Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

January 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): ______

Yes ¨ No x

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

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

Yes ¨ No x

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

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

Yes ¨ No x

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

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter and nine months ended December 31, 2024.

On January 23, 2025, we announced our results of operations for the quarter and nine months ended December 31, 2024. We issued a press release announcing our results under International Financial Reporting Standards (“IFRS”), IFRS Unaudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results with Limited Review report and Ind AS Unaudited Standalone Financial Results with Limited Review report for the quarter and nine months ended December 31, 2024, a copy of which is attached to this Form 6-K as Exhibit 99.1 , 99.2 , 99.3 and 99.4 respectively.

We have also made available to the public on our web site, www.drreddys.com, the following: IFRS Unaudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results and Ind AS Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2024.

EXHIBITS

Exhibit Number		Description of Exhibits

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

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

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

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

SIGNATURES

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

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

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

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 : mail@drreddys.com

www.drreddys.com

January 23, 2025

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

BSE Limited (Scrip Code: 500124)

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

NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

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

In furtherance to our letter dated December 23, 2024, we would like to inform you that the Board of Directors of the Company, at its meeting held on January 23, 2025, has inter alia approved the Unaudited Financial Results of the Company for the quarter and nine months ended December 31, 2024.

In terms of the above, we are enclosing herewith the following:

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

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

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

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

Pursuant to Regulation 33 of the SEBI Listing Regulations, the Limited Review Reports of the Statutory Auditors on the Unaudited Consolidated and Standalone Financial Results as mentioned at serial nos. (c) & (d) are also enclosed.

The Board Meeting commenced at 2:21 p.m. IST and concluded at 4:11 p.m. IST.

This is for your information and record.

Thanking you.

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer & Head-CSR

Encl: as above

CONTACT

DR. REDDY'S LABORATORIES LTD.

Investor relationS

Media relationS

8-2-337, Road No. 3, Banjara Hills,
Hyderabad - 500034. Telangana, India.

Richa Periwal

AISHWARYA SITHARAM

richaperiwal@drreddys.com

aishwaryasitharam@drreddys.com

USHA IYER

ushaiyer@drreddys.com

Dr. Reddy’s Q3 & 9MFY25 Financial Results

Hyderabad, India, January 23, 2025: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and nine months ended December 31, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

	Q3FY25	9MFY25

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

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

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

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

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

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

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

^Includes Revenues of ₹6,049 Mn from the recently acquired NRT business. Underlying YoY growth excluding NRT is 7.5% for Q3FY25 and 12.5% for 9MFY25.

* Includes Profit before Tax of ₹1,240 Mn from the recently acquired NRT business.

Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered double digit growth aided by our newly acquired NRT business, new launches and improved operational efficiencies. We remain committed to addressing patient needs by advancing healthcare through access, affordability and innovation.”

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = ₹85.55

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

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

Revenue Mix by Segment for nine months

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

*Includes Revenues of ₹6,049 Mn from the recently acquired NRT business. Underlying growth for Europe excluding NRT is 22% YoY and 5% QoQ.

Consolidated Income Statement for the quarter

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

*Includes Revenues of ₹6,049 Mn from the recently acquired NRT business. Underlying YoY growth excluding NRT is 7.5% for Q3FY25.

^Historical numbers re-casted basis the increased number of shares post share split.

^#Includes Profit before Tax of ₹1,240 Mn from the recently acquired NRT business.

EBITDA Computation for the quarter

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

*Includes income from Investment

Consolidated Income Statement for nine months

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

*Includes Revenues of ₹6,049 Mn from the recently acquired NRT business. Underlying YoY growth excluding NRT is 12.5% for 9MFY25.

^Historical numbers re-casted basis the increased number of shares post share split.

EBITDA Computation for nine months

*Includes income from Investment

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

Key Balance Sheet Items

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

Key Business Highlights [for Q3FY25]

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

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

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

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

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

Launched Elobixibat, a first-in-class drug to treat chronic constipation, under the brand name BixiBat^®, in India.

ESG Highlights [for Q3FY25]

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

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

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

	·	Continue to feature amongst NIFTY 100 ESG Sector Leaders.

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

Named in Science Magazine’s ‘Top 20 global pharma and biotech employers’ for the 3^rd consecutive year.

Other Updates [for Q3FY25]

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

Completed alteration in share capital of the Company by sub-division/ split of existing equity shares of face value of ₹5 each, fully paid up, into 5 equity shares of ₹1 each, fully paid-up. Further, each American Depositary Share (ADS) continues to represent one underlying equity share and, therefore, the number of ADSs held by an American Depositary Receipt (ADR) holder has increased proportionately.

Revenue Analysis

Q3FY25 consolidated revenues at ₹83.6 billion, YoY growth of 16% and sequential growth of 4%. Underlying YoY growth excluding NRT is 7.5% and a decline of 3% QoQ.

9MFY25 consolidated revenues at ₹240.5 billion, YoY growth of 15%. Underlying YoY growth excluding NRT is 12.5%.

The growth was largely driven by revenues from the recently acquired Nicotine Replacement Therapy (NRT) portfolio, revenues from India and Emerging Markets.

Global Generics (GG)

Q3FY25 revenues at ₹73.8 billion, YoY growth of 17% and QoQ growth of 3%. Underlying growth excluding NRT is 7% YoY and a decline of 5% QoQ.

9MFY25 revenues at ₹214.2 billion, a YoY growth of 16%. Underlying YoY growth excluding NRT is 13% for 9MFY25.

Growth was largely driven by revenues from the acquired NRT portfolio, higher volumes and new product launches.

North America

Q3FY25 revenues at ₹33.8 billion, YoY growth of 1% and QoQ decline of 9%. Volume growth coupled with new product launches and favourable forex was offset by price erosion on a YoY basis. The sequential decline was largely on account of lower sales of certain products including Lenalidomide.

9MFY25 revenues at ₹109.6 billion, YoY growth of 13%. The YoY growth was largely on account of increase in demand for our product portfolio, contribution from new product launches, partially offset by price erosion in few key products.

During the quarter, we launched four new products in the U.S. A total of 11 products were launched during the nine months ended December 31, 2024.

We filed three new Abbreviated New Drug Applications (ANDAs) with the USFDA during the nine months ended December 31, 2024. As of December 31, 2024, 79 generic filings were pending approval from the USFDA. These comprise of 75 ANDAs and four New Drug Applications (NDAs) filed under Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 75 ANDAs, 44 are Paragraph IV applications, and we believe that 20 of these have the ‘First to File’ status.

Europe

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

	o	NRT at ₹6.0 billion

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

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

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

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

	o	NRT at ₹6.0 billion

	o	Germany at ₹9.3 billion, YoY growth of 20%.

	o	UK at ₹5.1 billion, YoY growth of 6%.

Rest of Europe at ₹2.6 billion, YoY decline of 2%

The growth was primarily on account of revenues from the acquired NRT Portfolio, new product launches and momentum in the base business, partly offset by price erosion.

During the quarter, we launched nine new products in the region, taking the year-to-date total to 29.

India

Q3FY25 revenues at ₹13.5 billion, YoY growth of 14% and QoQ decline of 4%.

9MFY25 revenues at ₹40.7 billion, YoY growth of 16%.

Growth was led by revenues from the in-licensed vaccine portfolio, new product launches as well as price increases, partially offset by lower volume pick-up in certain brands in Cardiac and Gastro-intestinal therapy areas.

As per IQVIA, our IPM rank was maintained at 10. During the quarter, we launched six new brands in the country, taking the year-to-date total to 22.

Emerging Markets

Q3FY25 revenues at ₹14.4 billion, YoY growth of 12% and flat QoQ. YoY growth is attributable to market share expansion as well as new product launches.

Revenues from Russia at ₹7.0 billion, YoY growth of 19% and QoQ growth of 2%. YoY growth was due to higher volumes, price increase and new product launches, partially offset by adverse forex movement.

Revenues from other Commonwealth of Independent States (CIS) countries and Romania at ₹2.4 billion, YoY growth of 4% and QoQ growth of 13%. YoY growth was due to higher prices and contribution from new product launches, partially offset by adverse forex movement. QoQ growth was primarily on account of higher base business volumes.

Revenues from Rest of World (RoW) territories at ₹4.9 billion, YoY growth of 7% YoY and QoQ decline of 11%. YoY growth was primarily due to contribution from new product launches, partially offset by adverse forex movement. QoQ decline was largely due to decrease in base business volumes.

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

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

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

Revenues from RoW territories at ₹14.9 billion, YoY growth of 17%. The growth is largely due to higher base business volumes and new product launches, partially offset by price erosion.

During Q3FY25, we launched 20 new products across countries, with the year-to-date total to 59.

Pharmaceutical Services and Active Ingredients (PSAI)

Q3FY25 revenues at ₹8.2 billion, YoY growth of 5% and QoQ decline of 2%. YoY Growth in PSAI business was due to increase in volumes, new launches and favourable forex, partially offset by adverse price variance. QoQ decline was primarily due to moderation in the growth of the services business.

9MFY25 revenues at ₹24.3 billion, with a growth of 13% YoY. The growth was mainly driven by market share expansion, growth in services business and revenues from new products.

During the quarter, we filed 23 Drug Master Files (DMFs) globally, taking the year-to-date count to 59.

Income Statement Highlights:

Gross Margin

Q3FY25 at 58.7% (GG: 61.3%, PSAI: 28.6%), a YoY increase of 20 basis points (bps) and a QoQ decline of 91 bps. The YoY increase was primarily on account of favourable product mix, manufacturing overhead leverage, partly offset by price erosion. On a sequential basis, the decline was primarily on account of unfavorable product mix.

9MFY25 at 59.5% (GG: 63.0%, PSAI: 27.3%), a YoY increase by 91 bps YoY. The expansion in margin was on account of favourable product mix, cost optimisation, partially offset by price erosion.

Selling, General & Administrative (SG&A) Expenses

Q3FY25 at ₹24.1 billion, YoY increase of 19% and QoQ increase of 5%.

9MFY25 at ₹69.8 billion, YoY increase of 23%.

The increase is largely on account of costs associated with the NRT business, higher investments in sales & marketing activities to strengthen our existing brands, new business initiatives, including scaling up of consumer health businesses and higher freight costs.

Research & Development (R&D) Expenses

Q3FY25 at ₹6.7 billion. As % to Revenues – Q3FY25: 8.0% | Q3FY24: 7.7% | Q2FY25: 9.1%.

9MFY25 at ₹20.1 billion. As % to Revenues – 9MFY25: 8.4% | 9MFY24: 7.7%.

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

Net Finance Income

Q3FY25 at ₹(0.02) billion compared to ₹1.0 billion in Q3FY24.

The decrease was on account of higher foreign currency exchange loss as well as interest expense in comparison to interest income in the corresponding quarter of the previous year.

9MFY25 at ₹2.4 billion as compared to ₹3.0 billion in 9MFY24.

Income Tax

Q3FY25 at ₹4.7 billion. As % to PBT – Q3FY25: 25.1% | Q3FY24: 24.5% | Q2FY25: 30%.

9MFY25: The ETR was 27.1% as compared to 23.7% in 9MFY24.

The higher tax for the nine months ended December 31, 2024 is primarily on account of:

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

	-	change in the mix of tax jurisdictions; and

the recognition of a previously unrecognized deferred tax asset on operating tax losses, primarily pertaining to Dr. Reddy’s Laboratories SA, Switzerland, during the nine months ended December 31, 2023.

Profit before tax

Q3FY25 at ₹18.7 billion, a YoY growth of 3% and a QoQ decline of 2%.

As % to Revenues – Q3FY25: 22.4% | Q3FY24: 25.3% | Q2FY25: 23.9%.

Profit before tax includes ₹1,240 Mn from the recently acquired NRT business.

9MFY25 at ₹56.7 billion, a YoY growth of 2%.

Profit attributable to Equity Holders of Parent Company

Q3FY25 at ₹14.1 billion, a YoY growth of 2% and a QoQ growth of 13%.

As % to Revenues – Q3FY25: 16.9% | Q3FY24: 19.1% | Q2FY25: 15.7%.

9MFY25 at ₹40.6 billion, a YoY decline of 5%. As % to Revenues – 9MFY25: 16.9% | 9MFY24: 20.5%.

Diluted Earnings per Share (EPS)

Q3FY25 is ₹16.94. 9MFY25 is ₹48.68.

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

Other Highlights:

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Q3FY25 at ₹23.0 billion, YoY growth of 9% and flat QoQ.

As % to Revenues – Q3FY25: 27.5% | Q3FY24: 29.3% | Q2FY25: 28.4%.

9MFY25 at ₹67.4 billion, a YoY growth of 5%. As % to Revenues – 9MFY25: 28.0% | 9MFY24: 30.9%.

Others:

Operating Working Capital : As on 31^st December 2024 at ₹127.8 billion.

Capital Expenditure: Q3FY25 at ₹7.1 billion.

Cash Flow: Q3FY25 at ₹(2.1) billion.

Net Cash Surplus: As on 31^st December 2024 at ₹16.0 billion

Net Debt to Equity: As on 31^st December 2024 is (0.05)

ROCE: Q3FY25 at 27.8% (Annualized)

About key metrics and non-GAAP Financial Measures

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

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

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

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

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars	As on 31^st Dec 2024
	(₹)
Inventories		71,630
Trade Receivables		92,212
Less:
Trade Payables		(36,022	)
Operating Working Capital		127,820

Cash Flow

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

Net Cash Surplus and Debt to Equity

Particulars	As on 31^st Dec 2024
	(₹)
Cash and Cash Equivalents		13,032
Investments		51,166
Short-term Borrowings		(42,400	)
Long-term Borrowings, Non-Current		(7,579	)
Less:
Restricted Cash Balance – Unclaimed Dividend and others		615
Lease liabilities (included in Long-term Borrowings, Non-Current)		(3,779	)
Equity Investments (Included in Investments)		1,356
Net Cash Surplus		16,027
Equity		321,565
Net Debt/Equity		(0.05	)

Computation of Return on Capital Employed

Particulars	As on 31^st Dec 2024
	(₹)
Profit before Tax		18,742
Less:
Interest and Investment Income (Excluding forex gain/loss)		(475	)
Earnings Before Interest and taxes [A]		18,267

Average Capital Employed [B]		258,829

Annualized Return on Capital Employed (A/B) (Ratio)		27.8	%

Computation of Capital Employed:

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

Computation of EBITDA

Refer page no. 3 & 4.

Earnings Call Details

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

Date: January 23, 2025

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

Conference Joining Information

Option 1: Pre-register with the below link and join without waiting for the operator

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=4085539&linkSecurityString=1bdc5f535b

Option 2: Join through below Dial-In Numbers

Universal Access Number:

+91 22 6280 1219

+91 22 7115 8120

International Toll-Free Number:

USA: 1 866 746 2133

UK: 0 808 101 1573

Singapore: 800 101 2045

Hong Kong: 800 964 448

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

Play Back: The play back will be available after the earnings call, till January 30^th, 2025. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 40359#.

Transcript: Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com

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

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

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates, persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2024 and quarterly financial statements filed in Form 6-K with the US SEC for the quarter ended June 30, 2024, September 30, 2024 and our other filings with US SEC. The company assumes no obligation to update any information contained herein.

Exhibit 99.2

Dr. Reddy’s Laboratories Ltd.

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 : mail@drreddys.com

www.drreddys.com

DR. REDDY’S LABORATORIES LIMITED

Unaudited consolidated financial results of Dr. Reddy’s Laboratories Limited and its subsidiaries for the quarter and nine months ended 31 December 2024 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions

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

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

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

Segment information

All amounts in Indian Rupees millions

		Quarter ended						Nine months ended				Year ended
Sl. No.	Particulars	31.12.2024		30.09.2024		31.12.2023		31.12.2024		31.12.2023		31.03.2024
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue:
	a) Pharmaceutical Services and Active Ingredients		10,221		11,030		10,390		31,560		29,054		40,580
	b) Global Generics		73,753		71,576		63,095		214,187		184,262		245,453
	c) Others		1,614		179		1,214		2,005		2,490		3,910
	Total		85,588		82,785		74,699		247,752		215,806		289,943
	Less: Inter-segment revenues		2,002		2,623		2,551		7,277		7,472		10,779
	Net revenues		83,586		80,162		72,148		240,475		208,334		279,164

2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		2,353		2,518		2,306		6,639		4,569		6,919
	b) Global Generics		45,219		45,162		39,075		134,899		116,335		154,268
	c) Others		1,480		89		822		1,627		1,220		2,420
	Total		49,052		47,769		42,203		143,165		122,124		163,607
	Less: Selling and other un-allocable expenditure, net of other income		30,310		28,602		23,946		86,435		66,270		91,737
	Total profit before tax		18,742		19,167		18,257		56,730		55,854		71,870

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

Segmental capital employed

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

Notes:

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

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

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

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

5	“Other income, net” for the year ended 31 March 2024 includes: a. Rs.540 million recognised, in April 2023, pursuant to settlement agreement with Janssen Group in settlement of the claim brought in the Federal Court of Canada by the Company and its affiliates for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of Zytiga®(Abiraterone). b. Rs.984 million recognised in September 2023 pursuant to settlement of product related litigation by the Company and its affiliates in the United Kingdom. These transactions pertains to the Company’s Global Generics segment.

6	Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs.482 million, created in earlier periods on land, during the nine months ended 31 December 2024.

7	On 25 April 2024, the Company entered into an agreement with Nestlé India Limited (“Nestlé India”) for the manufacturing, development, promotion, marketing, sale, distribution, and commercialization of nutraceutical products and supplements in India, as well as other mutually agreed geographies. These operations will be carried out by Dr. Reddy’s Nutraceuticals Limited, established on 14 March 2024. The entity was later renamed as Dr. Reddy’s and Nestlé Health Science Limited (the “Nutraceuticals subsidiary”) on 13 June 2024. Upon completion of the closing conditions, the transaction concluded on 01 August 2024. Consequently, the Company has made an additional investment of Rs.7,340 million in its Nutraceuticals subsidiary, with corresponding infusion from Nestlé India amounting to Rs.7,056 million resulting in a revised shareholding pattern of 51:49 between the Company and Nestlé India. Subsequently, Nutraceuticals subsidiary had purchased the portfolio of nutraceutical products and supplements from Nestlé India for a consideration of Rs.2,231 million. The acquired portfolio consists of Product licenses, sales and marketing teams, contract manufacturers and employees. Based on fair valuation, the company had allocated purchase consideration and recognized Product licenses and other intangibles of Rs.1,982 million, property, plant and equipment and current assets of Rs.43 million and Goodwill of Rs.207 million. Upon Closing, the Company had also transferred its nutraceuticals and supplements portfolio to the Nutraceuticals subsidiary as a common control transfer of business. This acquisition pertains to the Company’s Global Generics segment. Profit after tax attributable to Non-controlling interest for nine months ended 31 December 2024, has arisen primarily on recognition of deferred tax asset on account of transfer of business from parent company to Nutraceuticals subsidiary. As at 31 December 2024, share of 49% held by Nestlé India is recorded under Non-controlling interest of Rs.3,844 million.

8	Business purchase agreement with Haleon: On 26 June 2024, the Company entered into definitive agreement with Haleon UK Enterprises Limited (“Haleon”) to acquire Haleon’s global portfolio outside of the United States of consumer healthcare brands in the Nicotine Replacement Therapy category (“NRT Business”). The definitive agreement for the acquisition of this NRT Business from Haleon includes the transfer of intellectual property, employees, agreements with commercial manufacturing organization, marketing authorizations and other assets relating to the commercialization of four brands - i.e., Nicotinell, Nicabate, Thrive, and Habitrol. The acquisition is inclusive of all formats such as lozenge, patch, spray and/or gum in all applicable global markets outside of the United States. The closing conditions were met, and the transaction was completed on 30 September 2024.

	Upon Completion, the company acquired the shares of Northstar Switzerland SARL from Haleon for an upfront cash payment of Rs.51,407 million (GBP 458 million). An additional consideration of up to Rs.4,714 million (GBP 42 million) is payable which is contingent upon achieving agreed-upon sales targets in Calender years 2024 and 2025, bringing the total potential consideration to Rs.56,121 million (GBP 500 million). The Company completed the provisional allocation of purchase price. The fair value of consideration transferred is Rs.55,897 million (GBP 498 million). Based on fair valuation, the Company recognised Intangibles (Brands) of Rs.54,920 million (GBP 488.80 million), Deferred tax liabilities of Rs.8,469 million (GBP 75.45 million) and Goodwill of Rs.7,249 million (GBP 64.58 million). This acquisition pertains to the Company’s Global Generics segment. Further, The company executed a forward exchange contract to hedge its exposure to the payment made in GBP. Upon maturity, hedge gain of Rs. 2,197 million (GBP 20 million) was reclassified from the cash flow hedge reserves and has been adjusted in consideration paid upon closing of the transaction. Acquisition related costs amounting to Rs.1,017 and Rs.280 were recognised as expenses under “Selling, general and administrative expenses” during the nine months ended 31 December 2024 and the year ended 31 March 2024, respectively. This marketing authorisation will transition gradually into the Company in a phased approach between April 2025 and February 2026. During transition period, Haleon group will provide distribution and related services in the markets, facilitating successful integration of the business across various geographies into the Company. The amount of revenue and profit before tax (derived after amortisation of NRT brands and integration expense) pertaining to the business acquired from Haleon since the acquisition date (i.e., September 30, 2024) was Rs.6,049 (GBP 56.3 million) and Rs.1,240 ( GBP 11.3 million) respectively, during the three months ended December 31, 2024.

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

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

11	The Board of Directors of the Company at their meeting held on 27 July 2024 have approved the sub-division/ split of each equity share having a face value of Rupees five each, fully paid-up, into five equity shares having a face value of Rupee One each, fully paid-up (the “stock split”), by alteration of the capital clause of the Memorandum of Association of the Company. Further, each American Depositary Share (ADS) of the Company will continue to represent one underlying equity share as at present and, therefore, the number of ADSs held by an American Depositary Receipt(ADR) holder would consequently increase in proportion to the increase in number of equity shares. On 12 September 2024, the approval of the shareholders of the Company was obtained through a postal ballot process with a requisite majority. Consequently w.e.f. record date of 28 October 2024, the authorized share capital, the paid up share capital and the treasury shares were sub-divided into five equity shares having a face value of Rupee One each. As on 31 December 2024, the closing number of shares fully paid up and treasury shares were 834,424,050 and 1,302,980 respectively. Post stock split, the number of each stock option vested and unvested and not exercised as on the record date were sub-divided into five options and the exercise price was proportionately adjusted. The effect of stock split was considered in the computation of basic and diluted EPS for the quarter and nine months ended 31 December 2024 and prior periods have been restated considering face value of Rupee One each in accordance with IAS 33- “Earnings per Share” and rounded off to the nearest decimals.

By order of the Board

For Dr. Reddy’s Laboratories Limited


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

Exhibit 99.3

THE SKYVIEW 10

18th Floor, “NORTH LOBBY”

Survey No. 83/1, Raidurgam

Hyderabad - 500 032, India

Tel : +91 40 6141 6000

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

Review Report to

The Board of Directors

Dr Reddy’s Laboratories Limited

We have reviewed the accompanying ’Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended 31 December 2024’ (the “Statement”) of Dr. Reddy’s Laboratories Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

The Holding Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company’s Board of Directors . Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

The Statement includes the results of the following entities:

Holding Company:

Dr. Reddy’s Laboratories Limited

Subsidiaries

Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.

Aurigene Oncology Limited (Formerly, Aurigene Discovery Technologies Limited)

Aurigene Pharmaceutical Services Limited

beta Institut gemeinnützige GmbH

betapharm Arzneimittel GmbH

Cheminor Investments Limited

Chirotech Technology Limited (dissolved w.e.f. September 18, 2024)

Dr. Reddy’s Farmaceutica Do Brasil Ltda.

Dr. Reddy’s Laboratories (EU) Limited

10.

Dr. Reddy’s Laboratories (Proprietary) Limited

11.

Dr. Reddy’s Laboratories (UK) Limited

12.

Dr. Reddy’s Laboratories Canada, 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

13.

Dr. Reddy’s Laboratories Chile SPA.

14.

Dr. Reddy’s Laboratories Inc.

15.

Dr. Reddy’s Laboratories Japan KK

16.

Dr. Reddy’s Laboratories Kazakhstan LLP

17.

Dr. Reddy’s Laboratories Louisiana LLC

18.

Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.

19.

Dr. Reddy’s Laboratories New York, LLC

20.

Dr. Reddy’s Laboratories Philippines Inc.

21.

Dr. Reddy’s Laboratories Romania Srl

22.

Dr. Reddy’s Laboratories SA

23.

Dr. Reddy’s Laboratories Taiwan Limited

24.

Dr. Reddy’s Laboratories (Thailand) Limited

25.

Dr. Reddy’s Laboratories LLC, Ukraine

26.

Dr. Reddy’s New Zealand Limited

27.

Dr. Reddy’s Srl

28.

Dr. Reddy’s Bio-Sciences Limited

29.

Dr. Reddy’s Laboratories (Australia) Pty. Limited

30.

Dr. Reddy’s Laboratories SAS

31.

Dr. Reddy’s Netherlands B.V. (Formerly Dr. Reddy’s Research and Development B.V.)

32.

Dr. Reddy’s Venezuela, C.A. (till April 17, 2024)

33.

Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited

34.

DRL Impex Limited

35.

Dr. Reddy’s Formulations Limited

36.

Idea2Enterprises (India) Pvt. Limited

37.

Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited) (Under liquidation)

38.

Industrias Quimicas Falcon de Mexico, S.A. de CV

39.

Lacock Holdings Limited

40.

Dr. Reddy’s Laboratories LLC, Russia

41.

Promius Pharma LLC

42.

Reddy Holding GmbH

43.

Reddy Netherlands B.V.

44.

Reddy Pharma Iberia SAU

45.

Reddy Pharma Italia S.R.L.

46.

Reddy Pharma SAS

47.

Svaas Wellness Limited

48.

Nimbus Health GmbH

49.

Dr. Reddy’s Laboratories Jamaica Limited

50.

Dr. Reddy’s and Nestle Health Science Limited (Formerly, Dr. Reddy’s Nutraceuticals Limited)

51.

Northstar Switzerland SARL (from September 30, 2024)

52.

North Star OpCo Limited (from September 30, 2024)

53.

North Star Sweden AB (from September 30, 2024)

54.

Dr. Reddy’s Denmark ApS (from October 04, 2024)

55.

Dr. Reddy’s Finland Oy (from December 20, 2024)

Associates

O2 Renewable Energy IX Private Limited

Clean Renewable Energy KK 2A Private Limited (from 30 May 2024)

Joint Venture

DRES Energy Private Limited

Kunshan Rotam Reddy Pharmaceutical Co. Limited

Other Consolidating Entities

Dr. Reddy’s Employees ESOS Trust

Cheminor Employees Welfare Trust

Dr. Reddy’s Research Foundation

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

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Shankar Srinivasan
Partner
Membership No.: 213271

UDIN: 25213271BMISKZ7444

Place: Hyderabad
Date: January 23, 2025

Dr. Reddy’s Laboratories Ltd.

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

Hyderabad - 500 034, Telangana,

India.

CIN : L85195TG1984PLC004507

Tel : +91 40 4900 2900

Fax : +91 40 4900 2999

Email : mail@drreddys.com

www.drreddys.com

DR. REDDY’S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2024

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

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

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

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

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

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

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

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

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

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

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

	11	Other comprehensive income/(loss)
		a) (i) Items that will not be reclassified subsequently to profit or loss		(52	)		(33	)		132			(176	)		16			(28	)
		(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			4
		b) (i) Items that will be reclassified subsequently to profit or loss		(2,142	)		2,978			782			951			(184	)		(749	)
		(ii) Income tax relating to items that will be reclassified to profit or loss		170			16			78			180			69			117
		Total other comprehensive income/(loss)		(2,024	)		2,961			992			955			(99	)		(656	)

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

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

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

	13	Other equity																	281,714

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

See accompanying notes to the financial results

DR. REDDY’S LABORATORIES LIMITED

Segment information						All amounts in Indian Rupees millions
		Quarter ended							Nine months ended				Year ended
Sl. No.	Particulars	31.12.2024		30.09.2024			31.12.2023		31.12.2024		31.12.2023		31.03.2024
		(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Pharmaceutical Services and Active Ingredients		10,387		11,190			10,580		32,049		29,570		41,295
	b) Global Generics		73,813		71,636			63,124		214,378		184,384		245,673
	c) Others		1,614		179			1,215		2,005		2,491		3,922
	Total		85,814		83,005			74,919		248,432		216,445		290,890

	Less: Inter-segment revenue		2,002		2,623			2,551		7,277		7,472		10,779
	Total revenue from operations		83,812		80,382			72,368		241,155		208,973		280,111

2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		2,359		2,521			2,307		6,652		4,580		6,929
	b) Global Generics		45,219		45,162			39,077		134,899		116,335		154,272
	c) Others		1,478		89			823		1,625		1,221		2,423
	Total		49,056		47,772			42,207		143,176		122,136		163,624

	Less: Selling and other un-allocable expenditure/(income), net		30,313		28,598			23,916		86,433		66,178		91,614
	Total profit before tax		18,743		19,174			18,291		56,743		55,958		72,010

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

Segmental capital employed

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

Notes:

The above statement of unaudited consolidated financial results of Dr. Reddy’s Laboratories Limited (“the Company”), which have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) prescribed under section 133 of Companies Act,2013 (“the Act”) read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange Board of India (“SEBI”) were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 23 January 2025. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

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

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

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

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

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

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

Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the Company has written off Deferred Tax Asset amounting to Rs. 482 million, created in earlier periods on land, during the nine months ended 31 December 2024.

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

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

DR. REDDY’S LABORATORIES LIMITED

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

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

Upon Closing, the Company had also transferred its nutraceuticals and supplements portfolio to the Nutraceuticals subsidiary as a common control transfer of business. This acquisition pertains to the Company’s Global Generics segment.

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

Business purchase agreement with Haleon:

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

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

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

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

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

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

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

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

The amount of revenue and profit before tax (derived after amortisation of NRT brands and integration expense) pertaining to the business acquired from Haleon since the acquisition date (i.e., September 30, 2024) was Rs.6,049 (GBP 56.3 million) and Rs.1,240 ( GBP 11.3 million) respectively, during the three months ended December 31, 2024.

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

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

Consequently w.e.f. record date of 28 October 2024, the authorized share capital, the paid up share capital and the treasury shares were sub-divided into five equity shares having a face value of Rupee One each. As on 31 December 2024, the closing number of shares fully paid up and treasury shares were 834,423,960 and 1,302,980 respectively.

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

The effect of stock split was considered in the computation of basic and diluted EPS for the quarter and nine months ended 31 December 2024 and prior periods have been restated considering face value of Rupee One each in accordance with Ind AS 33- “Earnings per Share” and rounded off to the nearest decimals.

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

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


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

Exhibit 99.4

THE SKYVIEW 10

18th Floor, “NORTH LOBBY”

Survey No. 83/1, Raidurgam

Hyderabad - 500 032, India

Tel : +91 40 6141 6000

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

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

We have reviewed the accompanying “Statement of Unaudited Standalone Financial Results for the quarter and nine months ended 31 December, 2024” (the “Statement”) of Dr. Reddy’s Laboratories Limited (the “Company”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

The Company’s Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company’s Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.

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

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

per Shankar Srinivasan
Partner
Membership No.:213271

UDIN: 25213271BMISLA4490

Place: Hyderabad
Date: January 23, 2025

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

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

Dr. Reddy’s Laboratories Ltd.

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

Hyderabad - 500 034, Telangana,

India.

CIN : L85195TG1984PLC004507

Tel : +91 40 4900 2900

Fax : +91 40 4900 2999

Email : mail@drreddys.com

www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2024

								All amounts in Indian Rupees millions
			Quarter ended									Nine months ended						Year ended
Sl. No.		Particulars	31.12.2024			30.09.2024			31.12.2023			31.12.2024			31.12.2023			31.03.2024
			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)

	1	Revenue from operations
		a) Sales		47,775			58,534			40,389			164,385			142,460			192,764
		b) License fees and service income		2,203			8,254			442			10,620			763			1,277
		c) Other operating income		172			175			199			520			567			797
		Total revenue from operations		50,150			66,963			41,030			175,525			143,790			194,838

	2	Other income		2,354			2,076			2,276			6,287			6,651			8,623

		Total income (1 + 2)		52,504			69,039			43,306			181,812			150,441			203,461

	3	Expenses
		a) Cost of materials consumed		10,117			9,343			8,187			28,571			23,838			32,915
		b) Purchase of stock-in-trade		5,084			6,565			5,569			19,052			14,403			19,866
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(370	)		(930	)		(651	)		(2,561	)		(1,868	)		(2,388	)
		d) Employee benefits expense		7,944			8,401			7,823			24,904			23,062			30,857
		e) Depreciation and amortisation expense		2,651			2,600			2,464			7,749			7,294			9,756
		f) Impairment of non current assets, net		-			-			-			-			-			260
		g) Finance costs		433			284			56			788			159			218
		h) Other expenses		15,451			16,368			13,539			46,568			39,032			54,064

		Total expenses		41,310			42,631			36,987			125,071			105,920			145,548

	4	Profit before tax (1 + 2 - 3)		11,194			26,408			6,319			56,741			44,521			57,913

	5	Tax expense/(benefit)
		a) Current tax		2,563			7,033			1,569			14,262			10,916			13,618
		b) Deferred tax		137			554			(2	)		992			533			875

	6	Net profit for the period/year (4 - 5)		8,494			18,821			4,752			41,487			33,072			43,420

	7	Other comprehensive income
		a) (i) Items that will not be reclassified to profit or loss		-			-			(8	)		-			(6	)		21
		(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			(7	)

		b) (i) Items that will be reclassified to profit or loss		(779	)		(88	)		24			(812	)		(257	)		(446	)
		(ii) Income tax relating to items that will be reclassified to profit or loss		196			22			(6	)		204			65			114

		Total other comprehensive (loss)/income		(583	)		(66	)		10			(608	)		(198	)		(318	)

	8	Total comprehensive income (6 + 7)		7,911			18,755			4,762			40,879			32,874			43,102

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

	10	Other equity																	241,574

	11	Earnings per equity share (face value Re. 1/- each)
		Basic		10.20			22.60			5.71			49.81			39.76			52.19
		Diluted		10.18			22.56			5.70			49.73			39.69			52.09
				(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results.

DR. REDDY'S LABORATORIES LIMITED

Segment information								All amounts in Indian Rupees millions
		Quarter ended									Nine months ended						Year ended
Sl. No.	Particulars	31.12.2024			30.09.2024			31.12.2023			31.12.2024			31.12.2023			31.03.2024
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Pharmaceutical Services and Active Ingredients		8,272			7,972			7,658			24,764			20,900			30,742
	b) Global Generics		42,401			61,467			35,726			156,315			129,399			173,405
	c) Others		1,281			23			66			1,365			325			678
	Total		51,954			69,462			43,450			182,444			150,624			204,825

	Less: Inter-segment revenue		1,804			2,499			2,420			6,919			6,834			9,987
	Total revenue from operations		50,150			66,963			41,030			175,525			143,790			194,838

2	Segment results
	Profit/(loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients		313			(146	)		(397	)		97			(1,533	)		(287	)
	b) Global Generics		8,268			26,800			6,832			54,735			45,498			57,670
	c) Others		1,255			20			198			1,372			297			536
	Total		9,836			26,674			6,633			56,204			44,262			57,919

	Less: (i) Finance costs		433			284			56			788			159			218
	(ii) Other un-allocable (income)/expenditure, net		(1,791	)		(18	)		258			(1,325	)		(418	)		(212	)
	Total profit before tax		11,194			26,408			6,319			56,741			44,521			57,913

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

Segmental capital employed

Notes:

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

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

"Other income" for the year ended 31 March 2024 includes:

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

b) Dividend income of Rs. 445 million recognised in June 2023, declared by Kunshan Rotan Reddy Pharmaceutical Company Limited, joint venture of the company.

During the quarter and nine months ended 31 December 2024, an amount of Rs.834 million and Rs.2,534 million, respectively and during the quarter and nine months ended 31 December 2023, an amount of Rs.1,142 million and Rs.3,405 million, respectively, representing government grants has been accounted as a reduction from cost of materials consumed.

Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 482 million, created in earlier periods on land, during the nine months ended 31 December 2024.

Agreement with Nestle India:

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

Further, the Company also received Rs. 8,113 million (excluding GST) as consideration towards transfer of its nutraceutical and vitamins, minerals, herbals, and supplements portfolio to Nutraceuticals subsidiary as part of the definitive agreement. This has been recorded as License fees for the nine months ended 31 December 2024. This acquisition pertains to Company’s Global Generics segment.

DR. REDDY'S LABORATORIES LIMITED

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

The effect of stock split was considered in the computation of basic and diluted EPS for the quarter and nine months ended 31 December 2024 and prior periods have been restated considering face value of Rupee One each in accordance with Ind AS 33- "Earnings per Share" and rounded off to the nearest decimals.

The Company received an anonymous complaint in September 2020, alleging that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the U.S. Foreign Corrupt Practices Act. The Company disclosed the matter to the U.S. Department of Justice (“DOJ”), Securities and Exchange Commission (“SEC”) and Securities Exchange Board of India. The Company engaged a U.S. law firm to conduct the investigation at the instruction of a committee of the Company’s Board of Directors. On 06 July 2021, the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC.