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
July 2026
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 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 ended June 30, 2026.
On July 22, 2026, we announced our results of operations for the quarter ended June 30, 2026. 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 review report and Ind AS Unaudited Standalone Financial Results with review report for the quarter ended June 30, 2026, a copy of which is attached to this Form 6-K as Exhibit 99.2 , 99.3 , 99.4 and 99.5 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 ended June 30, 2026.
Exhibits
| 2 |
| SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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DR. REDDY’S LABORATORIES LIMITED (Registrant) |
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| Date: July 22, 2026 | By: | /s/ K Randhir Singh | |||
| Name: | K Randhir Singh | ||||
| Title: |
Company Secretary & Compliance Officer |
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| 3 |
Exhibit 99.1
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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 |
July 22, 2026
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 held on July 22, 2026
Pursuant to Regulations 30 and 33 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and in furtherance to our letter dated June 22, 2026, we would like to inform that the Board of Directors of the Company, at their meeting held today, i.e. July 22, 2026, have inter alia considered and approved the following:
| 1. | Unaudited Financial Results for the quarter ended June 30, 2026: |
| a. | Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2026, 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 quarter ended June 30, 2026; |
| c. | Unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2026, as per Indian Accounting Standards; |
| d. | Unaudited Standalone Financial Results of the Company for the quarter ended June 30, 2026, as per Indian Accounting Standards; and |
| e. | Limited Review Reports of the Statutory Auditors on the Unaudited Standalone and Consolidated Financial Results as mentioned above. |
| 2. | Appointment of Senior Management Personnel |
Pursuant to the recommendation of the Nomination, Governance and Compensation Committee, the Board of Directors of the Company, at their meeting held today, approved the appointment of Dr. Sridevi Khambhampaty as Global Head of Biologics and Senior Management Personnel of the Company, and her induction as a Member of the Management Council, effective July 22, 2026.
The updated list of the Company’s Senior Management Personnel, reflecting the above appointment, is enclosed as Annexure A1.

| 3. | Appointment of M/s Deloitte Haskins & Sells, LLP as Independent Registered Public Accounting Firm |
This is in continuation of our letter dated May 12, 2026, wherein the Company had informed that it has appointed M/s Deloitte Haskins & Sells, LLP, (Firm Registration No. 117366W/W-100018), as the Statutory Auditors of the Company, in terms of the provisions of Companies Act, 2013, for a term of five consecutive years, commencing from the conclusion of the 42nd AGM till the conclusion of the 47th AGM, subject to the approval of the shareholders at the ensuing AGM.
We further wish to inform that to align with the above and basis the recommendation of the Audit Committee, the Board of Directors have approved the appointment of M/s Deloitte Haskins & Sells, LLP, as the Independent Registered Public Accounting Firm of the Company for the purpose of auditing the financial statements of the Company to be included in the Company’s Annual Report on Form 20-F and reviewing the interim financial statements to be filed with the U.S. Securities and Exchange Commission on Form 6-K.
The disclosure required under Regulation 30 of the SEBI Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026, is enclosed as Annexure A and B.
The Board Meeting commenced at 2:30 p.m. IST and concluded at 4:03 p.m. 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

Annexure A
Details of Dr. Sridevi Khambhampaty
| Sl.no. | Particulars | Details |
| 1. | Reason for change viz. appointment, |
Appointment of Dr. Sridevi Khambhampaty as Global Head of Biologics and Senior Management Personnel of the Company, and her induction as a Member of the Management Council |
| 2. | Date of appointment/ |
July 22, 2026. |
| 3. | Brief profile (in case of appointment) | As mentioned below |
| 4. | Disclosure of relationships between directors (in case of appointment of a director) |
Not applicable
|
Brief Profile of Dr. Sridevi Khambhampaty

Dr. Sridevi is an accomplished biopharmaceutical leader with over two decades of experience spanning Biologics R&D, Quality, and Business leadership. Most recently, she served as the CEO of Shilpa Biologics, where she led the organization’s growth and strategic direction. Prior to this, she held senior leadership roles at Syngene International and Intas Biopharma.
In her previous stint at Dr Reddy’s, Dr. Sridevi led teams in Product Development and Quality Control at Biologics and contributed
to several of our current products in biosimilars. She brings deep expertise in biologics, development strategy, regulatory sciences,
and cross-functional leadership, along with extensive experience in building and scaling high-performing teams. She holds a PhD in Biological
Sciences from NCBS (TIFR) and completed her postdoctoral research at Stanford University School of Medicine.

Annexure A1
List of revised Senior Management Personnel
| Sl.No | Name of the SMP | Designation |
| 1 | Mr. Satish Reddy | Chairman and Whole-time Director |
| 2 | Mr. G V Prasad | Co-Chairman and Managing Director (KMP) |
| 3 | Mr. Erez Israeli | Chief Executive Officer (KMP) |
| 4 | Mr. M V Ramana | CEO Global Generics |
| 5 | Mr. Sanjay Sharma | Chief Operating Officer |
| 6 | Mr. M V Narasimham | Chief Financial Officer (KMP) |
| 7 | Mr. Deepak Sapra | Chief Executive Officer, API and Services |
| 8 |
Mr. Krishna Venkatesh |
Global Head of IPDO - Integrated Product Development Organization |
| 9 | Mr. Patrick Aghanian | Head - Consumer Health Organization |
| 10 | Mr. Phanimitra B | Chief Digital and Information Officer |
| 11 | Mr. Milan Kalawadia | Chief Executive Officer, North America |
| 12 | Mr. M S Madhu Sundar | Global Head of Quality and PV |
| 13 | Mr. Sandeep Khandelwal | Global Generics India Head |
| 14 | Dr. Sridevi Khambhampaty | Global Head of Biologics |
| 15 |
Mr. K Randhir Singh
|
Company Secretary, Compliance Officer and Head-CSR (KMP) |
Annexure B
Details of M/s Deloitte Haskins & Sells, LLP, Chartered Accountants as Independent Registered Public Accounting Firm
| Sl.no. | Particulars | Details |
| 1. | Reason for change viz. appointment, re-appointment, |
Appointment |
| 2. | Date of appointment/ |
July 22, 2026 |
| 3. | Brief profile (in case of appointment) |
Deloitte Haskins & Sells, Mumbai was constituted in 1997 and has been converted to a Limited Liability Partnership (LLP), with the name Deloitte Haskins & Sells LLP (“DHS LLP” or “Firm”), w.e.f. November 20, 2013. DHS LLP is registered with the Institute of Chartered Accountants of India (Registration No. 117366W/W-100018) and is a part of Deloitte Haskins & Sells & Affiliates being the Network of Firms registered with the ICAI. The registered office of the Firm is One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400013, Maharashtra, India.
|
| 4. | Disclosure of relationships between directors (in case of appointment of a director) |
Not applicable
|
Exhibit 99.2

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DR. REDDY’S LABORATORIES LTD. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India. |
CONTACT | |
| Investor relationS | Media relationS | |
|
AISHWARYA SITHARAM aishwaryasitharam@drreddys.com |
SANTOSH VYAS santoshvyas@drreddys.com |
|
Dr. Reddy’s Q1FY27 Financial Results
Hyderabad, India, July 22, 2026: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended June 30, 2026. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).
| Particulars | Q1FY27 |
|
Revenues
|
₹ 80,705 Mn [Down: 5.6% YoY; Up: 7.4% QoQ] |
|
Gross Margin
|
46.5% [Q4FY26: 56.9%; Q4FY26: 44.8%] |
|
EBITDA
|
₹ 10,088 Mn [12.5% of Revenues] |
|
Profit before Tax
|
₹ 5,526 Mn [6.8% of Revenues] |
|
Profit after Tax attributable to Equity Holders |
₹ 4,435 Mn [5.5% of Revenues] |
Notes: Results include the adverse impact of a provision of ₹ 2,397 Mn towards inventory and other associated costs related to semaglutide’s active pharmaceutical ingredient (’semaglutide API related impact’), resulting in a decrease in gross profit, EBITDA and PBT margins by ~3%.
Commenting on the results, Co-Chairman & MD, G V Prasad said: “Our Q1FY27 performance reflected the expected transition beyond lenalidomide revenues, along with an unexpected impact related to semaglutide API. However, our underlying base business continued to deliver healthy double-digit growth across all key geographies. Our focus remains on improving the health of our base business through disciplined execution and operational excellence, while building our future pipeline of peptides, biosimilars, and innovative assets to deliver long-term growth.”
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| 1 |
| All amounts in millions, except EPS | All US dollar amounts based on convenience translation rate of 1 USD = ₹94.66 |
Dr. Reddy’s Laboratories Limited & Subsidiaries
Revenue Mix by Segment for the quarter
| Particulars | Q1FY27 | Q1FY26 | YoY | Q4FY26 | QoQ | |||||||||||||||
| (₹) | (₹) | Gr% | (₹) | Gr% | ||||||||||||||||
| Global Generics | 71,993 | 75,620 | (5 | ) | 65,802 | 9 | ||||||||||||||
| North America | 22,048 | 34,123 | (35 | ) | 17,562 | 26 | ||||||||||||||
| Emerging Markets | 18,328 | 14,042 | 31 | 18,057 | 2 | |||||||||||||||
| India | 17,177 | 14,711 | 17 | 15,663 | 10 | |||||||||||||||
| Europe | 14,440 | 12,744 | 13 | 14,520 | (0.6 | ) | ||||||||||||||
| Pharmaceutical Services and Active Ingredients (PSAI) | 8,519 | 8,181 | 4 | 9,124 | (7 | ) | ||||||||||||||
| Others | 193 | 1,651 | (88 | ) | 236 | (18 | ) | |||||||||||||
| Total | 80,705 | 85,452 | (6 | ) | 75,162 | 7 | ||||||||||||||

Branded businesses, namely India, Emerging Markets and the acquired consumer health portfolio in
Nicotine Replacement Therapy, account for 52% of Q1FY27 revenues.
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| 2 |
Consolidated Income Statement for the quarter
| Particulars | Q1FY27 | Q1FY26 | YoY | Q4FY26 | QoQ | |||||||||||||||||||||||||||
| ($) | (₹) | ($) | (₹) | Gr% | ($) | (₹) | Gr% | |||||||||||||||||||||||||
| Revenues | 853 | 80,705 | 903 | 85,452 | (6 | ) | 794 | 75,162 | 7 | |||||||||||||||||||||||
| Cost of Revenues | 456 | 43,165 | 389 | 36,825 | 17 | 438 | 41,471 | 4 | ||||||||||||||||||||||||
| Gross Profit | 397 | 37,540 | 514 | 48,627 | (23 | ) | 356 | 33,691 | 11 | |||||||||||||||||||||||
| % of Revenues | 46.5 | % | 56.9 | % | 44.8 | % | ||||||||||||||||||||||||||
| Selling, General & Administrative Expenses | 304 | 28,820 | 271 | 25,647 | 12 | 293 | 27,762 | 4 | ||||||||||||||||||||||||
| % of Revenues | 35.7 | % | 30.0 | % | 36.9 | % | ||||||||||||||||||||||||||
| Research & Development Expenses | 61 | 5,766 | 66 | 6,244 | (8 | ) | 58 | 5,463 | 6 | |||||||||||||||||||||||
| % of Revenues | 7.1 | % | 7.3 | % | 7.3 | % | ||||||||||||||||||||||||||
| Impairment of Non-Current Assets, net | 0.2 | 15 | - | - | - | 27 | 2,586 | (99 | ) | |||||||||||||||||||||||
| Other (Income)/Expense, net | (9 | ) | (845 | ) | (8 | ) | (739 | ) | 14 | (36 | ) | (3445 | ) | (75 | ) | |||||||||||||||||
| Results from Operating Activities | 40 | 3,784 | 185 | 17,475 | (78 | ) | 14 | 1,325 | 186 | |||||||||||||||||||||||
| Finance (Income)/Expense, net | (18 | ) | (1,734 | ) | (17 | ) | (1,570 | ) | 10 | (7 | ) | (620 | ) | 180 | ||||||||||||||||||
| Share of Profit of Equity Investees, net of tax | (0.1 | ) | (8 | ) | (0.02 | ) | (2 | ) | 300 | (0.5 | ) | (46 | ) | (83 | ) | |||||||||||||||||
| Profit before Income Tax | 58 | 5,526 | 201 | 19,047 | (71 | ) | 21 | 1,991 | 178 | |||||||||||||||||||||||
| % of Revenues | 6.8 | % | 22.3 | % | 2.6 | % | ||||||||||||||||||||||||||
| Income Tax Expense/(Benefit) | 12 | 1,178 | 52 | 4,950 | (76 | ) | (2 | ) | (214 | ) | (650 | ) | ||||||||||||||||||||
| Profit for the Period | 46 | 4,348 | 149 | 14,096 | (69 | ) | 23 | 2,205 | 97 | |||||||||||||||||||||||
| % of Revenues | 5.4 | % | 16.5 | % | 2.9 | % | ||||||||||||||||||||||||||
| Attributable to Equity holders of the Parent Co. | 47 | 4,435 | 150 | 14,178 | (69 | ) | 23 | 2,201 | 102 | |||||||||||||||||||||||
| % of Revenues | 5.5 | % | 16.6 | % | 2.9 | % | ||||||||||||||||||||||||||
| Attributable to Non-controlling interests | (1 | ) | (87 | ) | (1 | ) | (82 | ) | 6 | 0.04 | 4 | (2,697 | ) | |||||||||||||||||||
| Diluted Earnings per Share (EPS) | 0.06 | 5.32 | 0.18 | 17.02 | (84 | ) | 0.03 | 2.64 | 101 | |||||||||||||||||||||||
Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) Computation for the quarter
| Particulars | Q1FY27 | Q1FY26 | Q4FY26 | |||||||||||||||||||||
| ($) | (₹) | ($) | (₹) | ($) | (₹) | |||||||||||||||||||
| Profit before Income Tax | 58 | 5,526 | 201 | 19,047 | 21 | 1,991 | ||||||||||||||||||
| Interest (Income) / Expense, net* | (9 | ) | (825 | ) | (11 | ) | (1,028 | ) | (4 | ) | (346 | ) | ||||||||||||
| Depreciation | 36 | 3,380 | 31 | 2,894 | 37 | 3,459 | ||||||||||||||||||
| Amortization | 21 | 1,992 | 20 | 1,871 | 22 | 2,117 | ||||||||||||||||||
| Impairment | 0 | 15 | - | - | 27 | 2,586 | ||||||||||||||||||
| EBITDA | 107 | 10,088 | 241 | 22,784 | 104 | 9,807 | ||||||||||||||||||
| % of Revenues | 12.5 | % | 26.7 | % | 13.0 | % | ||||||||||||||||||
*Includes income from Investment
Key Balance Sheet Items
| Particulars | As on 30th Jun 2026 | As on 31st Mar 2026 | As on 30th Jun 2025 | |||||||||||||||||||||
| ($) | (₹) | ($) | (₹) | ($) | (₹) | |||||||||||||||||||
| Cash and Cash Equivalents and Other Investments | 967 | 91,508 | 1,041 | 98,509 | 773 | 73,169 | ||||||||||||||||||
| Trade Receivables | 1,062 | 100,557 | 1,069 | 101,219 | 1,005 | 95,137 | ||||||||||||||||||
| Inventories | 850 | 80,473 | 808 | 76,531 | 799 | 75,600 | ||||||||||||||||||
| Property, Plant, and Equipment | 1,221 | 115,549 | 1,225 | 115,930 | 1,086 | 102,784 | ||||||||||||||||||
| Goodwill and Other Intangible Assets | 1,230 | 116,463 | 1,246 | 117,952 | 1,136 | 107,572 | ||||||||||||||||||
| Loans and Borrowings (Current & Non-Current) | 760 | 71,952 | 817 | 77,341 | 514 | 48,644 | ||||||||||||||||||
| Trade Payables | 396 | 37,497 | 353 | 33,411 | 396 | 37,457 | ||||||||||||||||||
| Equity | 4,086 | 386,735 | 4,019 | 380,457 | 3,737 | 353,755 | ||||||||||||||||||
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Key Business Highlights for Q1FY27
| · | First-to-market launch in the United States of Bosutinib Tablets 400mg, with 180-days of generic drug exclusivity. |
| · | Launched generic semaglutide injection in Canada, indicated for treatment of Type 2 diabetes, after receiving the Notice of Compliance from Pharmaceutical Drugs Directorate. |
| · | Launched generic semaglutide tablets in India for treatment of Type 2 diabetes. |
| · | ’Celevida GLP+’ launched in India by Dr. Reddy’s-Nestlé Health Science to support nutritional needs of GLP-1 users. |
| · | Toripalimab, in-licensed novel therapy for treatment of nasopharyngeal carcinoma, surpassed revenues of ₹100 crores in less than two years of launch in India. |
| · | Entered into an agreement with Innoviva Specialty Therapeutics to exclusively develop and commercialise, XACDURO® (sulbactam for injection; durlobactam for injection), used in treatment of hospital-acquired bacterial pneumonia in select markets across South and Central America, the Caribbean, Russia and CIS countries. |
| · | Filed Marketing Authorization Application abatacept intravenous (IV) presentation with European Medicines Agency (EMA). |
| · | Fast Track Designation granted by USFDA for partnered product, COYA 302, for the treatment of Amyotrophic Lateral Sclerosis (ALS). |
ESG Highlights for Q1FY27
| · | Completed 25 years of listing on the New York Stock Exchange as the first and only Indian pharmaceutical company listed on the exchange. |
| · | Placed in the top 1% globally by FTSE Russell. |
| · | Ranked 165th globally and 5th among Indian companies by TIME–Statista among the World’s Most Sustainable Companies. |
Other Updates for Q1FY27
| · | Received a Form 483 with seven observations, following a Pre-License Inspection (PLI) by United States Food and Drug Administration (USFDA) at our biologics manufacturing facility in Bachupally, Hyderabad in June 2026, to which responses were provided within the stipulated timeline. |
| · | Certain batches of semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Appropriate measures are being taken to ensure product quality and resumption of supplies. |
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Revenue Analysis
| · | Q1FY27 consolidated revenues at ₹80.7 billion, decline of 6% YoY and growth of 7% QoQ. |
Growth was impacted primarily on account of lower lenalidomide revenues. The underlying base business, i.e. excluding lenalidomide, continued to deliver healthy double-digit growth across all geographies, including North America, aided by favourable currency movements.
Global Generics (GG)
| · | Q1FY27 revenues at ₹72.0 billion, decline of 5% YoY and growth of 9% QoQ, accounting for 89% of consolidated revenues. |
| · | Branded businesses, namely India, Emerging Markets and the acquired consumer health portfolio in Nicotine Replacement Therapy (NRT), account for 52% of Q1FY27 revenues. |
North America
| · | Q1FY27 revenues at ₹22.0 billion, decline of 35% YoY and growth of 26% QoQ, accounting for 27% of consolidated revenues. |
Decline was largely due to lower Lenalidomide sales.
| · | During the quarter, we launched six new products in the region. |
| · | During the quarter, we filed five new Abbreviated New Drug Applications (ANDAs) and one New Drug Application (NDA) with the USFDA. |
| · | As of June 30, 2026, filings pending approval from USFDA were 79 including: |
| - | 76 ANDAs (45 are Paragraph IV applications, and 24 may have a ‘First to File’ status) and |
| - | Three NDAs filed u/s 505(b)(2), of which one is a Paragraph IV application. |
Emerging Markets
| · | Q1FY27 revenues at ₹18.3 billion, growth of 31% YoY and 2% QoQ, accounting for 23% of consolidated revenues. |
YoY growth was largely driven by new launches across markets, further supported by favourable forex.
| - | Q1FY27 Russia revenues at ₹9.0 billion, growth of 28% YoY and 8% QoQ. |
YoY growth was supported by price increase in certain brands, new product launches and favorable currency movements.
| - | Q1FY27 Other Commonwealth of Independent States (CIS) countries and Romania revenues at ₹2.2 billion, growth of 12% YoY and decline of 6% QoQ. |
YoY growth was largely on account of higher sales volumes and favourable exchange movements.
| - | Q1FY27 Rest of World (RoW) revenues at ₹7.1 billion, growth of 42% YoY and decline of 3% QoQ. |
YoY growth was largely on account of higher sales volumes from existing products and new product launches across countries, aided by favourable currency movements.
| · | During the quarter, we launched 43 new products across countries. |
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India
| · | Q1FY27 revenues at ₹17.2 billion, growth of 17% YoY and 10% QoQ, accounting for 21% of consolidated revenues. |
Growth was driven by revenues from new brand launches, including innovative assets and recently acquired portfolios, price increases and higher sales volumes.
| · | As per IQVIA data published for June 2026, our rank in the Indian Pharmaceutical Market (IPM) was at 9th on a Moving Quarterly Total (MQT) and 10th on a Moving Annual Total (MAT) basis. We continued to outperform the IPM, with secondary sales growth of 14.6% as compared to IPM growth of 13.5% on a MQT basis and 13.5% as compared to IPM growth of 11.1% on a MAT basis. |
| · | During the quarter, we launched seven new brands. |
Europe
| · | Q1FY27 revenues at ₹14.4 billion, growth of 13% YoY and flat QoQ, accounting for 18% of consolidated revenues. |
Revenues from new generic product launches and favourable forex movement were moderated by pricing pressure in generics. NRT revenues declined primarily due to the change in operating model post-integration, under which rebates and discounts are offered to distributors, as compared to the transition period when sales were managed by the seller, Haleon.
| - | Q1FY27 NRT revenues at ₹6.6 billion, decline of 2% YoY and 6% QoQ. |
| - | Q1FY27 Germany revenues at ₹4.1 billion, growth of 29% YoY and 6% QoQ. |
| - | Q1FY27 UK revenues at ₹2.3 billion, growth of 33% YoY and flat QoQ. |
| - | Q1FY27 Rest of Europe revenues at ₹1.5 billion, growth of 29% YoY and 4% QoQ. |
| · | During the quarter, we launched 24 new generic products in the region. |
Pharmaceutical Services and Active Ingredients (PSAI)
| · | Q1FY27 revenues at ₹8.5 billion, growth of 4% YoY and decline of 7% QoQ. |
Growth was largely on account of momentum in our services business, aided by favourable currency fluctuations.
| · | During the quarter, we filed 38 Drug Master Files (DMFs) globally. |
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Income Statement Highlights:
Gross Margin
| · | Q1FY27 at 46.5% (GG: 51.6%, PSAI: 4.5%), a decline of 1,039 basis points (bps) YoY and an increase of 169 bps QoQ. |
The YoY decline for the quarter was primarily on account of an adverse product mix, primarily on account of reduced sales of Lenalidomide, price erosion in North America and Europe Generics, a semaglutide API related impact indicated earlier and elevated solvent costs arising on account of the Middle East crisis.
Excluding the semaglutide API related impact, gross margin was 49.4% (GG: 53.8%| PSAI: 12.9%).
Selling, General & Administrative (SG&A) Expenses
| · | Q1FY27 at ₹28.8 billion, increase of 12% YoY and 4% QoQ. |
As % to Revenues – Q1FY27: 35.7 % | Q1FY26: 30.0% | Q4FY26: 36.9%.
The YoY increase was due to higher personnel costs, including increments, adverse forex movement, targeted investments in branded businesses and higher freight costs due to Middle East crisis.
Research & Development (R&D) Expenses
| · | Q1FY27 at ₹5.8 billion, decrease of 8% YoY and increase of 6% QoQ. |
As % to Revenues – Q1FY27: 7.1% | Q1FY26: 7.3% | Q4FY26: 7.3%.
R&D expenditure was lower due to reduced development spends in biosimilars. R&D spends remain focused on complex generics, including peptides and biosimilars.
Profit before Tax (PBT)
| · | Q1FY27 at ₹5.5 billion, decline of 71% YoY and increase of 178% QoQ. |
As % to Revenues – Q1FY27: 6.8% | Q1FY26: 22.3% | Q4FY26: 2.6%.
Excluding the semaglutide API related impact, PBT margin was 9.8%.
Income Tax
| · | Q1FY27 expense at ₹1.2 billion. As % to PBT – Q1FY27: 21.3% | Q1FY26: 26.0% | Q4FY26: (10.8)%. |
The ETR was lower in Q1FY27 primarily due to reversal of previously recognized tax provisions no longer required consequent to favorable resolution of tax assessment pertaining to earlier year and a favourable jurisdictional mix for the quarter, in comparison to the same period in the previous year.
Profit attributable to Equity Holders of Parent Company
| · | Q1FY27 at ₹4.4 billion, decline of 69% YoY and increase of 101% QoQ. |
As % to Revenues (before semaglutide API related impact) – Q1FY27: 5.5% | Q1FY26: 16.6% | Q4FY26: 2.9%.
Diluted Earnings per Share (EPS)
| · | Q1FY27 is ₹5.32. |
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| 7 |
Other Financial Highlights:
EBITDA
| · | Q1FY27 at ₹10.1 billion, a decline of 1,416 bps YoY and 55 bps QoQ. |
As % to Revenues – Q1FY27: 12.5% | Q1FY26: 26.7% | Q4FY26: 13.0%.
Excluding the semaglutide API related impact, EBITDA margin was 15.4%.
Others:
| · | Operating Working Capital: As on 30th June 2026 at ₹143.5 billion |
| · | Capital Expenditure: Q1FY27 at ₹3.1 billion. |
| · | Cash Flow (before acquisition related payout): Q1FY27 at ₹(2.2) billion. |
| · | Net Cash Surplus: As on 30th June 2026 at ₹30.6 billion. |
| · | Net Debt to Equity: As on 30th June 2026 is (0.08). |
| · | Annualised Return on Capital Employed (RoCE): Q1FY27 stood at 5.3%. |
Excluding the semaglutide API related impact, annualised RoCE at 8%.
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| 8 |
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.
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| 9 |
All amounts in millions, except EPS
Reconciliation of GAAP Measures to Non-GAAP Measures
Operating Working Capital
| Particulars | As on 30th Jun 2026 | |||
| (₹) | ||||
| Inventories | 80,473 | |||
| Trade Receivables | 100,557 | |||
| Less: | ||||
| Trade Payables | (37,497 | ) | ||
| Operating Working Capital | 143,533 | |||
Free Cash Flow
| Particulars | Three months ended 30th Jun 2026 |
|||
| (₹) | ||||
| Net cash generated from operating activities | 1,015 | |||
| Less: | ||||
| Taxes | (1,942 | ) | ||
| Investments in Property, Plant & Equipment and intangibles | (1,231 | ) | ||
| Free Cash Flow before Acquisitions | (2,158 | ) | ||
| Less: | ||||
| Acquisitions related pay-out | (220 | ) | ||
| Cash Flow | (2,378 | ) | ||
Net Cash Surplus and Debt to Equity
| Particulars | As on 30th Jun 2026 | |||
| (₹) | ||||
| Cash and Cash Equivalents | 11,204 | |||
| Investments | 80,304 | |||
| Short-term Borrowings | (57,688 | ) | ||
| Long-term Borrowings (Current & Non-current) | (14,264 | ) | ||
| Less: | ||||
| Restricted Cash Balance – Unclaimed Dividend and others | (102 | ) | ||
| Lease liabilities (Included in Short-term and Long-term Borrowings) | 14,264 | |||
| Equity Investments (Included in Investments) | (3,150 | ) | ||
| Net Cash Surplus | 30,568 | |||
| Equity | 386,735 | |||
| Net Debt/Equity | (0.08 | ) | ||
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| 10 |
Computation of RoCE
| Particulars | As on 30th Jun 2026 | |||
| (₹) | ||||
| Profit before Tax | 5,526 | |||
| Less: | ||||
| Interest and Investment Income (Excluding forex gain/loss) | (825 | ) | ||
| Earnings Before Interest and taxes [A] | 4,701 | |||
| Average Capital Employed [B] | 356,973 | |||
| Annualised Return on Capital Employed (A/B) (Ratio) | 5.3 | % | ||
Computation of Capital Employed:
| Particulars | As on | |||||||
| 30th Jun 2026 | 31st Mar 2026 | |||||||
| Property Plant and Equipment | 115,549 | 115,930 | ||||||
| Intangibles | 103,603 | 105,059 | ||||||
| Goodwill | 12,860 | 12,893 | ||||||
| Investment in Equity Accounted Associates | 5,798 | 5,673 | ||||||
| Other Current Assets | 36,364 | 36,256 | ||||||
| Other Non-Current Assets | 1,111 | 1,226 | ||||||
| Inventories | 80,473 | 76,531 | ||||||
| Trade Receivables | 100,557 | 101,219 | ||||||
| Derivative Financial Instruments | (4,538 | ) | (6,743 | ) | ||||
| Less: | ||||||||
| Other Liabilities | 46,540 | 53,702 | ||||||
| Provisions | 7,066 | 7,659 | ||||||
| Trade payables | 37,497 | 33,411 | ||||||
| Operating Capital Employed | 360,674 | 353,272 | ||||||
| Average Capital Employed | 356,973 | |||||||
Computation of EBITDA
Refer page no. 3.
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| 11 |
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: Wednesday, July 22, 2026
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_xVkKzh0MSyaxs-eKX8_0wg |
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, 2026, and our other filings with US SEC. The company assumes no obligation to update any information contained herein.
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| 12 |
Exhibit 99.3
|
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 ended 30 June 2026 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 | Year ended | |||||||||||||||||
| 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 | |||||||||||||||
| Sl. No. | Particulars | (Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||
| 1 | Revenues | 80,705 | 75,162 | 85,452 | 335,933 | |||||||||||||
| 2 | Cost of revenues | 43,165 | 41,471 | 36,825 | 158,669 | |||||||||||||
| 3 | Gross profit (1 - 2) | 37,540 | 33,691 | 48,627 | 177,264 | |||||||||||||
| 4 | Selling, general and administrative expenses | 28,820 | 27,762 | 25,647 | 106,763 | |||||||||||||
| 5 | Research and development expenses | 5,766 | 5,463 | 6,244 | 24,058 | |||||||||||||
| 6 | Impairment of non-current assets, net | 15 | 2,586 | - | 3,519 | |||||||||||||
| 7 | Other income, net | (845 | ) | (3,445 | ) | (739 | ) | (7,627 | ) | |||||||||
| Total operating expenses | 33,756 | 32,366 | 31,152 | 126,713 | ||||||||||||||
| 8 | Results from operating activities [(3) - (4 + 5 + 6 + 7)] | 3,784 | 1,325 | 17,475 | 50,551 | |||||||||||||
| Finance income | 2,989 | 1,677 | 2,400 | 7,870 | ||||||||||||||
| Finance expense | (1,255 | ) | (1,057 | ) | (830 | ) | (3,738 | ) | ||||||||||
| 9 | Finance income, net | 1,734 | 620 | 1,570 | 4,132 | |||||||||||||
| 10 | Share of profit of equity accounted investees, net of tax | 8 | 46 | 2 | 134 | |||||||||||||
| 11 | Profit before tax (8 + 9 + 10) | 5,526 | 1,991 | 19,047 | 54,817 | |||||||||||||
| 12 | Tax expense, net | 1,178 | (214 | ) | 4,951 | 12,351 | ||||||||||||
| 13 | Profit for the period/year (11 - 12) | 4,348 | 2,205 | 14,096 | 42,466 | |||||||||||||
| Attributable to: | ||||||||||||||||||
| Equity holders of the parent company | 4,435 | 2,201 | 14,178 | 42,850 | ||||||||||||||
| Non-controlling interests | (87 | ) | 4 | (82 | ) | (384 | ) | |||||||||||
| 14 | Earnings per equity share attributable to equity shareholders of parent | |||||||||||||||||
| Basic earnings per share of Re.1/- each | 5.32 | 2.64 | 17.04 | 51.48 | ||||||||||||||
| Diluted earnings per share of Re.1/- each | 5.32 | 2.64 | 17.02 | 51.42 | ||||||||||||||
| (Not annualised) | (Not annualised) | (Not annualised) | ||||||||||||||||
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| Segment information | All amounts in Indian Rupees millions | |||||||||||||||||
| Quarter ended | Year ended | |||||||||||||||||
| 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 | |||||||||||||||
| Sl. No. | Particulars | (Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||
| Segment wise revenue and results: | ||||||||||||||||||
| 1 | Segment revenue: | |||||||||||||||||
| a) Global Generics | 71,993 | 65,802 | 75,620 | 299,033 | ||||||||||||||
| b) Pharmaceutical Services and Active Ingredients | 10,527 | 11,075 | 9,709 | 42,043 | ||||||||||||||
| c) Others | 193 | 236 | 1,651 | 2,127 | ||||||||||||||
| Total | 82,713 | 77,113 | 86,980 | 343,203 | ||||||||||||||
| Less: Inter-segment revenues | 2,008 | 1,951 | 1,528 | 7,270 | ||||||||||||||
| Net revenues | 80,705 | 75,162 | 85,452 | 335,933 | ||||||||||||||
| 2 | Segment results: | |||||||||||||||||
| Gross profit from each segment | ||||||||||||||||||
| a) Global Generics | 37,123 | 31,809 | 46,086 | 169,698 | ||||||||||||||
| b) Pharmaceutical Services and Active Ingredients | 381 | 1,817 | 1,082 | 5,984 | ||||||||||||||
| c) Others | 36 | 65 | 1,459 | 1,582 | ||||||||||||||
| Total | 37,540 | 33,691 | 48,627 | 177,264 | ||||||||||||||
| Less: Selling and other un-allocable expenditure, net of other income | 32,014 | 31,700 | 29,580 | 122,447 | ||||||||||||||
| Total profit before tax | 5,526 | 1,991 | 19,047 | 54,817 | ||||||||||||||
Global Generics segment includes operations of Biologics business. Inter-segment revenues represent sale from Pharmaceutical Services and Active Ingredients to Global Generics 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.
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Notes:
| 1 | 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 22 July 2026. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report there on. |
| 2 | Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs.2,397 million towards inventory and other associated costs during the quarter ended 30 June 2026. |
| 3 | During the quarter ended 31 March 2026, consequent to resolution of a shelf stock adjustment claim arising from reduction in price of its generic product Lenalidomide in the United States, the Company has recorded an amount of Rs. 4,530 million (USD 50 million) as a reduction of “Revenue from sale of goods” in the Company’s Global Generics Segment. |
| 4 | During
the quarter ended 31 March 2026, the Company decided to discontinue certain of its R&D programs associated with Chimeric Antigen
Receptor T-cell (CAR-T) therapy portfolio in light of the development status and clinical trial outcomes. Consequent to this decision,
the Company has recognized a net loss of Rs. 1,350 million in the Company’s Global Generic segment, comprising of: a. Impairment of non-current assets of Rs. 1,291 million (i.e., towards Property, plant and equipment, Other Intangible assets and Right of use assets) and b. Other development program related wind down cost under Selling, general and administrative expenses (“SG&A”) of Rs. 59 million. |
| 5 | During the quarter ended 31 March 2026, the Company has recorded an impairment loss of Rs.914 million (USD 10 million) consequent to discontinuation of the Phase III study in first line non-small cell lung cancer conducted by Immutep Limited following the results of the futility analysis. This transaction pertains to Company’s Global Generics segment. |
| 6 | During
the year ended 31 March 2026, 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 in the Company’s Global Generic segment, resulting in a net loss of Rs.47 million: - 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 under Other Income, net from the write back of liabilities no longer required of Rs.877 million. |
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| 7 | “Other
income, net” includes: a. Rs. 1,400 million recognised pursuant to settlement of product related litigations representing payment for avoided litigation costs by the Company and its affiliates in the United States and the United Kingdom during the year ended 31 March 2026. b. Gain on sale of non-current assets, net amounting to Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks during the quarter ended 31 March 2026. |
| 8 | During
the year ended 31 March 2026, based on a final order received from the Federal Tax Service authority in respect of one of its foreign
subsidiaries, based on its estimate the Company had recorded a VAT provision of Rs. 1,836 million (including provision of Rs.1,141 million
recorded during the quarter ended 31 March 2026) under “Selling, general and administrative expenses” including applicable
interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026. The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to Company’s Global Generics segment. |
| 9 | The Company considered the on-going uncertainties relating to geo-political conflicts (including Russia, Ukraine and the Middle East) in assessing the recoverability of receivables, 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. |
| 10 | The figures for the quarter ended 31 March 2026 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which were subject to limited review. |
| By order of the Board | |
| For Dr. Reddy’s Laboratories Limited | |
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|
| Place: Hyderabad | G V Prasad |
| Date: 22 July 2026 | Co-Chairman & Managing Director |
DIN: 00057433 |
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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 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 of
Dr. Reddy’s Laboratories Limited
| 1. | We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results 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 for the quarter ended June 30, 2026 (the “Statement”) 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”). |
| 2. | 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. |
| 3. | 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.
| 4. | The Statement includes the results of the following entities: |
Holding Company:
Dr. Reddy’s Laboratories Limited
Subsidiaries:
| 1. | Aurigene Discovery Technologies (Malaysia) Sdn. Bhd. |
| 2. | Aurigene Oncology Limited |
| 3. | Aurigene Pharmaceutical Services Limited |
| 4. | beta Institut gemeinnützige GmbH |
| 5. | betapharm Arzneimittel GmbH |
| 6. | Cheminor Investments Limited |
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

| 7. | Dr. Reddy’s Farmaceutica Do Brasil Ltda. |
| 8. | Dr. Reddy’s Laboratories (EU) Limited |
| 9. | 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. |
| 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. |
| 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 |
| 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 (ceased to be step subsidiary w.e.f April 07, 2026) |
| 45. | Nimbus Health GmbH |
| 46. | Dr. Reddy’s Laboratories Jamaica Limited |
| 47. | Dr. Reddy’s and Nestle Health Science 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 |
| 53. | Dr. Reddy’s Laboratories (Vietnam) Company Limited |


Associates:
| 1. | O2 Renewabale Energy IX Private Limited |
| 2. | Clean Renewable Energy KK 2A Private Limited |
Joint Venture:
| 1. | DRES Energy Private Limited |
| 2. | Kunshan Rotam Reddy Pharmaceutical Co. Limited (Including Kunshan Rotam Reddy Medicine Company Limited) |
Other Consolidating Entities:
| 1. | Dr Reddy’s Employees ESOS Trust |
| 2. | Cheminors Employees Welfare Trust |
| 3. | Dr. Reddy’s Research Foundation |
| 5. | 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: 26213271WECXGO5648
Place: Hyderabad
Date: July 22, 2026
|
Dr. Reddys 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 ENDED 30 JUNE 2026
| Quarter ended | Year ended | |||||||||||||||||
| 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 | |||||||||||||||
| Sl. No. | Particulars | (Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||
| 1 | Revenue from operations | |||||||||||||||||
| a) Sales | 78,608 | 72,957 | 82,666 | 326,213 | ||||||||||||||
| b) License fees and service income | 2,097 | 2,205 | 2,786 | 9,720 | ||||||||||||||
| c) Other operating income | 293 | 302 | 269 | 1,069 | ||||||||||||||
| Total revenue from operations | 80,998 | 75,464 | 85,721 | 337,002 | ||||||||||||||
| 2 | Other income | 3,547 | 4,754 | 2,903 | 13,584 | |||||||||||||
| 3 | Total income (1 + 2) | 84,545 | 80,218 | 88,624 | 350,586 | |||||||||||||
| 4 | Expenses | |||||||||||||||||
| a) Cost of materials consumed | 16,538 | 11,986 | 20,358 | 65,012 | ||||||||||||||
| b) Purchase of stock-in-trade | 19,738 | 16,577 | 12,159 | 61,616 | ||||||||||||||
| c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (2,425 | ) | 3,564 | (4,442 | ) | (4,236 | ) | |||||||||||
| d) Employee benefits expense | 16,516 | 14,468 | 15,035 | 59,909 | ||||||||||||||
| e) Depreciation and amortisation expense | 5,366 | 5,571 | 4,761 | 20,588 | ||||||||||||||
| f) Impairment of non-current assets, net | 15 | 2,575 | - | 3,518 | ||||||||||||||
| g) Finance costs | 1,255 | 1,057 | 830 | 3,738 | ||||||||||||||
| h) Other expenses | 22,017 | 22,469 | 20,875 | 86,648 | ||||||||||||||
| Total expenses | 79,020 | 78,267 | 69,576 | 296,793 | ||||||||||||||
| 5 | Profit before tax and share of equity accounted investees (3 - 4) | 5,525 | 1,951 | 19,048 | 53,793 | |||||||||||||
| 6 | Share of profit of equity accounted investees, net of tax | 8 | 46 | 2 | 134 | |||||||||||||
| 7 | Profit before tax (5+6) | 5,533 | 1,997 | 19,050 | 53,927 | |||||||||||||
| 8 | Tax expense/(benefit): | |||||||||||||||||
| a) Current tax | 1,575 | (237 | ) | 10,261 | 13,945 | |||||||||||||
| b) Deferred tax | (398 | ) | 21 | (5,310 | ) | (1,594 | ) | |||||||||||
| 9 | Net profit after taxes and share of profit of associates (7 - 8) | 4,356 | 2,213 | 14,099 | 41,576 | |||||||||||||
| 10 | Net profit after taxes attributable to | |||||||||||||||||
| a) Equity shareholders of the parent company | 4,443 | 2,209 | 14,181 | 41,960 | ||||||||||||||
| b) Non-controlling interests | (87 | ) | 4 | (82 | ) | (384 | ) | |||||||||||
| 11 | Other comprehensive income/(loss) | |||||||||||||||||
| a) (i) Items that will not be reclassified subsequently to profit or loss | (7 | ) | 168 | 5 | 143 | |||||||||||||
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 2 | (56 | ) | - | (56 | ) | ||||||||||||
| b) (i) Items that will be reclassified subsequently to profit or loss | 1,888 | 2,167 | 2,077 | 6,916 | ||||||||||||||
| (ii) Income tax relating to items that will be reclassified to profit or loss | (333 | ) | 179 | (33 | ) | 392 | ||||||||||||
| Total other comprehensive income/(loss) | 1,550 | 2,458 | 2,049 | 7,395 | ||||||||||||||
| Total comprehensive income (9 + 11) | 5,906 | 4,671 | 16,148 | 48,971 | ||||||||||||||
| 12 | Total comprehensive income attributable to | |||||||||||||||||
| a) Equity shareholders of the parent company | 5,993 | 4,667 | 16,230 | 49,355 | ||||||||||||||
| b) Non-controlling interest | (87 | ) | 4 | (82 | ) | (384 | ) | |||||||||||
| 13 | Paid-up equity share capital (face value Re. 1/- each) | 835 | 835 | 835 | 835 | |||||||||||||
| 14 | Other equity | 378,080 | ||||||||||||||||
| 15 | Earnings per equity share attributable to equity shareholders of parent(face value Re. 1/- each) | |||||||||||||||||
| Basic | 5.33 | 2.65 | 17.04 | 50.41 | ||||||||||||||
| Diluted | 5.33 | 2.65 | 17.02 | 50.35 | ||||||||||||||
| (Not annualised) | (Not annualised) | (Not annualised) | ||||||||||||||||
See accompanying notes to the financial results
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DR. REDDY’S LABORATORIES LIMITED |
Segment information
| Quarter ended | Year ended | |||||||||||||||||
| 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 | |||||||||||||||
| Sl. No. | Particulars | (Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||
| Segment wise revenue and results: | ||||||||||||||||||
| 1 | Segment revenue : | |||||||||||||||||
| a) Global Generics | 72,083 | 65,925 | 75,732 | 299,460 | ||||||||||||||
| b) Pharmaceutical Services and Active Ingredients | 10,730 | 11,247 | 9,874 | 42,672 | ||||||||||||||
| c) Others | 193 | 243 | 1,643 | 2,140 | ||||||||||||||
| Total | 83,006 | 77,415 | 87,249 | 344,272 | ||||||||||||||
| Less: Inter-segment revenue | 2,008 | 1,951 | 1,528 | 7,270 | ||||||||||||||
| Total revenue from operations | 80,998 | 75,464 | 85,721 | 337,002 | ||||||||||||||
| 2 | Segment results: | |||||||||||||||||
| Gross profit from each segment | ||||||||||||||||||
| a) Global Generics | 37,127 | 31,768 | 46,086 | 169,696 | ||||||||||||||
| b) Pharmaceutical Services and Active Ingredients | 386 | 1,849 | 1,087 | 6,002 | ||||||||||||||
| c) Others | 36 | 74 | 1,459 | 1,581 | ||||||||||||||
| Total | 37,549 | 33,691 | 48,632 | 177,279 | ||||||||||||||
| Less: Selling and other un-allocable expenditure/(income), net | 32,016 | 31,694 | 29,582 | 123,352 | ||||||||||||||
| Total profit before tax | 5,533 | 1,997 | 19,050 | 53,927 | ||||||||||||||
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:
| 1 | 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 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 issued 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 22 July 2026. Thc Statulory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon. |
| 2 | Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs.2,397 million towards inventory and other associated costs during the quarter ended 30 June 2026. |
| 3 | During the quarter ended 31 March 2026, consequent to the resolution of a shelf stock adjustment claim arising from reduction in price of its generic product Lenalidomide in the United States, the Company has recorded an amount of Rs. 4,530 million (USD 50 million) as a reduction from “Revenue from operations” in the Company’s Global Generics Segment. |
| 4 |
During the quarter ended 31 March 2026, the Company decided to discontinue some of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of the development status and clinical trail outcomes. Consequent to this decision, the Company has recognized a net loss of Rs.1,350 million in the Company’s Global Generic segment, comprising of: |
a. Impairment of non-current assets of Rs. 1,291 million (i.e., towards Property, plant and equipment, other Intangible assets and Right to use assets ) and
b. Other development program related wind down cost under “Other expenses” of Rs. 59 million.
| 5 | During the quarter ended 31 March 2026, the Company has recorded an impairment loss of Rs.914 million (USD 10 million) consequent to discontinuation of the Phase III study in first line non-small cell lung cancer conducted by Immutep Limited following the results of the futility analysis. This transaction pertains to Company’s Global Generics segment. |
| 6 | During the year ended 31 March 2026, 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 in the Company’s Global Generic segment, resulting in a net loss of Rs.934 million in the consolidated financial results |
- 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;
| 7 | Other income includes: |
a. Rs. 1,400 million recognised prusuant to settlement of product related litigations representing payment for avoided litigation costs by the Company and its affiliates in the United States and the United Kingdom during the year ended 31 March 2026.
b. Gain on sale of non-current assets, net amounting to Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks during the quarter ended 31 March 2026.
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DR. REDDY’S LABORATORIES LIMITED |
| 8 | During the year ended 31 March 2026 based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate, the Company had recorded a VAT provision of Rs.1,836 million (including provision of Rs.1,141 million recorded during the quarter ended 31 March 2026) under “Other expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026. |
The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to Company’s Global Generics segment.
| 9 | The Company considered the on-going uncertainties relating to geo-political conflicts (including Russia, Ukraine and the Middle East) 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. |
| 10 | The figures for the quarter ended 31 March 2026 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures upto the third quarter of the relevant financial year, which were subject to limited review. |
| By order of the Board | |
| For Dr. Reddy’s Laboratories Limited | |
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| Place: Hyderabad | G V Prasad |
| Date: 22 July 2026 | Co-Chairman & Managing Director |
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Exhibit 99.5
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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 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
| 1. | We have reviewed the accompanying statement of unaudited standalone financial results of Dr. Reddy’s Laboratories Limited (the “Company”) for the quarter ended 30 June 2026 (the “Statement”) 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”). |
| 2. | 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. |
| 3. | 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. |
| 4. | 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. |
S.R. BATLIBOI & ASSOCIATES LLP
Chartered Accountants
ICAI Firm registration number: 101049W/E300004
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per Shankar Srinivasan
Partner
Membership No.:213271
UDIN: 26213271UIZJGF2392
Place: Hyderabad
Date: July 22, 2026
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
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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 ENDED 30 JUNE 2026
All amounts in Indian Rupees millions
| Quarter ended | Year ended | |||||||||||||||||
| 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 | |||||||||||||||
| Sl. No. | Particulars | (Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||
| 1 | Revenue from operations | |||||||||||||||||
| a) Sales | 50,517 | 37,197 | 77,520 | 201,022 | ||||||||||||||
| b) License fees and service income | 633 | 829 | 367 | 3,584 | ||||||||||||||
| c) Other operating income | 216 | 194 | 208 | 722 | ||||||||||||||
| Total revenue from operations | 51,366 | 38,220 | 78,095 | 205,328 | ||||||||||||||
| 2 | Other income | 4,404 | 5,672 | 3,983 | 16,896 | |||||||||||||
| Total income (1 + 2) | 55,770 | 43,892 | 82,078 | 222,224 | ||||||||||||||
| 3 | Expenses | |||||||||||||||||
| a) Cost of materials consumed | 13,056 | 11,212 | 11,355 | 43,325 | ||||||||||||||
| b) Purchase of stock-in-trade | 9,022 | 4,790 | 6,638 | 26,358 | ||||||||||||||
| c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | (520 | ) | 1,162 | (2,129 | ) | (2,305 | ) | |||||||||||
| d) Employee benefits expense | 9,670 | 8,345 | 8,873 | 35,499 | ||||||||||||||
| e) Depreciation and amortisation expense | 3,177 | 3,185 | 2,798 | 12,074 | ||||||||||||||
| f) Impairment of non current assets, net | 15 | 1,211 | - | 1,405 | ||||||||||||||
| g) Finance costs | 731 | 543 | 192 | 1,483 | ||||||||||||||
| h) Other expenses | 15,649 | 16,499 | 14,988 | 61,872 | ||||||||||||||
| Total expenses | 50,800 | 46,947 | 42,715 | 179,711 | ||||||||||||||
| 4 | Profit/(loss) before tax (1 + 2 - 3) | 4,970 | (3,055 | ) | 39,363 | 42,513 | ||||||||||||
| 5 | Tax expense/(benefit) | |||||||||||||||||
| a) Current tax | 501 | (1,147 | ) | 9,417 | 9,177 | |||||||||||||
| b) Deferred tax | 422 | 286 | 334 | 1,139 | ||||||||||||||
| 6 | Net profit/(loss) for the period/year (4 - 5) | 4,047 | (2,194 | ) | 29,612 | 32,197 | ||||||||||||
| 7 | Other comprehensive income | |||||||||||||||||
| a) (i) Items that will not be reclassified to profit or loss | - | 134 | - | 134 | ||||||||||||||
| (ii) Income tax relating to items that will not be reclassified to profit or loss | - | (34 | ) | - | (34 | ) | ||||||||||||
| b) (i) Items that will be reclassified to profit or loss | 1,325 | (854 | ) | 248 | (1,698 | ) | ||||||||||||
| (ii) Income tax relating to items that will be reclassified to profit or loss | (333 | ) | 214 | (63 | ) | 427 | ||||||||||||
| Total other comprehensive income/(loss) | 992 | (540 | ) | 185 | (1,171 | ) | ||||||||||||
| 8 | Total comprehensive income/(loss) (6 + 7) | 5,039 | (2,734 | ) | 29,797 | 31,026 | ||||||||||||
| 9 | Paid-up equity share capital (face value Re. 1/- each) | 835 | 835 | 835 | 835 | |||||||||||||
| 10 | Other equity | 312,821 | ||||||||||||||||
| 11 | Earnings per equity share (face value Re. 1/- each) | |||||||||||||||||
| Basic | 4.86 | (2.63 | ) | 35.59 | 38.68 | |||||||||||||
| Diluted | 4.86 | (2.63 | ) | 35.54 | 38.64 | |||||||||||||
| (Not annualised) | (Not annualised) | (Not annualised) | ||||||||||||||||
See accompanying notes to the financial results.
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DR. REDDY’S LABORATORIES LIMITED
Segment information
| Quarter ended | Year ended | |||||||||||||||||
| 30.06.2026 | 31.03.2026 | 30.06.2025 | 31.03.2026 | |||||||||||||||
| Sl. No. | Particulars | (Unaudited) | (Audited) | (Unaudited) | (Audited) | |||||||||||||
| Segment wise revenue and results | ||||||||||||||||||
| 1 | Segment revenue | |||||||||||||||||
| a) Global Generics | 45,777 | 31,487 | 72,241 | 182,027 | ||||||||||||||
| b) Pharmaceutical Services and Active Ingredients | 7,449 | 8,350 | 7,103 | 29,750 | ||||||||||||||
| c) Others | 107 | 130 | 257 | 464 | ||||||||||||||
| Total | 53,333 | 39,967 | 79,601 | 212,241 | ||||||||||||||
| Less: Inter-segment revenue | 1,967 | 1,747 | 1,506 | 6,913 | ||||||||||||||
| Total revenue from operations | 51,366 | 38,220 | 78,095 | 205,328 | ||||||||||||||
| 2 | Segment results | |||||||||||||||||
| Profit/(loss) before tax and interest from each segment | ||||||||||||||||||
| a) Global Generics | 5,642 | (3,141 | ) | 38,387 | 43,716 | |||||||||||||
| b) Pharmaceutical Services and Active Ingredients | (1,716 | ) | 67 | (221 | ) | (883 | ) | |||||||||||
| c) Others | 60 | 147 | 226 | 494 | ||||||||||||||
| Total | 3,986 | (2,927 | ) | 38,392 | 43,327 | |||||||||||||
| Less: (i) Finance costs | 731 | 543 | 192 | 1,483 | ||||||||||||||
| (ii) Other un-allocable (income)/expenditure, net | (1,715 | ) | (415 | ) | (1,163 | ) | (669 | ) | ||||||||||
| Total profit/(loss) before tax | 4,970 | (3,055 | ) | 39,363 | 42,513 | |||||||||||||
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
As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.
Notes:
| 1 | The above statement of unaudited 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 22 July 2026. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon. |
| 2 | Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs.2,397 million towards inventory and other associated costs during the quarter ended 30 June 2026. |
| 3 | Revenue from sale of goods for the quarter ended 31 March 2026 includes the consequential impact of reduction in selling price of Lenalidomide product in the United States of USD 50 million. This transaction pertains to the Company’s Global Generics segment. |
| 4 | During the quarter ended 31 March 2026, the Company decided to discontinue certain of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of development status and clinical trial outcomes. Consequent to this decision, the Company has recognized a net loss of Rs. 1,350 million in the Company’s Global Generics segment, comprising of : |
| a. | Impairment of non-current assets of Rs. 1,135 million (i.e., towards Property, plant and equipment, Intangibles and Right of use assets), |
| b. | Research and development cost reimbursment to subsidiary of Rs.198 million and |
| c. | Other development program related wind down cost of Rs. 17 million. |
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DR. REDDY’S LABORATORIES LIMITD
| 5 | “Other income” for the quarter ended 31 March 2026 includes gain on sale of non-current assets, net of Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks. |
| 6 | During the year ended 31 March 2026 based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate, the Company had recorded a VAT provision of Rs.1,836 million (including provision of Rs.1,141 million recorded during the quarter ended 31 March 2026) under “Other expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026. |
The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable.This transaction pertains to the Company’s Global Generics segment.
| 7 | The Company considered the on-going uncertainties relating to geo-political conflicts (including in Russia, Ukraine and the Middle East) 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. |
| 8 | The figures for the quarter ended 31 March 2026 are the balancing figures between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which were subject to limited review. |
| By order of the Board | ||
| For Dr. Reddy’s Laboratories Limited | ||
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| Place: | Hyderabad | G V Prasad |
| Date: | 22 July 2026 | |
| Co-Chairman & Managing Director |
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