

Revenue Mix by Segment forthe quarter

Particulars Q2FY26 Q2FY25 YoY Q1FY26 QoQ
**** **** () **** **** () **** **** Gr % **** **** () **** **** Gr% ****
Global Generics 78,498 71,576 10 75,620 4
North America 32,408 37,281 (13 ) 34,123 (5 )
Europe 13,762 5,770 138 ^ 12,744 8 ^
India 15,780 13,971 13 14,711 7
Emerging Markets 16,548 14,554 14 14,042 18
Pharmaceutical Services and Active Ingredients<br> (PSAI) 9,450 8,407 12 8,181 16
Others 103 179 (42 ) 1,651 (94 )
Total 88,051 80,162 10 85,452 3

All values are in Indian Rupees.

^Excluding acquired Consumer Healthcarebusiness in Nicotine Replacement Therapy (NRT) sales; revenue growth is at 17% YoY and 12% QoQ.

Revenue Mix by Segment forthe half year

Particulars H1FY26 H1FY25 YoY
**** **** () **** **** () **** **** Gr% ****
Global Generics 154,118 140,434 10
North America 66,531 75,743 (12 )
Europe 26,506 11,035 140 ^
India 30,491 27,223 12
Emerging Markets 30,590 26,433 16
PSAI 17,631 16,064 10
Others 1,754 391 349
Total 173,503 156,889 11

All values are in Indian Rupees.

^Excluding NRT sales; revenue growth is at 16%YoY.

 
2

Consolidated Income Statement for the quarter

Particulars **** Q2FY26 **** **** Q2FY25 **** **** YoY **** **** Q1FY26 **** **** QoQ ****
() () () () Gr% () () Gr%
Revenues 992 88,051 903 80,162 9.8 963 85,452 3
Cost of Revenues 450 39,911 365 32,393 23 415 36,825 8
Gross Profit 542 48,140 538 47,769 1 548 48,627 (1 )
% of Revenues 54.7 % 59.6 % 56.9 %
Selling, General & Administrative<br> Expenses 298 26,436 259 23,007 15 289 25,647 3
% of Revenues 30.0 % 28.7 % 30.0 %
Research & Development<br> Expenses 70 6,202 82 7,271 (15 ) 70 6,244 (1 )
% of Revenues 7.0 % 9.1 % 7.3 %
Impairment of Non-Current<br> Assets, net 7 662 10 924 (28 ) 0 0 NA
Other (Income)/Expense, net (30 ) (2,673 ) (11 ) (984 ) 172 (8 ) (739 ) 262
Results<br> from Operating Activities 197 17,513 198 17,551 (0 ) 197 17,475 0
Finance (Income)/Expense,<br> net (9 ) (774 ) (18 ) (1,555 ) (50 ) (18 ) (1,570 ) (51 )
Share of Profit of Equity Investees, net of tax (1 ) (63 ) (1 ) (61 ) 3 (0 ) (2 ) 3050
Profit<br> before Income Tax 207 18,350 216 19,167 (4 ) 215 19,047 (4 )
% of Revenues 20.8 % 23.9 % 22.3 %
Income Tax Expense 46 4,082 65 5,752 (29 ) 56 4,951 (18 )
Profit<br> for the Period 161 14,268 151 13,415 6 159 14,096 1
% of Revenues 16.2 % 16.7 % 16.5 %
Attributable to Equity holders<br> of the Parent Co. 162 14,372 141 12,553 14 160 14,178 1
Attributable to Non-controlling<br> interests (1 ) (104 ) 10 862 (112 ) (1 ) (82 ) 27
Diluted Earnings per Share<br> (EPS) 0.19 17.25 0.17 15.05 15 0.19 17.02 1

All values are in US Dollars.

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

Particulars **** Q2FY26 **** **** Q2FY25 **** **** Q1FY26 ****
() () () () () ()
Profit before Income Tax 207 18,350 216 19,167 215 19,047
Interest (Income) / Expense, net* (6 ) (552 ) (14 ) (1,262 ) (12 ) (1,028 )
Depreciation 35 3,091 30 2,629 33 2,894
Amortization 22 1,960 15 1,346 21 1,871
Impairment 7 662 10 924 (0 ) (0 )
EBITDA 265 23,511 257 22,803 257 22,784
% of Revenues 26.7 % 28.4 % 26.7 %

All values are in US Dollars.

*Includes income from Investment

 
3

Consolidated Income Statement for the half year

Particulars **** H1FY26 **** **** H1FY25 **** **** YoY ****
() () () () Gr%
Revenues 1,954 173,503 1,767 156,889 11
Cost of Revenues 864 76,736 707 62,776 22
Gross Profit 1,090 96,767 1,060 94,113 3
% of Revenues 55.8 % 60.0 %
Selling, General & Administrative Expenses 587 52,083 515 45,698 14
% of Revenues 30.0 % 29.1 %
Research & Development Expenses 140 12,446 152 13,464 (8 )
% of Revenues 7.2 % 8.6 %
Impairment of Non-Current Assets, net 7 662 10 929 (29 )
Other (Income)/Expense, net (38 ) (3,412 ) (16 ) (1,454 ) 135
Results from Operating Activities 394 34,988 400 35,476 (1 )
Finance (Income)/Expense, net (26 ) (2,344 ) (27 ) (2,392 ) (2 )
Share of Profit of Equity Investees, net of tax (1 ) (65 ) (1 ) (120 ) (46 )
Profit before Income Tax 421 37,397 428 37,988 (2 )
% of Revenues 21.6 % 24.2 %
Income Tax Expense 102 9,033 120 10,653 (15 )
Profit for the Period 319 28,364 308 27,335 4
% of Revenues 16.3 % 17.4 %
Attributable to Equity holders of the Parent Co. 322 28,549 298 26,473 8
Attributable to Non-controlling interests (2 ) (185 ) 10 862 (122 )
Diluted Earnings per Share (EPS) 0.39 34.26 0.36 31.74 8

All values are in US Dollars.

EBITDA Computation for thehalf year

Particulars **** H1FY26 **** **** H1FY25 ****
() () () ()
Profit before Income Tax 421 37,397 428 37,988
Interest (Income) / Expense, net* (18 ) (1,580 ) (26 ) (2,300 )
Depreciation 67 5,985 58 5,137
Amortization 43 3,831 30 2,648
Impairment 7 662 10 929
EBITDA 521 46,295 500 44,402
% of Revenues 26.7 % 28.3 %

All values are in US Dollars.

*Includes income from Investment

Key Balance Sheet Items

Particulars As on 30th Sep 2025 As on 30th Jun 2025 As on 30th Sep 2024
() () () () () ()
Cash and Cash Equivalents and Other Investments 838 74,393 824 73,169 724 64,274
Trade Receivables 1,101 97,738 1,072 95,137 951 84,398
Inventories 854 75,821 852 75,600 811 72,039
Property, Plant, and Equipment 1,261 111,981 1,158 102,784 976 86,693
Goodwill and Other Intangible Assets 1,276 113,240 1,212 107,572 1,170 103,842
Loans and Borrowings (Current & Non-Current) 659 58,539 548 48,644 547 48,540
Trade Payables 453 40,248 422 37,457 403 35,776
Equity 4,078 362,082 3,985 353,755 3,484 309,283

All values are in US Dollars.

 
4

Key Business Highlights for Q2FY26

· Acquired the STUGERON^®^ portfolio, including leading local brands across 18 markets in the Asia-Pacific (APAC) and Europe, Middle East, and Africa (EMEA) regions, with India and Vietnam as key markets for $50.5 million.
· Launched Linaclotide, a novel drug for Chronic Constipation management in adults, in India under the brand name, ‘Colozo^®^’.
--- ---
· Launched Tegoprazan, a partnered, patented molecule indicated for acid-related gastrointestinal diseases, in India under the brand name, ‘PCAB^®^.’
--- ---
· Partnered with Unitaid, the Clinton Health Access Initiative (CHAI), and Wits RHI to make HIV prevention tool, Lenacapavir, affordable in 120 low- and middle-income countries.
--- ---
· The Subject Expert Committee (SEC) under Central Drugs Standard Control Organization (CDSCO) recommended grant of permission to manufacture and market Semaglutide injection in India.
--- ---
· Received a positive opinion from European Medicines Agency’s (EMA’s) Committee for Medicinal Products for Human Use (CHMP) recommending marketing authorisation for denosumab biosimilar candidate.
--- ---
· Received acceptance of Investigational New Drug (IND) application for COYA 302, a partnered novel drug for the treatment of patients with ALS.
--- ---
· Two-thirds of NRT business integrated, including Canada, Australia and select key Western European markets.
--- ---
· Launched Sacubitril Valsartan tablets, generic version of Entresto® indicated for heart failure management in the US.
--- ---
· Launched partnered product, fluorouracil cream, as an authorized generic of Extrovis AG’s CARAC® in the US.
--- ---
· Launched Skorolox, first INN loxoprofen in Russia for treatment of acute upper respiratory tract infections and indicated for musculoskeletal & postoperative pain.
--- ---
--- --- --- 
5

ESG Highlights for Q2FY26

· Retained MSCI ESG Rating of A for the 2^nd^ consecutive year.
· Improved ESG Risk Rating from Morningstar Sustainalytics' from 23.6 to 18.4, representing a lower ESG risk profile.
--- ---
· Received ‘Diamond Standard’ certification from TÜV SÜD South Asia for achieving 99.9% of waste diversion from landfills.
--- ---
· Formulations facility at Srikakulam, FTO-11, became India’s first pharmaceutical facility to receive a ‘Leadership in Energy and Environmental Design (LEED) Platinum certification’ for existing buildings from the US Green Building Council.
--- ---

Other Updates for Q2FY26

· Received a Form 483 with seven observations for formulations manufacturing facility, FTO-11, in Srikakulam, Andhra Pradesh, post a GMP and a Pre-Approval Inspection (PAI) conducted by the United States Food & Drug Administration (USFDA) in July 2025. The USFDA has classified the inspection outcome as 'Voluntary Action Indicated (VAI)' in October 2025.
· Received ‘VAI’ as inspection outcome, following GMP inspection conducted by the USFDA in May 2025 at API facility, CTO-5, in Miryalaguda, Telangana, India.
--- ---
· Received ‘VAI’ as inspection outcome, following GMP inspection conducted by the USFDA in May 2025 at API facility in Middleburgh, New York.
--- ---
· Received a Form 483 with five observations for biologics facility, in Bachupally, Hyderabad, post a PAI conducted by the USFDA in September 2025, pursuant to the inspection conducted in October 2023.
--- ---
· Received a Form 483 with seven observations for API facility, in Mirfield, UK, post a GMP inspection conducted by the USFDA in September 2025.
--- --- 
6

Revenue Analysis

· Q2FY26 consolidated revenues at ₹88.1 billion, growth of 9.8% YoY and 3% QoQ.

H1FY26 consolidated revenues at ₹173.5 billion, growth of 11% YoY.

Growth was broad-based across key markets, except for North America Generics, which witnessed higher price erosion in select products and lower lenalidomide sales. The acquired Consumer Healthcare portfolio in Nicotine Replacement Therapy (NRT) also contributed positively to overall performance.

Global Generics (GG)

· Q2FY26 revenues at ₹78.5 billion, growth of 10% YoY and 4% QoQ.

H1FY26 revenues at ₹154.1 billion, growth of 10% YoY.

North America

· Q2FY26 revenues at ₹32.4 billion, decline of 13% YoY and 5% QoQ.

H1FY26 revenues at ₹66.5 billion, decline of 12% YoY.

The decline was primarily due to increased price erosion in certain key products including Lenalidomide, partly offset by favourable forex and contribution from new products launches.

· During the quarter, we launched seven new products, while a total of 12 new products were launched during H1FY26.
· We filed five new Abbreviated New Drug Applications (ANDAs) with the USFDA during the quarter, taking the total to six for H1FY26.
--- ---
· As of September 30, 2025, filings pending approval from USFDA were 75 including:
--- ---
o 73<br>ANDAs (45 are Paragraph IV applications, and 22 may have a ‘First to File’ status) and
--- ---
o Two<br>New Drug Applications (NDAs) filed under Section 505(b)(2).
--- ---

Europe

· Q2FY26revenues at ₹13.8 billion, growth of 138% YoY and 8% QoQ. Excluding NRT business; growth of 17% YoY and 12% QoQ.

H1FY26 revenues at ₹26.5 billion, growth of 140% YoY.

The YoY growth in Europe was largely driven by revenues from the acquired NRT portfolio, new product launches, increase in volumes for existing products and favourable forex movement partly offset by ongoing price erosion. On a sequential basis, growth was pre-dominantly volume driven.

- Q2FY26NRT revenues at ₹7.0 billion, growth of 5% QoQ.

H1FY26 NRT revenuesat ₹13.7 billion.

- Q2FY26Germany revenues at ₹4.0 billion, growth of 23% YoY and 26% QoQ.

H1FY26 Germany revenuesat ₹7.1 billion, growth of 19% YoY.

- Q2FY26UK revenues at ₹1.6 billion, decline of 4% YoY and 10% QoQ.

H1FY26 UK revenuesat ₹3.3 billion, growth of 3% YoY.

- Q2FY26Rest of Europe revenues at ₹1.2 billion, growth of 35% YoY and 6% QoQ.

H1FY26 Rest of Europe revenuesat ₹2.4 billion, growth of 32% YoY.

· During the quarter, we launched eight new products in the region, taking the total to 21 for H1FY26. 
7

India

· Q2FY26 revenues at ₹15.8 billion, growth of 13% YoY and 7% QoQ.

H1FY26 revenues at ₹30.5 billion, growth of 12% YoY.

Growth for the quarter was driven by price increases, new launches and higher volumes.

· As per IQVIA, our IPM rank was at 10 on a Moving Quarterly Total (MQT) and Moving Annual Total (MAT) basis. We moved to the 9th position in the Indian Pharmaceutical Market (IPM) in September.
· During the quarter, we launched 11 new brands, taking the total to 16 for H1FY26.
--- ---

Emerging Markets

· Q2FY26 revenues at ₹16.5 billion, growth of 14% YoY and 18% QoQ.

H1FY26 revenues at ₹30.6 billion, growth of 16% YoY.

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

- Q2FY26 Russia revenues at ₹8.7 billion, growth of 28% YoY and 24% QoQ.

H1FY26 Russia revenues at ₹15.8 billion, growth of 28% YoY.

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

- Q2FY26 Other Commonwealth of Independent States (CIS) countries and Romania revenues at ₹2.3 billion, growth of 9% YoY and 20% QoQ.

H1FY26 CIS and Romania revenues at ₹4.3 billion, growth of 6% YoY.

YoY growth for the quarter was on account of new launches and favourable forex while QoQ growth benefitted from higher sales volumes and new product launches.

- Q2FY26 Rest of World (RoW) revenues at ₹5.5 billion, decline of 2% YoY and growth of 9% QoQ.
- H1FY26 RoW revenues at ₹10.5 billion, growth of 5% YoY.
--- ---

While YoY decline for the quarter was largely on account of pricing pressure, QoQ growth was primarily due to higher sales volumes from existing products and new product launches.

· During Q2FY26, we launched 24 new products across countries, taking the total to 50 for H1FY26.

Pharmaceutical Servicesand Active Ingredients (PSAI)

· Q2FY26 revenues at ₹9.4 billion, growth of 12% YoY and 16% QoQ.

H1FY26 revenues at ₹17.6 billion, growth of 10% YoY.

YoY growth during the quarter was driven by launch of new API products and favourable forex, while QoQ growth was on account of higher API sales volumes and growth in the services business.

· During the quarter, we filed 37 Drug Master Files (DMFs) globally, taking the total to 49 for H1FY26.
--- --- --- 
8

Income Statement Highlights:

Gross Margin

· Q2FY26 at 54.7% (GG: 59.1%, PSAI: 18.0%), a decline of 492 basis points (bps) YoY and 223 bps QoQ.

H1FY26 at 55.8% (GG: 60.0%, PSAI: 15.8%), a decline of 421 bps YoY.

The YoY decline for the quarter was primarily driven by reduced sales of Lenalidomide, product-specific price erosion in North America Generics (NAG) and one-time inventory provisions linked to discontinued pipeline products affected by technical challenges and regulatory delays. Additionally, lower operating leverage in the Pharmaceutical Services and Active Ingredients (PSAI) segment contributed to the decline.

Selling, General & Administrative (SG&A)Expenses

· Q2FY26 at ₹26.4 billion, increase of 15% YoY and 3% QoQ.

As % to Revenues – Q2FY26: 30.0% | Q2FY25: 28.7% | Q1FY26: 30.0%.

H1FY26 revenues at ₹52.1 billion, increase of 14% YoY.

As % to Revenues – H1FY26: 30.0% | H1FY25: 29.1%.

The YoY increase was driven by focused investments in consumer healthcare business - NRT and branded markets. One-time expenses including potential VAT liability of ₹ 0.7 billion in one of our subsidiaries and charges associated with discontinuation of a pipeline product also contributed to the increase. Excluding the one-off associated with VAT liability, SG&A was 29.2% of revenues for the quarter and 29.6% of revenues for H1FY26.

Research & Development (R&D) Expenses

· Q2FY26 at ₹6.2 billion, decrease of 15% YoY and 1% QoQ.

As % to Revenues – Q2FY26: 7.0% | Q2FY25: 9.1% | Q1FY26: 7.3%.

H1FY26 revenues at ₹12.4 billion, decrease of 8% YoY.

As % to Revenues – H1FY26: 7.2% | H1FY25: 8.6%.

R&D expenditure was lower due to reduced investment in Biosimilars following the completion of major funding for Abatacept biosimilar candidate. The R&D spends were directed towards complex generics, biosimilars, APIs and novel biologics with a focus on oncology, peptides and injectables.

Impairment

· Q2FY26 at ₹0.7 billion compared to ₹0.9 billion in Q2FY25.

H1FY26 at ₹0.7 billion compared to ₹0.9 billion in H1FY25.

The impairment charge during the quarter includes a one-time charge ₹0.5 billion related to property, plant and equipment at the Middleburgh facility following the discontinuation of a pipeline product and remaining charge pertains to product-related intangible assets impacted by unfavorable market conditions.

 
9

Other Operating Income/Expense

· Q2FY26 income at ₹2.7 billion compared to ₹1.0 billion in Q2FY25.

H1FY26 income at ₹3.4 billion compared to ₹1.5 billion in H1FY25.

This includes product related settlement income from the United States and a one-time reversal of ₹0.9 billion in liabilities associated with the discontinuation of a pipeline product.

Net Finance Income/Expense

· Q2FY26 income at ₹0.8 billion compared to ₹1.6 billion in Q2FY25.

H1FY26 income at ₹2.3 billion compared to ₹2.4 billion in H1FY25.

Profit before Tax (PBT)

· Q2FY26 at ₹18.4 billion, decline of 4% YoY and QoQ.

As % to Revenues – Q2FY26: 20.8% | Q2FY25: 23.9% | Q1FY26: 22.3%.

H1FY26 at ₹37.4 billion, decline of 2% YoY.

As % to Revenues – H1FY26: 21.6% | H1FY25: 24.2%.

Adjusted for the one-off related to VAT provision mentioned earlier, PBT as a % to Revenues – Q2FY26: 21.6% | H1FY26: 22.0%.

Income Tax

· Q2FY26 at ₹4.1 billion. As % to PBT – Q2FY26: 22.2% Q2FY25: 30.0% Q1FY26: 26.0%.

H1FY26 at ₹9.0 billion. As % to PBT – H1FY26: 24.2% | H1FY25: 28.0%.

The ETR was lower in Q2FY26 due to a favourable jurisdictional mix. The ETR in corresponding quarter in previous period is higher due to reversal of previously recognized deferred tax asset on indexation of land, consequent to amendments made to the Finance Act (No.2) 2024 of the Income Tax Act, 1961.

Profit attributable to Equity Holders ofParent Company

· Q2FY26 at ₹14.4 billion, growth of 14% YoY and 1% QoQ.

As % to Revenues – Q2FY26: 16.3% | Q2FY25: 15.7% | Q1FY26: 16.6%.

H1FY26 at ₹28.5 billion, growth of 8% YoY.

As % to Revenues – H1FY26: 16.5% | H1FY25: 16.9%.

Diluted Earnings per Share (EPS)

· Q2FY26 is ₹17.25.

H1FY26 is ₹34.26.

 
10

Other Financial Highlights:

EBITDA

· Q2FY26 at ₹23.5 billion, growth of 3% YoY and QoQ.

As % to Revenues – Q2FY26: 26.7% | Q2FY25: 28.4% | Q1FY26: 26.7%.

Adjusted for the one-offs related to VAT provision, EBITDA as a % to Revenues – Q2FY26: 27.5% | H1FY26: 27.1%.

Others:

· Operating Working Capital: As on 30^th^ September 2025 at ₹133.3 billion.****
· Capital Expenditure: Q2FY26 at ₹5.1 billion.
--- ---
· Free Cash Flow: Q2FY26 at ₹5.8 billion (post-acquisition related payout).
--- ---
· Net Cash Surplus: As on 30^th^ September 2025 at ₹27.5 billion
--- ---
· Net Debt to Equity: As on 30^th^ September 2025 is (0.08)
--- ---
· Annualized Return on Capital Employed (RoCE): Q2FY26 stood at 21.9%
--- ---
--- --- --- 
11

About key metrics and non-GAAP Financial Measures

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

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

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

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

 
12

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars As on 30^th^ Sep 2025
()
Inventories 75,821
Trade Receivables 97,738
Less:
Trade Payables (40,248 )
Operating Working Capital 133,311

All values are in Indian Rupees.

Free Cash Flow

Particulars Three months ended <br>30th Sep 2025
()
Net cash generated from operating activities 21,230
Less:
Taxes (5,658 )
Investments in Property, Plant & Equipment (5,112 )
Free Cash Flow before Acquisitions 10,460
Less:
Acquisition related pay-outs (4,670 )
Free Cash Flow 5,790

All values are in Indian Rupees.

Net Cash Surplus and Debt to Equity

Particulars As on 30th Sep.2025
()
Cash and Cash Equivalents 9,906
Investments 64,487
Short-term Borrowings (41,155 )
Long-term Borrowings (Current & Non-current) (17,384 )
Less:
Restricted Cash Balance – Unclaimed Dividend and others 355
Lease liabilities (Included in Short-term and Long-term Borrowings) (13,585 )
Equity Investments (Included in Investments) 1,576
Net Cash Surplus 27,508
Equity 362,082
Net Debt/Equity (0.08 )

All values are in Indian Rupees.

 
13

Computation of RoCE

Particulars As on<br> 30th Sep 2025
()
Profit before Tax 18,350
Less:
Interest and Investment Income (Excluding forex gain/loss) (552 )
Earnings Before Interest and taxes [A] 17,798
Average Capital Employed [B] 327,347
Annualised Return on Capital Employed (A/B) (Ratio) 21.9 %

All values are in Indian Rupees.

Computation of Capital Employed:

Particulars As on
Sep 30, <br><br>2025 Mar 31, <br><br>2025
Property Plant and Equipment 111,981 97,761
Intangibles 100,942 96,803
Goodwill 12,298 11,810
Investment in Equity Accounted Associates 5,184 4,811
Other Current Assets 36,032 30,142
Other Non-Current Assets 1,072 972
Inventories 75,821 71,085
Trade Receivables 97,738 90,420
Derivative Financial Instruments (2,722 ) (729 )
Less:
Other Liabilities 49,124 48,788
Provisions 6,721 6,324
Trade payables 40,248 35,523
Operating Capital Employed 342,253 312,440
Average Capital Employed 327,347

Computation of EBITDA

Refer page no. 3 & 4.

 
14

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: Friday, October 24, 2025

Time: 19:30 pm IST | 10:00 am ET

ConferenceJoining Information

Pre-register with the below link and join
https://drreddys.zoom.us/webinar/register/WN_UsxFnaCVRaiV-KhZsVDuFQ

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

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance.

For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates, persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2025, our quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2025 and our other filings with US SEC. The company assumes no obligation to update any information contained herein.

 
15

Exhibit 99.4

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

IndependentAuditor**’s Review Report on the Quarterly and Year to DateUnaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, as amended**

Review Report to

The Board of Directors

Dr. Reddy**’sLaboratories Limited**

1. We<br>have reviewed the accompanying “Statement of Unaudited Consolidated<br>Financial Results for the Quarter and Half Year ended 30 September 2025” (“the<br>“Statement”)<br>of Dr. Reddy’s Laboratories Limited (the “Holding<br>Company”) and its subsidiaries (the Holding Company and its subsidiaries<br>together referred to as “the Group”),<br>its associates and joint ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation<br>33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing<br>Regulations”).
2. The<br>Holding Company’s Management is responsible for the preparation<br>of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34)<br>“Interim Financial Reporting” prescribed<br>under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally<br>accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s<br>Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.
--- ---
3. We<br>conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review<br>of Interim Financial Information Performed by the Independent Auditor of the Entity” issued<br>by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance<br>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<br>is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to<br>obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express<br>an audit opinion.
--- ---

We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

4. The Statement includes the results of the following entities:

Holding Company:

Dr. Reddy’s Laboratories Limited

Subsidiaries

1. Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.
2. Aurigene Oncology Limited (Formerly, Aurigene Discovery Technologies<br>Limited)
--- ---
3. Aurigene Pharmaceutical Services Limited
--- ---
4. beta Institut gemeinnützige GmbH
--- ---
5. betapharm Arzneimittel GmbH
--- ---
6. Cheminor Investments Limited
--- ---
7. Dr.<br>Reddy’s Farmaceutica Do Brasil Ltda.
--- ---
8. Dr.<br>Reddy’s Laboratories (EU) Limited
--- ---
9. Dr.<br>Reddy’s Laboratories (Proprietary) Limited
--- ---
10. Dr.<br>Reddy’s Laboratories (UK) Limited
--- ---
11. Dr.<br>Reddy’s Laboratories Canada, Inc.
--- ---
12. Dr.<br>Reddy’s Laboratories Chile SPA.
--- ---
13. Dr.<br>Reddy’s Laboratories Inc.
--- ---

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295

Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

S.R. Batliboi & Associates LLP<br><br> <br>Chartered Accountants ****
14. Dr.<br>Reddy’s Laboratories Japan KK
--- ---
15. Dr.<br>Reddy’s Laboratories Kazakhstan LLP
--- ---
16. Dr.<br>Reddy’s Laboratories Malaysia Sdn. Bhd.
--- ---
17. Dr.<br>Reddy’s Laboratories New York, LLC
--- ---
18. Dr.<br>Reddy’s Laboratories Philippines Inc.
--- ---
19. Dr.<br>Reddy’s Laboratories Romania Srl
--- ---
20. Dr.<br>Reddy’s Laboratories SA
--- ---
21. Dr.<br>Reddy’s Laboratories Taiwan Limited
--- ---
22. Dr.<br>Reddy’s Laboratories (Thailand) Limited
--- ---
23. Dr.<br>Reddy’s Laboratories LLC, Ukraine
--- ---
24. Dr.<br>Reddy’s New Zealand Limited.
--- ---
25. Dr.<br>Reddy’s Srl
--- ---
26. Dr.<br>Reddy’s Bio-Sciences Limited
--- ---
27. Dr.<br>Reddy’s Laboratories (Australia) Pty. Limited
--- ---
28. Dr.<br>Reddy’s Laboratories SAS
--- ---
29. Dr.<br>Reddy’s Netherlands B.V. (Formally Dr. Reddy’s<br>Research and Development B.V.)
--- ---
30. Dr.<br>Reddy’s (Beijing) Pharmaceutical Co. Limited
--- ---
31. DRL Impex Limited
--- ---
32. Dr.<br>Reddy’s Formulations Limited
--- ---
33. Idea2Enterprises (India) Pvt. Limited
--- ---
34. Imperial Owners and Land Possessions Private Limited (Formerly,<br>Imperial Credit Private Limited, till August 05, 2025)
--- ---
35. Industrias Quimicas Falcon de Mexico, S.A. de CV
--- ---
36. Lacock Holdings Limited
--- ---
37. Dr.<br>Reddy’s Laboratories LLC, Russia
--- ---
38. Promius Pharma LLC
--- ---
39. Reddy Holding GmbH
--- ---
40. Reddy Netherlands B.V.
--- ---
41. Reddy Pharma Iberia SAU
--- ---
42. Reddy Pharma Italia S.R.L.
--- ---
43. Reddy Pharma SAS
--- ---
44. Svaas Wellness Limited
--- ---
45. Nimbus Health GmbH
--- ---
46. Dr.<br>Reddy’s Laboratories Jamaica Limited
--- ---
47. Dr.<br>Reddy’s and Nestle Health Science Limited (Formerly, Dr. Reddy’s<br>Nutraceuticals Limited)
--- ---
48. Northstar Switzerland SARL
--- ---
49. North Star OpCo Limited
--- ---
50. North Star Sweden AB
--- ---
51. Dr. Reddy's Denmark ApS
--- ---
52. Dr. Reddy's Finland Oy (Effective from December 20, 2024)
--- ---
53. Dr. Reddy's Laboratories (Vietnam) Company Limited (incorporated<br>on May 09, 2025)
--- ---

Associates

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

Joint Venture

1. DRES Energy Private Limited
2. Kunshan Rotam Reddy Pharmaceutical Co. Limited (including Kunshan<br>Rotam Reddy Medicine Company Limited)
--- ---

S.R. Batliboi & Associates LLP<br><br> <br>Chartered Accountants ****

Other Consolidating Entities

1. Dr. Reddy's Employees ESOS Trust
2. Cheminor Employees Welfare Trust
--- ---
3. Dr. Reddy's Research Foundation
--- ---
5. Based<br>on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to<br>believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid<br>Indian Accounting Standards ('Ind AS’) specified under Section<br>133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted<br>in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which<br>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: 25213271BMISWQ2517

Place: Hyderabad

Date: October 24, 2025

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

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTSFOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025

All<br> amounts in Indian Rupees millions
Quarter<br> ended Half<br> year ended Year<br> ended
Sl. No. Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Revenue from operations
a) Sales 86,386 82,666 78,859 169,052 154,255 316,320
b) License fees and service income 1,663 2,786 1,302 4,449 2,633 9,215
c) Other operating income 234 269 221 503 455 904
Total revenue from operations 88,283 85,721 80,382 174,004 157,343 326,439
2 Other income 3,239 2,903 3,075 6,142 4,747 10,973
3 Total income (1 + 2) 91,522 88,624 83,457 180,146 162,090 337,412
4 Expenses
a) Cost of materials consumed 14,413 20,358 12,872 34,771 25,144 56,835
b) Purchase of stock-in-trade 17,459 12,159 12,828 29,618 26,629 48,411
c) Changes in inventories of finished goods, work-in-progress   and<br> stock-in-trade (635 ) (4,442 ) (2,033 ) (5,077 ) (6,289 ) (5,447 )
d) Employee benefits expense 14,521 15,035 13,992 29,556 28,129 55,800
e) Depreciation and amortisation expense 5,046 4,761 3,970 9,807 7,776 17,037
f) Impairment of non-current assets, net 673 - 924 673 929 1,693
g) Finance costs 907 830 757 1,737 1,355 2,829
h) Other expenses 21,753 20,875 21,034 42,628 40,537 83,676
Total expenses 74,137 69,576 64,344 143,713 124,210 260,834
5 Profit before tax and before share of equity accounted<br> investees(3 - 4) 17,385 19,048 19,113 36,433 37,880 76,578
6 Share of profit of equity accounted investees, net<br> of tax 63 2 61 65 120 217
7 Profit before tax (5+6) 17,448 19,050 19,174 36,498 38,000 76,795
8 Tax expense/(benefit):
a) Current tax 1,847 10,261 7,713 12,108 12,928 22,581
b) Deferred tax 2,233 (5,310 ) (1,958 ) (3,077 ) (2,271 ) (3,038 )
9 Net profit after taxes and share of profit of associates<br> (7 - 8) 13,368 14,099 13,419 27,467 27,343 57,252
10 Net profit after taxes attributable to
a) Equity shareholders of the parent company 13,471 14,181 12,557 27,652 26,481 56,551
b) Non-controlling interests (103 ) (82 ) 862 (185 ) 862 701
11 Other comprehensive income/(loss)
a) (i) Items that will not be reclassified subsequently to profit or loss (14 ) 5 (33 ) (9 ) (124 ) (293 )
(ii) Income tax relating to items that will not be reclassified   to<br> profit or loss - - - - - 24
b) (i) Items that will be reclassified subsequently to profit or loss 862 2,077 2,978 2,939 3,093 2,376
(ii) Income tax relating to items that will be reclassified  to<br> profit or loss 270 (33 ) 16 237 10 (58 )
Total other comprehensive income/(loss) 1,118 2,049 2,961 3,167 2,979 2,049
12 Total comprehensive income (9 + 11) 14,486 16,148 16,380 30,634 30,322 59,301
13 Total comprehensive income attributable to
a) Equity shareholders of the parent company 14,589 16,230 15,518 30,819 29,460 58,600
b) Non-controlling interest (103 ) (82 ) 862 (185 ) 862 701
14 Paid-up equity share capital (face value Re. 1/- each) 835 835 834 835 834 834
15 Other equity 334,662
16 Earnings per equity share attributable to equity shareholders of parent (face value Re. 1/- each)
Basic 16.18 17.04 15.08 33.22 31.80 67.89
Diluted 16.17 17.02 15.05 33.19 31.75 67.79
(Not annualised) (Not annualised) (Not annualised) (Not annualised) (Not annualised)

See accompanying notes to the financial results

DR. REDDY'S LABORATORIESLIMITED

Segment information All amounts in Indian Rupees millions
Quarter ended Half year ended Year ended
Sl. No. Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Segment wise revenue and results:
1 Segment revenue :
a) Global Generics 78,235 75,732 71,636 153,967 140,565 289,810
b) Pharmaceutical Services and Active Ingredients 12,079 9,874 11,190 21,953 21,662 43,868
c) Others 103 1,643 179 1,746 391 2,150
Total 90,417 87,249 83,005 177,666 162,618 335,828
Less: Inter-segment revenue 2,134 1,528 2,623 3,662 5,275 9,389
Total revenue from operations 88,283 85,721 80,382 174,004 157,343 326,439
2 Segment results:
Gross profit from each segment
a) Global Generics 46,431 46,086 45,162 92,517 89,680 179,606
b) Pharmaceutical Services and Active Ingredients 1,706 1,087 2,521 2,793 4,293 9,178
c) Others 5 1,459 89 1,464 147 1,665
Total 48,142 48,632 47,772 96,774 94,120 190,449
Less: Selling and other un-allocable expenditure/(income), net 30,694 29,582 28,598 60,276 56,120 113,654
Total profit before tax 17,448 19,050 19,174 36,498 38,000 76,795

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: -

1 The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the Company"), together<br>with its subsidiaries (collectively, the "Company"), joint ventures and associates, have been prepared in accordance with the<br>Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies Act,2013 ("the Act") read with relevant<br>rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange<br>Board of India ("SEBI") were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings<br>held on 24 October 2025. The Statutory 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 six months period ended 30 September, 2025, consequent to certain technical challenges in product development,<br>the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York.
--- ---

Consequent to discontinuance of development, the Company recorded the following financial impacts, resulting in a net loss of Rs.934 million in the income statement.

  • Impairment loss of the entire carrying value of Rs.545 million for property, plant and equipment;

  • Inventory related provisions of Rs.260 million;

  • Other development program related wind down costs of Rs.129 million;

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

3 "Impairment of non-current assets, net" for the year ended 31 March 2025 primarily includes:

a. Impairment of intangibles pertaining to acquisition from Mayne:

-an amount of Rs.907 million towards Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value.

-an amount of Rs.270 million pertaining to impairment of certain product related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying value.

b. Other impairments:

-an impairment loss of Rs. 288 million consequent to adverse market conditions with respect to certain product related intangibles forming part of the Company’s global generic business in India and Europe.

The above impairment charge pertains to the Company’s Global Generics segment.

4 Other income for the three months and six months ended 30 September 2025 includes Rs. 748 million representing payment for avoided<br>litigation costs pursuant to settlement of product related litigations, by the Company in the United States.
5 In September 2025, the Company had acquired the STUGERON brand from Janssen Pharmaceutica NV ( an affiliate of Johnson & Johnson)<br>for a consideration of Rs.4,464 million ($50.5 million).The portfolio acquired includes STUGERON® FORTE and STUGERON® PLUS, across<br>18 markets in the Asia-Pacific and Europe, Middle East, and Africa regions, with India and Vietnam as the key markets.
--- ---
6 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. 473 million, created in earlier period on land, during the quarter and half year ended<br>30 September 2024.
--- ---
--- ---

DR. REDDY'S LABORATORIESLIMITED

7 The Company considered the uncertainties relating to the escalation of conflict in the middle east, and duration of military conflict<br>between Russia and Ukraine, in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets.<br>For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results.<br>Based on its judgments, estimates and assumptions, including sensitivity analysis, the Company expects to fully recover the carrying amount<br>of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes<br>to future economic conditions.
8 During the six months ended 30 September, 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority<br>for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would<br>be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September, 2025. The Company<br>submitted further objections, stating that the specified services should not be subject to VAT on 06 October, 2025 and is awaiting the<br>final tax assessment.
--- ---

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

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

<< Page intentionally left blank>>

DR. REDDY'S LABORATORIESLIMITED

10 Consolidated Balance Sheet
All amounts in Indian Rupees millions
--- --- --- --- ---
Particulars As at
30.09.2025 31.03.2025
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 91,192 72,984
Capital work-in-progress 19,968 23,994
Goodwill 14,039 13,139
Other intangible assets 100,942 96,141
Intangible assets under development - 662
Investment in equity accounted investees 5,183 4,811
Financial assets
Investments 2,614 2,393
Other financial assets 2,992 8,875
Deferred tax assets, net 22,552 18,325
Tax assets, net 3,712 1,821
Other non-current assets 980 940
Total non-current assets 264,174 244,085
Current assets
Inventories 75,822 71,085
Financial assets
Investments 39,216 33,307
Trade receivables 97,754 90,420
Derivative financial instruments 114 557
Cash and cash equivalents 9,906 14,654
Other bank balances 10,558 9,948
Other financial assets 14,289 3,142
Other current assets 31,899 27,068
Total current assets 279,558 250,181
TOTAL ASSETS 543,732 494,266
EQUITY AND LIABILITIES
Equity
Equity share capital 835 834
Other equity 359,305 334,662
Equity attributable to equity shareholders of the parent company 360,140 335,496
Non-Controlling interests 3,593 3,778
Total equity 363,733 339,274
Liabilities
Non-current liabilities
Financial liabilities
Borrowings - 3,800
Lease liabilities 11,638 4,064
Other financial liabilities 497 198
Provisions 401 298
Deferred tax liabilities, net 14,788 14,038
Other non-current liabilities 1,634 2,256
Total non-current liabilities 28,958 24,654
Current liabilities
Financial liabilities
Borrowings 44,956 38,045
Lease liabilities 1,946 857
Trade payables
Total outstanding dues of micro enterprises and small enterprises 348 210
Total outstanding dues of creditors other than micro enterprises and small enterprises 34,975 26,268
Derivative financial instruments 2,836 1,286
Other financial liabilities 38,029 39,698
Other current liabilities 12,814 13,190
Liabilities for current tax, net 7,627 3,028
Provisions 7,510 7,756
Total current liabilities 151,041 130,338
TOTAL EQUITY AND LIABILITIES 543,732 494,266
--- ---

DR. REDDY'S LABORATORIESLIMITED

11 Consolidated statement of cashflows
All amounts in Indian Rupees millions
--- --- --- --- --- --- ---
Particulars Half year ended
30.09.2025 30.09.2024
(Unaudited) (Unaudited)
Cash flows from/(used in) operating activities :
Profit before tax 36,498 38,000
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net (1,277 ) (2,245 )
Depreciation and amortisation expense 9,807 7,776
Impairment of non-current assets,net 673 929
Allowance for credit losses (on trade receivables and other advances) 679 96
Profit on sale/disposal of assets, net (268 ) (447 )
Share of profit of equity accounted investees (65 ) (120 )
Unrealized exchange (gain)/loss, net (509 ) 504
Interest income (2,040 ) (1,409 )
Finance costs 1,737 1,355
Equity settled share-based payment expense 212 208
Inventories write-down 3,450 2,844
Changes in operating assets and liabilities:
Trade receivables (7,689 ) (4,182 )
Inventories (8,186 ) (11,330 )
Trade and other payables 8,846 4,062
Other assets and other liabilities, net (2,820 ) (9,474 )
Cash generated from operations 39,049 26,565
Income tax paid, net (8,845 ) (8,754 )
Net cash generated from operating activities 30,204 17,811
Cash flows (used in)/from investing activities :
Purchase of property, plant and equipment (12,086 ) (12,646 )
Proceeds from sale of property, plant and equipment 143 411
Purchase of other intangible assets (8,198 ) (1,687 )
Proceeds from sale of other intangible assets 239 419
Investment in equity accounted investees (51 ) (317 )
Payment for acquisition of businesses - (51,441 )
Purchase of investments (including bank deposits) (102,831 ) (138,326 )
Proceeds from sale of investments (including bank deposits) 93,290 162,988
Interest and dividend received 759 1,280
Net cash (used in)/from investing activities (28,737 ) (39,319 )
Cash flows (used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares) 288 157
Proceeds/(Repayment) of short-term borrowings, net 2,675 27,556
Proceeds from issuance of equity shares in subsidiary to non-controlling interest - 7,056
Payment of principal portion of lease liabilities (565 ) (735 )
Dividend paid (6,659 ) (6,662 )
Interest paid (2,265 ) (1,681 )
Net cash from/(used in) financing activities (6,526 ) 25,691
Net increase/(decrease) in cash and cash equivalents (5,059 ) 4,183
Effect of exchange rate changes on cash and cash equivalents 372 (6 )
Cash and cash equivalents at the beginning of the period ^(1)^ 14,593 7,107
Cash and cash equivalents at the end of the period ^(2)^ 9,906 11,285
* Rounded off to million
--- ---
** FVTPL (fair value through profit or loss)
--- ---
^(1)^ Adjusted for bank overdraft of Rs.61 for the year ended March 31, 2025
--- ---
^(2)^ Adjusted for bank-overdraft of Rs.45 for the six months ended September 30, 2024
--- ---
By order of the Board
--- ---
For Dr. Reddy’s Laboratories Limited
Place: Hyderabad G V Prasad
Date: 24 October 2025 Co-Chairman & Managing Director
--- --- ---

Exhibit99.5

THE SKYVIEW 10
18th Floor, "NORTH LOBBY"
Survey No 83/1, Raidurgam
Hyderabad - 500 032, India
Tel : +91 40 6141 6000

IndependentAuditor**’s Review Report on the Quarterly and Year to DateUnaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015, as amended**

Review Report to

The Board of Directors

Dr. Reddy**’sLaboratories Limited**

1. We<br>have reviewed the accompanying “Statement of Unaudited Standalone<br>Financial Results for the Quarter and Half Year ended 30 September 2025” (the<br>“Statement”)<br>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 and<br>Disclosure Requirements) Regulations, 2015, as amended (the “Listing<br>Regulations”).
2. The<br>Company’s Management is responsible for the preparation of the<br>Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim<br>Financial Reporting” prescribed under Section 133 of the Companies<br>Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance<br>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<br>conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review<br>of Interim Financial Information Performed by the Independent Auditor of the Entity” issued<br>by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance<br>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<br>is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to<br>obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express<br>an audit opinion.
--- ---
4. Based<br>on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared<br>in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards (‘Ind<br>AS’) specified under Section 133 of the Companies Act, 2013 as<br>amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the<br>information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that<br>it contains any material misstatement.
--- ---

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Shankar Srinivasan<br><br> <br>Partner<br><br> <br>Membership No.: 213271<br><br> <br><br><br> <br>UDIN: 25213271BMISWR5998

Place: Hyderabad

Date: October 24, 2025

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295

Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

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

DR.REDDY'S LABORATORIES LIMITED

STATEMENTOF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2025

All<br> amounts in Indian Rupees millions
Quarter<br> ended Half<br> year ended Year<br> ended
Sl.<br> No. Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Revenue<br> from operations
a)<br> Sales 45,587 77,520 58,534 123,107 116,610 218,448
b)<br> License fees and service income 442 367 8,254 809 8,417 12,020
c)<br> Other operating income 157 208 175 365 348 686
Total<br> revenue from operations 46,186 78,095 66,963 124,281 125,375 231,154
2 Other<br> income 3,642 3,983 2,076 7,625 3,935 10,034
Total<br> income (1 + 2) 49,828 82,078 69,039 131,906 129,310 241,188
3 Expenses
a)<br> Cost of materials consumed 10,090 11,355 9,343 21,445 18,454 37,997
b)<br> Purchase of stock-in-trade 7,238 6,638 6,565 13,876 13,968 24,399
c)<br> Changes in inventories of finished goods, work-in-progress and stock-in-trade (23 ) (2,129 ) (930 ) (2,152 ) (2,191 ) (1,739 )
d)<br> Employee benefits expense 8,679 8,873 8,401 17,552 16,960 32,875
e)<br> Depreciation and amortisation expense 2,948 2,798 2,600 5,746 5,098 10,394
f)<br> Impairment of non current assets, net 37 - - 37 - 1,036
g)<br> Finance costs 334 192 284 526 355 1,099
h)<br> Other expenses 15,362 14,988 16,368 30,350 31,119 62,768
Total<br> expenses 44,665 42,715 42,631 87,380 83,763 168,829
4 Profit  before<br> tax (1 + 2 - 3) 5,163 39,363 26,408 44,526 45,547 72,359
5 Tax<br> expense
a)<br> Current tax 777 9,417 7,033 10,194 11,699 17,905
b)<br> Deferred tax 513 334 554 847 855 960
6 Net<br> profit for the period / year (4 - 5) 3,873 29,612 18,821 33,485 32,993 53,494
7 Other<br> comprehensive income / (loss)
a)<br> (i) Items that will not be reclassified to profit or loss - - - - - (103 )
(ii)<br> Income tax relating to items that will not be reclassified to profit or loss - - - - - 26
b)<br> (i) Items that will be reclassified to profit or loss (1,186 ) 248 (88 ) (938 ) (33 ) 234
(ii)<br> Income tax relating to items that will be reclassified to profit or loss 299 (63 ) 22 236 8 (59 )
Total<br> other comprehensive income / (loss) (887 ) 185 (66 ) (702 ) (25 ) 98
8 Total<br> comprehensive income (6 + 7) 2,986 29,797 18,755 32,783 32,968 53,592
9 Paid-up<br> equity share capital (face value Re. 1/- each) 835 835 834 835 834 834
10 Other<br> equity 287,732
11 Earnings<br> per equity share (face value Re. 1/- each)
Basic 4.65 35.59 22.60 40.23 39.62 64.22
Diluted 4.65 35.54 22.56 40.19 39.55 64.13
(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
Quarter<br> ended Half<br> year ended Year<br> ended
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Sl.<br> No. Particulars 30.09.2025 30.06.2025 30.09.2024 30.09.2025 30.09.2024 31.03.2025
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Segment<br> wise revenue and results
1 Segment<br> revenue
a) Global Generics 40,170 72,241 61,467 112,411 113,914 204,602
b) Pharmaceutical Services<br> and Active Ingredients 8,040 7,103 7,972 15,143 16,492 33,904
c) Others 20 257 23 277 84 1,410
Total 48,230 79,601 69,462 127,831 130,490 239,916
Less: Inter-segment revenue 2,044 1,506 2,499 3,550 5,115 8,762
Total revenue<br> from operations 46,186 78,095 66,963 124,281 125,375 231,154
2 Segment<br> results
Profit / (loss) before tax<br> and interest from each segment
a) Global Generics 5,976 38,387 26,800 44,363 46,467 69,966
b) Pharmaceutical Services<br> and Active Ingredients 65 (221 ) (146 ) (156 ) (216 ) 353
c) Others 48 226 20 274 117 1,419
Total 6,089 38,392 26,674 44,481 46,368 71,738
Less:   (i) Finance costs 334 192 284 526 355 1,099
(ii) Other un-allocable (income)<br> / expenditure, net 592 (1,163 ) (18 ) (571 ) 466 (1,720 )
Total profit<br> before tax 5,163 39,363 26,408 44,526 45,547 72,359

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

Segmentalcapital employed

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

Notes:

1 The<br> above statement of unaudited standalone financial results of Dr. Reddy's Laboratories Limited<br> ("the Company"), which have been prepared in accordance with the Indian Accounting<br> Standards (''Ind AS'') prescribed under Section 133 of the Companies Act, 2013 ("the<br> Act'') read with relevant rules issued thereunder, other accounting principles generally<br> accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI'')<br> were reviewed and recommended by the Audit Committee and approved by the Board of Directors<br> at their meetings held on 24 October 2025. The Statutory Auditors have carried out a limited<br> review on the unaudited standalone financial results and issued unmodified report thereon.
2 "License<br> fees and service income" for the half year ended 30 September 2024 and year ended 31<br> March 2025 includes:
--- ---

a. an amount of Rs. 8,113 million (excluding GST) received as a consideration towards transfer of its nutraceutical and vitamins, minerals, herbals, and supplements portfolio to Dr. Reddy's and Nestlé Health Science Limited (the “Nutraceuticals subsidiary”) as part of the definitive agreement. This transaction pertains to Company’s Global Generics segment.

3 "License<br> fees and service income" for the year ended 31 March 2025 includes: .

a. 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.

4 In<br> September 2025, the Company had acquired the STUGERON brand from Janssen Pharmaceutica NV<br> ( an affiliate of Johnson & Johnson) for a consideration of Rs.4,464 million ($50.5 million).The<br> portfolio acquired includes STUGERON® FORTE and STUGERON® PLUS, across 18 markets<br> in the Asia-Pacific and Europe, Middle East, and Africa regions, with India and Vietnam as<br> the key markets.
5 During<br> the six months ended September 30, 2025, the Company received a Field Tax Audit Report from<br> the Federal Tax service authority for one of its foreign subsidiaries for the period from<br> January 2020 to December 2022. The report classified that certain services would be subject<br> to value-added tax (VAT). The Company filed objections, and a revised report was issued on<br> September 15, 2025. The Company submitted further objections, stating that the specified<br> services should not be subject to VAT on October 6, 2025 and is awaiting the final tax assessment.
--- ---

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

6 Pursuant<br> to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on<br> long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 464<br> million, created in earlier period on land, during the quarter and half year ended 30 September<br> 2024.
7 The<br> Company received an anonymous complaint in September 2020, alleging that healthcare professionals<br> in Ukraine and potentially in other countries were provided with improper payments by or<br> on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S.<br> Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of<br> Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities<br> Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation<br> at the instruction of a committee of the Company’s Board of Directors. On July 6, 2021<br> the Company received a subpoena from the SEC for the production of related documents, which<br> 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.

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

DR.REDDY'S LABORATORIES LIMITED

9 Balance sheet
All<br> amounts in Indian Rupees millions
--- --- --- --- --- --- --- --- ---
Particulars As<br> at As<br> at
30.09.2025 31.03.2025
(Unaudited) (Audited)
ASSETS
Non-current<br> assets
Property, plant<br> and equipment 70,082 58,654
Capital work-in-progress 17,061 21,564
Goodwill 853 853
Other intangible assets 26,769 22,817
Intangible assets under development 430 404
Financial assets
Investments 111,463 103,105
Loans 14 14
Other financial<br> assets 2,652 8,562
Tax assets, net 1,947 1,244
Other non-current assets 726 662
Total non-current<br> assets 231,997 217,879
Current<br> assets
Inventories 48,616 45,758
Financial assets
Investments 32,696 28,830
Trade receivables 66,352 59,590
Derivative<br> financial instruments 65 539
Cash and<br> cash equivalents 1,491 3,197
Other bank<br> balances 8,923 6,571
Other financial<br> assets 12,435 910
Other current<br> assets 23,331 19,635
Total current<br> assets 193,909 165,030
TOTAL ASSETS 425,906 382,909
EQUITY<br> AND LIABILITIES
Equity
Equity share capital 835 834
Other equity 314,291 287,732
Total Equity 315,126 288,566
Liabilities
Non-current<br> liabilities
Financial liabilities
Lease liabilities 2,584 765
Provisions 123 54
Deferred tax liabilities,<br> net 5,765 5,154
Other non-current liabilities 1,440 1,852
Total non-current<br> liabilities 9,912 7,825
Current liabilities
Financial<br> liabilities
Borrowings 36,626 33,855
Lease liabilities 577 309
Trade payables
Total outstanding<br> dues of micro enterprises and small enterprises 332 210
Total outstanding<br> dues of creditors other than micro enterprises and small enterprises 25,006 19,721
Derivative financial instruments 2,798 1,273
Other financial liabilities 20,837 19,955
Other current liabilities 6,877 7,006
Liabilities for current tax,<br> net 4,991 794
Provisions 2,824 3,395
Total current<br> liabilities 100,868 86,518
TOTAL EQUITY<br> AND LIABILITIES 425,906 382,909
--- ---

DR.REDDY'S LABORATORIES LIMITED

10 Statement of cashflows
All<br> amounts in Indian Rupees millions
--- --- --- --- --- --- --- --- ---
Particulars Half<br> year ended
30.09.2025 30.09.2024
(Unaudited) (Unaudited)
Cash<br> flows from/(used in) operating activities :
Profit<br> before tax 44,526 45,547
Adjustments<br> for:
Fair<br> value changes and profit on sale of financial instruments measured at FVTPL*, net (1,097 ) (1,988 )
Depreciation<br> and amortisation expense 5,746 5,098
Impairment<br> of non current assets, net 37 -
Allowance<br> for credit losses (on trade receivables and other advances) 143 87
Profit<br> on sale or de-recognition of non-current assets, net 15 (4 )
Unrealized<br> exchange (gain)/loss, net (1,593 ) (117 )
Interest<br> income (3,905 ) (1,718 )
Finance<br> costs 526 355
Equity<br> settled share-based payment expense 197 189
Inventories<br> write-down 2,419 1,635
Changes in operating assets<br> and liabilities:
Trade<br> receivables (6,890 ) (13,354 )
Inventories (5,277 ) (7,125 )
Trade<br> payables 5,407 1,410
Other<br> assets and other liabilities, net (3,857 ) (2,100 )
Cash<br> generated from operations 36,397 27,915
Income<br> taxes paid, net (5,981 ) (6,166 )
Net<br> cash generated from operating activities 30,416 21,749
Cash<br> flows from/(used in) investing activities :
Purchase<br> of property, plant and equipment (9,936 ) (10,204 )
Proceeds<br> from sale of property, plant and equipment 86 194
Purchase<br> of other intangible assets (5,141 ) (577 )
Proceeds<br> from sale of other intangible assets - 104
Purchase<br> of investments (including bank deposits) (92,649 ) (113,202 )
Proceeds<br> from sale of investments (including bank deposits) 83,797 143,644
Equity<br> investments in subsidiary/associates (5,705 ) (67,601 )
Interest<br> income received 2,438 1,619
Loans<br> and advances repaid/(given) by/to subsidiaries - 602
Net<br> cash used in investing activities (27,110 ) (45,421 )
Cash<br> flows from/(used in) financing activities :
Proceeds<br> from issuance of equity shares (including treasury shares) 288 157
Proceeds/(Repayment<br> of) from short-term loans and borrowings, net 2,718 29,985
Payment<br> of principal portion of lease liabilities (219 ) (140 )
Dividend<br> paid (6,659 ) (6,662 )
Interest<br> paid (1,035 ) (683 )
Net<br> cash from/(used in) financing activities (4,907 ) 22,657
Net<br> decrease in cash and cash equivalents (1,601 ) (1,015 )
Effect<br> of exchange rate changes on cash and cash equivalents (105 ) (16 )
Cash<br> and cash equivalents at the beginning of the period 3,197 2,014
Cash<br> and cash equivalents at the end of the period 1,491 983

*FVTPL ( Fair value through profit or loss)

By<br> order of the Board
For<br> Dr. Reddy’s Laboratories Limited
Place:<br>  Hyderabad G<br> V Prasad
Date:<br>  24 October 2025 Co-Chairman<br> & Managing Director