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6-K 1 rdy0813_6k.htm FORM 6-K

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

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 held on October 24, 2025
99.2		IFRS Unaudited Consolidated Financial Results for the quarter ended September 30, 2025.
99.3		Press Release, “Dr. Reddy’s Q2 FY2026 Financial Results”, October 24, 2025.
99.4		Ind AS Unaudited Consolidated Financial Results for the quarter ended September 30, 2025.
99.5		Ind AS Unaudited Standalone Financial Results for the quarter ended September 30, 2025.

SIGNATURES

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

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: October 24, 2025	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary

EX-99.1 2 rdy0813_ex99-1.htm EXHIBIT 99.1

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
	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: Outcome of 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:

Unaudited Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2025, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB);

Press Release on Unaudited Financial Results of the Company for the quarter and half-year ended September 30, 2025;

Unaudited Consolidated Financial Results of the Company for the quarter and half-year ended September 30, 2025, as per Indian Accounting Standards;

Unaudited Standalone Financial Results of the Company for the quarter and half-year ended September 30, 2025, as per Indian Accounting Standards; and

Limited Review Reports of the Statutory Auditors on the Unaudited Standalone and Consolidated Financial 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

EX-99.2 3 rdy0813_ex99-2.htm EXHIBIT 99.2

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 half year ended 30 September 2025 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions

		Quarter ended									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 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		78,498		75,620		71,576		154,118		140,434		289,552
	b) Pharmaceutical Services 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 results:
	Gross profit from each segment
	a) Global Generics		46,428		46,086		45,162		92,514		89,680		179,606
	b) Pharmaceutical Services 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 expenditure, net of other income		29,790		29,580		28,602		59,370		56,125		113,644
	Total profit 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:

The above Statement of unaudited consolidated financial results of Dr. Reddy’s Laboratories Limited (the “parent company”), together with its subsidiaries (collectively, the “Company”), joint ventures and associates, have been prepared in accordance with recognition and measurement principles of IAS 34 as issued by the International Accounting Standards Board (IASB), and presented as per the format of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 24 October 2025. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

During the quarter and six months period ended 30 September 2025, consequent to certain technical challenges in product development, 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.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.

"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.

In September 2025, the Company had acquired the STUGERON brand from Janssen Pharmaceutica NV ( an affiliate of Johnson & Johnson) for a consideration of Rs.4,464 million ($50.5 million).The portfolio acquired includes STUGERON® FORTE and STUGERON® PLUS, across 18 markets in the Asia-Pacific and Europe, Middle East, and Africa regions, with India and Vietnam as the key markets.

“Other income, net” for the quarter and year ended 31 March 2025 includes cumulative amount of foreign exchange gain of Rs. 1,551 million, reclassified from the foreign currency translation reserve upon divestment of the membership interest in the subsidiary “Dr. Reddy’s Laboratories Louisiana LLC”. This transaction pertains to the Company's Global Generics segment.

During the six months ended 30 September 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September 2025. The Company submitted further objections, stating that the specified services should not be subject to VAT on 6 October 2025 and is awaiting the final tax assessment.

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

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

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

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 the year ended 31 March 2025.

(2)Adjusted for bank-overdraft of Rs.45 million for the half year ended 30 September 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 July 6, 2021 the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC. The Company has continued to engage with the SEC and DOJ, including through submissions and presentations regarding the initial complaint and additional complaints relating to other markets, and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company, and the Company is complying with its listing obligations as it relates to updating the regulatory agencies. While the findings from the aforesaid investigations could result in government or regulatory enforcement actions against the Company in the United States and/or foreign jurisdictions and can also lead to civil and criminal sanctions under relevant laws, the outcomes, including liabilities, are not reasonably ascertainable at this time.

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: 24 October 2025		Co-Chairman & Managing Director

EX-99.3 4 rdy0813_ex99-3.htm EXHIBIT 99.3

Exhibit 99.3

	CONTACT
DR. REDDY’S LABORATORIES LTD. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India.	INVESTOR RELATIONS	MEDIA RELATIONS
	RICHA PERIWAL	richaperiwal@drreddys.com
	AISHWARYA SITHARAM	PRIYA K
	aishwaryasitharam@drreddys.com	priyak@drreddys.com

Dr. Reddy’s Q2 & 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 [Up: 9.8% YoY; 3% QoQ]	₹ 173,503 Mn [Up: 10.6% YoY]
Gross Margin	54.7% [Q2FY25: 59.6%; Q1FY26: 56.9%]	55.8% [H1FY25: 60.0%]
SG&A Expenses	₹ 26,436 Mn [Up: 15% YoY; 3% QoQ]	₹ 52,083 Mn [Up: 14% YoY]
R&D Expenses	₹ 6,202 Mn [7.0% of Revenues]	₹ 12,446 Mn [7.2% of Revenues]
EBITDA	₹ 23,511 Mn [26.7% of Revenues]	₹ 46,295 Mn [26.7% of Revenues]
Profit before Tax	₹ 18,350 Mn [Down: 4% YoY; 4% QoQ]	₹ 37,397 Mn [Down: 2% YoY]
Profit after Tax attributable to Equity Holders	₹ 14,372 Mn [Up: 14% YoY; 1% QoQ]	₹ 28,549 Mn [Up: 8% YoY]

Commenting on the results, Co-Chairman & MD, G V Prasad said: “Growth in Q2 was driven by momentum in branded markets and steady contributions from the Nicotine Replacement Therapy (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.”

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 for the 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 (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

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

Revenue Mix by Segment for the 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

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

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 Expenses		298			26,436			259			23,007			15			289			25,647			3
% of Revenues					30.0	%					28.7	%								30.0	%
Research & Development Expenses		70			6,202			82			7,271			(15	)		70			6,244			(1	)
% of Revenues					7.0	%					9.1	%								7.3	%
Impairment of Non-Current Assets, net		7			662			10			924			(28	)		0			0			NA
Other (Income)/Expense, net		(30	)		(2,673	)		(11	)		(984	)		172			(8	)		(739	)		262
Results from Operating Activities		197			17,513			198			17,551			(0	)		197			17,475			0
Finance (Income)/Expense, 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 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 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 of the Parent Co.		162			14,372			141			12,553			14			160			14,178			1
Attributable to Non-controlling interests		(1	)		(104	)		10			862			(112	)		(1	)		(82	)		27
Diluted Earnings per Share (EPS)		0.19			17.25			0.17			15.05			15			0.19			17.02			1

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	%

*Includes income from Investment

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

EBITDA Computation for the half 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	%

*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

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.

ESG Highlights for Q2FY26

Retained MSCI ESG Rating of A for the 2nd 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.

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:

73 ANDAs (45 are Paragraph IV applications, and 22 may have a ‘First to File’ status) and

Two New Drug Applications (NDAs) filed under Section 505(b)(2).

Europe

Q2FY26 revenues 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.

Q2FY26 NRT revenues at ₹7.0 billion, growth of 5% QoQ.

H1FY26 NRT revenues at ₹13.7 billion.

Q2FY26 Germany revenues at ₹4.0 billion, growth of 23% YoY and 26% QoQ.

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

Q2FY26 UK revenues at ₹1.6 billion, decline of 4% YoY and 10% QoQ.

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

Q2FY26 Rest of Europe revenues at ₹1.2 billion, growth of 35% YoY and 6% QoQ.

H1FY26 Rest of Europe revenues at ₹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.

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 Services and 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.

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.

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 of Parent 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.

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 30th 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 30th September 2025 at ₹27.5 billion

Net Debt to Equity: As on 30th September 2025 is (0.08)

Annualized Return on Capital Employed (RoCE): Q2FY26 stood at 21.9%

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

Free Cash Flow

Particulars	Three months ended 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

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	)

Computation of RoCE

Particulars	As on 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	%

Computation of Capital Employed:

Particulars	As on
	Sep 30, 2025			Mar 31, 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.

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

Conference Joining 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.

EX-99.4 5 rdy0813_ex99-4.htm EXHIBIT 99.4

Exhibit 99.4

S.R. Batliboi & Associates LLP Chartered Accountants	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 Half Year ended 30 September 2025” (“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

Dr. Reddy’s Farmaceutica Do Brasil Ltda.

Dr. Reddy’s Laboratories (EU) Limited

Dr. Reddy’s Laboratories (Proprietary) Limited

10.

Dr. Reddy’s Laboratories (UK) Limited

11.

Dr. Reddy’s Laboratories Canada, Inc.

12.

Dr. Reddy’s Laboratories Chile SPA.

13.

Dr. Reddy’s Laboratories Inc.

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Regd. Office : 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

S.R. Batliboi & Associates LLP Chartered Accountants

14.

Dr. Reddy’s Laboratories Japan KK

15.

Dr. Reddy’s Laboratories Kazakhstan LLP

16.

Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.

17.

Dr. Reddy’s Laboratories New York, LLC

18.

Dr. Reddy’s Laboratories Philippines Inc.

19.

Dr. Reddy’s Laboratories Romania Srl

20.

Dr. Reddy’s Laboratories SA

21.

Dr. Reddy’s Laboratories Taiwan Limited

22.

Dr. Reddy’s Laboratories (Thailand) Limited

23.

Dr. Reddy’s Laboratories LLC, Ukraine

24.

Dr. Reddy’s New Zealand Limited.

25.

Dr. Reddy’s Srl

26.

Dr. Reddy’s Bio-Sciences Limited

27.

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

28.

Dr. Reddy’s Laboratories SAS

29.

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

30.

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

31.

DRL Impex Limited

32.

Dr. Reddy’s Formulations Limited

33.

Idea2Enterprises (India) Pvt. Limited

34.

Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited, till August 05, 2025)

35.

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

36.

Lacock Holdings Limited

37.

Dr. Reddy’s Laboratories LLC, Russia

38.

Promius Pharma LLC

39.

Reddy Holding GmbH

40.

Reddy Netherlands B.V.

41.

Reddy Pharma Iberia SAU

42.

Reddy Pharma Italia S.R.L.

43.

Reddy Pharma SAS

44.

Svaas Wellness Limited

45.

Nimbus Health GmbH

46.

Dr. Reddy’s Laboratories Jamaica Limited

47.

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

48.

Northstar Switzerland SARL

49.

North Star OpCo Limited

50.

North Star Sweden AB

51.

Dr. Reddy's Denmark ApS

52.

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

53.

Dr. Reddy's Laboratories (Vietnam) Company Limited (incorporated on May 09, 2025)

Associates

O2 Renewable Energy IX Private Limited

Clean Renewable Energy KK 2A Private Limited

Joint Venture

DRES Energy Private Limited

Kunshan Rotam Reddy Pharmaceutical Co. Limited (including Kunshan Rotam Reddy Medicine Company Limited)

S.R. Batliboi & Associates LLP Chartered Accountants

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: 25213271BMISWQ2517

Place: Hyderabad

Date: October 24, 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
	Web: www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

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

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	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 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 investees(3 - 4)		17,385			19,048			19,113			36,433			37,880			76,578

6	Share of profit of equity accounted investees, net 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 (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 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 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 Global Generics includes operations of Biologics business.

DR. REDDY'S LABORATORIES LIMITED

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

Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics and Others at cost.

Segmental capital employed

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

Notes: -

The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the Company"), together with its subsidiaries (collectively, the "Company"), joint ventures and associates, 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 24 October 2025. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

During the quarter and six months period ended 30 September, 2025, consequent to certain technical challenges in product development, 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.

"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.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:

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

Other income for the three months and six months ended 30 September 2025 includes Rs. 748 million representing payment for avoided litigation costs pursuant to settlement of product related litigations, by the Company in the United States.

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

DR. REDDY'S LABORATORIES LIMITED

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

During the six months ended 30 September, 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September, 2025. The Company submitted further objections, stating that the specified services should not be subject to VAT on 06 October, 2025 and is awaiting the final tax assessment.

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

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 LABORATORIES LIMITED

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 LABORATORIES LIMITED

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

EX-99.5 6 rdy0813_ex99-5.htm EXHIBIT 99.5

Exhibit 99.5

	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 Half Year ended 30 September 2025” (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: 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 : mail@drreddys.com
	www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

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

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	Revenue from operations
	a) Sales		45,587			77,520			58,534			123,107			116,610			218,448
	b) License fees and service income		442			367			8,254			809			8,417			12,020
	c) Other operating income		157			208			175			365			348			686
	Total revenue from operations		46,186			78,095			66,963			124,281			125,375			231,154

2	Other income		3,642			3,983			2,076			7,625			3,935			10,034

	Total income (1 + 2)		49,828			82,078			69,039			131,906			129,310			241,188

3	Expenses
	a) Cost of materials consumed		10,090			11,355			9,343			21,445			18,454			37,997
	b) Purchase of stock-in-trade		7,238			6,638			6,565			13,876			13,968			24,399
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(23	)		(2,129	)		(930	)		(2,152	)		(2,191	)		(1,739	)
	d) Employee benefits expense		8,679			8,873			8,401			17,552			16,960			32,875
	e) Depreciation and amortisation expense		2,948			2,798			2,600			5,746			5,098			10,394
	f) Impairment of non current assets, net		37			-			-			37			-			1,036
	g) Finance costs		334			192			284			526			355			1,099
	h) Other expenses		15,362			14,988			16,368			30,350			31,119			62,768

	Total expenses		44,665			42,715			42,631			87,380			83,763			168,829

4	Profit before tax (1 + 2 - 3)		5,163			39,363			26,408			44,526			45,547			72,359

5	Tax expense
	a) Current tax		777			9,417			7,033			10,194			11,699			17,905
	b) Deferred tax		513			334			554			847			855			960

6	Net profit for the period / year (4 - 5)		3,873			29,612			18,821			33,485			32,993			53,494

7	Other comprehensive income / (loss)
	a) (i) Items that will not be reclassified to profit or loss		-			-			-			-			-			(103	)
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			-			-			-			-			26
	b) (i) Items that will be reclassified to profit or loss		(1,186	)		248			(88	)		(938	)		(33	)		234
	(ii) Income tax relating to items that will be reclassified to profit or loss		299			(63	)		22			236			8			(59	)
	Total other comprehensive income / (loss)		(887	)		185			(66	)		(702	)		(25	)		98

8	Total comprehensive income (6 + 7)		2,986			29,797			18,755			32,783			32,968			53,592

9	Paid-up equity share capital (face value Re. 1/- each)		835			835			834			835			834			834

10	Other equity																	287,732

11	Earnings per equity share (face value Re. 1/- each)

	Basic		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 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		40,170		72,241			61,467			112,411			113,914			204,602
	b) Pharmaceutical Services 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 from operations		46,186		78,095			66,963			124,281			125,375			231,154

2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Global Generics		5,976		38,387			26,800			44,363			46,467			69,966
	b) Pharmaceutical Services 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) / expenditure, net		592		(1,163	)		(18	)		(571	)		466			(1,720	)
	Total profit 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.

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 24 October 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 half year ended 30 September 2024 and year ended 31 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.

"License 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.

During the six months ended September 30, 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on September 15, 2025. The Company submitted further objections, stating that the specified 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.

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. 464 million, created in earlier period on land, during the quarter and half year ended 30 September 2024.

DR. REDDY'S LABORATORIES LIMITED

9	Balance sheet

All amounts in Indian Rupees millions
Particulars	As at		As at
		30.09.2025		31.03.2025
		(Unaudited)		(Audited)
ASSETS
Non-current assets
Property, plant 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 assets		2,652		8,562
Tax assets, net		1,947		1,244
Other non-current assets		726		662
Total non-current assets		231,997		217,879

Current assets
Inventories		48,616		45,758
Financial assets
Investments		32,696		28,830
Trade receivables		66,352		59,590
Derivative financial instruments		65		539
Cash and cash equivalents		1,491		3,197
Other bank balances		8,923		6,571
Other financial assets		12,435		910
Other current assets		23,331		19,635
Total current assets		193,909		165,030

TOTAL ASSETS		425,906		382,909

EQUITY AND LIABILITIES
Equity
Equity share capital		835		834
Other equity		314,291		287,732
Total Equity		315,126		288,566

Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities		2,584		765
Provisions		123		54
Deferred tax liabilities, net		5,765		5,154
Other non-current liabilities		1,440		1,852
Total non-current liabilities		9,912		7,825

Current liabilities
Financial liabilities
Borrowings		36,626		33,855
Lease liabilities		577		309
Trade payables
Total outstanding dues of micro enterprises and small enterprises		332		210
Total outstanding 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, net		4,991		794
Provisions		2,824		3,395
Total current liabilities		100,868		86,518

TOTAL EQUITY AND LIABILITIES		425,906		382,909

DR. REDDY'S LABORATORIES LIMITED

10	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		44,526		45,547
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net		(1,097	)	(1,988	)
Depreciation and amortisation expense		5,746		5,098
Impairment of non current assets, net		37		-
Allowance for credit losses (on trade receivables and other advances)		143		87
Profit on sale or de-recognition of non-current assets, net		15		(4	)
Unrealized exchange (gain)/loss, net		(1,593	)	(117	)
Interest income		(3,905	)	(1,718	)
Finance costs		526		355
Equity settled share-based payment expense		197		189
Inventories write-down		2,419		1,635
Changes in operating assets and liabilities:
Trade receivables		(6,890	)	(13,354	)
Inventories		(5,277	)	(7,125	)
Trade payables		5,407		1,410
Other assets and other liabilities, net		(3,857	)	(2,100	)
Cash generated from operations		36,397		27,915
Income taxes paid, net		(5,981	)	(6,166	)
Net cash generated from operating activities		30,416		21,749

Cash flows from/(used in) investing activities :
Purchase of property, plant and equipment		(9,936	)	(10,204	)
Proceeds from sale of property, plant and equipment		86		194
Purchase of other intangible assets		(5,141	)	(577	)
Proceeds from sale of other intangible assets		-		104
Purchase of investments (including bank deposits)		(92,649	)	(113,202	)
Proceeds from sale of investments (including bank deposits)		83,797		143,644
Equity investments in subsidiary/associates		(5,705	)	(67,601	)
Interest income received		2,438		1,619
Loans and advances repaid/(given) by/to subsidiaries		-		602
Net cash used in investing activities		(27,110	)	(45,421	)

Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		288		157
Proceeds/(Repayment of) from short-term loans and borrowings, net		2,718		29,985
Payment of principal portion of lease liabilities		(219	)	(140	)
Dividend paid		(6,659	)	(6,662	)
Interest paid		(1,035	)	(683	)
Net cash from/(used in) financing activities		(4,907	)	22,657

Net decrease in cash and cash equivalents		(1,601	)	(1,015	)
Effect of exchange rate changes on cash and cash equivalents		(105	)	(16	)
Cash and cash equivalents at the beginning of the period		3,197		2,014
Cash and cash equivalents at the end of the period		1,491		983

* FVTPL ( Fair value through profit or loss)

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


Place: Hyderabad	G V Prasad
Date: 24 October 2025	Co-Chairman & Managing Director