May 14, 2021

The Secretary / Executive Director BSE Limited National Stock Exchange of India Ltd. New York Stock Exchange Inc. NSE IFSC Limited

Dear Sir/Madam,

Sub: Outcome of Board Meeting - Audited Financial Results for the quarter and year ended March 31, 2021.

Further to our letter dated March 29, 2021 we would like to inform you that the Board of Directors of the Company at their meeting held on May 14, 2021, have inter alia approved the Audited Financial Results of the Company for the qua11er and year ended March 31, 2021.

In terms of the above, we are enclosing herewith the foJ.lowing:

1. Audited Consolidated Financial Results of the Company and its subsidiaries for the quarter and year ended March 31, 2021 as per International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB).
1. Press Release on Financial Results of the Company for the above period.
1. Audited Consolidated Financial Results of the Company and its subsidiaries for the quarter and year ended March 31, 2021 as per Indian Accounting Standards.
1. Audited Standalone Financial Results of the Company for the quarter and year ended March 31, 2021 as per Indian Accounting Standards.

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audit Report of the Statutory Auditors on the financial results as mentioned at serial Nos. 3 & 4 are also enclosed.

We would like to confirm that the Statutory Auditors of the Company, have issued Audit Reports with 'Unmodified Opinion' on the Audited Financial Statements of the Company (Standalone and Consolidated) for the year ended March 31, 2021.

We would also like to inform that the Board of Directors have recommended a final dividend of Rs. 25/- (500%) per equity share of Rs. 5/- face value for the financial year 2020-21. The dividend will be paid on or after five days from the date of declaration of the final dividend by the shareholders at the 37th Annual General Meeting (AGM). The AGM date and book closure date for the purpose of the payment of final dividend will be announced in due course.

The Board Meeting commenced at 09.00 AM and concluded at 12.05 PM.

This is for your information and records.

Dr. Reddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India.

CIN: L85195TG1984PLC004507

Tel :+91 40 4900 2900 Fax :+91 40 4900 2999 Email :[email protected] www.drreddys.com

Encl : as above

Dr. Raddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India.

CIN: L85195TG1984PLC004507

Tel :+91 40 4900 2900 Fax :+91 40 4900 2999 Email :[email protected] www.drreddys.com

Audited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter and year ended 31 March 2021 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

	All amounts in Indian R1q11:C!l millions
SI.No.			Quarter ended			Year ended
	Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
I	Revenues	47,284	49,296	44,318	189,722	174,600
2	Cost of revenues	21,909	22,758	21,510	86,645	80,591
3	Gross profit (I - 2)	25,375	26,538	22,808	103,077	94,009
4	Selling, general and administrative expenses	14,279	14,387	12,177	54,559	50,129
5	Research and development expenses	4,094	4,108	4,190	16,541	15,410
6	Impairment of non current assets	15	5,972	7	6,768	16,767
7	Other income, net	(587)	(128)	(168)	(982)	(4,290)
	Total operating expenses	17,801	24,339	16,206	76,886	78,016
8	Results from operating activities 1(3) - (4 + S + 6 + 7))	7,574	2,199	6,602	26,191	15,993
	Finance income	615	681	665	2,623	2,461
	Finance expense	(297)	(188)	(230)	(970)	(983)
9	Finance income, net	318	493	435	1,653	1,478
10	Share of profit of equity accounted investees, net of tax	179	151	105	480	561
11	Profit before tax (8 + 9 + 10)	8,071	2,843	7,142	28,324	18,032
12	Tax expense/(benefit), net	2,536	2,645	(500)	9,175	(1,466)
13	Profit for the period/ year (11 -12)	5,535	198	7,642	19,149	19,498
14	Earnings per share:
	Basic earnings per share ofRs.5/- each	33.38	1.19	46.10	115.47	117.63
	Diluted earnings per share ofRs.5/- each	33.29	1.19	46.01	115.14	117.40
		(Not annualised)	(Not annualised)	(Not annualised)

Segment reporting (consolidated)

	All amounts in Indian Rupees millions
SI. No.			Quarter ended			Year ended
	Particulars	31.03.2021	31.12.2020	31.03.2020	31.oJ.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Segment wise revenue and results:
1	Segment revenue:
	a) Pharmaceutical Services and Active Ing, edients	9,796	8,745	8,673	38,887	31,657
	b) Global Generics	38,737	40,751	36,398	154,404	138,123
	c) Proprietary Products	243	124	2	523	7,949
	d) Others	389	1,412	723	2,813	2,781
	Total	49,165	51,032	45,796	196,627	180,510
	Less: Inter-segment revenues	1,881	1,736	1,478	6,905	5,910
	Net revenues	47,284	49,296	44,318	189,722	174,600
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients	2,513	1,773	2,043	9,426	6,190
	b) Global Generics	22,446	23,454	20,332	91,111	78,449
	c) Proprietary Products	238	100	(7)	482	7,744
	d) Others	178	1,211	440	2,058	1,626
	Total	25,375	26,538	22,808	103,077	94,009
	Less: Selling and other un-allocable expenditure, net of otherincome	17,304	23,695	15,666	74,753	75,977
	Total profit before tax	8,071	2,843	7,142	28,324	18,032

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

Notes:

The audited results have been reviewed by the Audit Committee of the Board on 13 May 2021 and approved by the Board of Directors of the Company at their meeting held on 14 May 2021. The above financial results have been prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), as issued by the International Accounting Standards Board (IASB).
2 During the year ended 31 March 2021, there were significant changes to the market conditions for certain of the products forming part of Company's Global Generics and Proprietary Products segments. The changes include the launch by competitor of generic version of the product, decrease in the market potential of products primarily due to higher than expected price erosion and increased competition, and higher than expected value erosion. Due to these adverse market developments, the Company recorded an impairment loss of:
- Rs. 3,180 million relating to Ethinyl estradiol / Ethenogestral vaginal ring (a generic equivalent to NuvaRing®);
- Rs. 1,587 million relating to Saxagliptin and metfonnin (generic version of Kombiglyze-XR) and Phentermine and Topiramate (generic version of Qsymia®); and
Rs. 1,955 million relating to other intangible assets forming part of the Company's Global Generics and Proprietary Products segments.

In addition, an amount of Rs. 46 million was recorded as impainnent loss pertaining to property, plant and equipment on write-down of assets to fair value less costs to sell forming part of Company's Global generics segment,

3 Tax expense for the year ended 31 March 2021 includes the following:

Rs. 1,012 million of benefit, in the quarter ended 30 June 2020, on account of recognition of deferred tax asset consequmt to a planned restructuring activity between the Group companies; and
Rs. 627 million of expense, in the quarter ended 31 March 2021, on account of derecognition of deferred tax asset due to non-availability of depreciation on goodwill pursuant to an amendment to section 2(11) of the Income Tax Act in the Finance Act, 2021.
4 During the quarter ended 31 December 2020, the Company entered into a definitive agreement with Glenmark Pharmaceuticals Ltd_ to acquire, certain brands in various Emerging Market countries for a total consideration of Rs. 1,5 I 6 million. The said transaction was accounted for as an acquisition of product related intangibles.
5 On IO June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited's branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dermatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. During the quarter ended 30 September 2020, the Company completed the purchase price allocation. The fair value of consideration transferred is Rs. I 6,115 million. The Company recognised Rs. 373 million, Rs, 14,888 million and Rs. 530 million towards property, plant and equipment, intangible assets, and goodwill, respectively. The acquisition pertains to Company's Global Generics segment.
6 The Company has commenced a detailed investigation into an anonymous complaint. The complaint alleges 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 US Foreign Corrupt Practices Act. A legal Firm is conducting the investigation at the instruction of a Committee of the Company Board of Directors. The investigation is ongoing. The Company has disclosed the matter to the US Department of Justice, Securities and Exchange Commission and Securities Exchange Board of India. While the matter may result in government enforcement actions against the Company in the United States and/or foreign jurisdictions, which could lead to civil and criminal sanctions under relevant laws, the probability of such action and the outcome are not reasonably ascertainable at this time.

;hfor the year ended 31 March 2020 include an amount of Rs. 7,486 million (U.S.$108.7 million) towards license fee for selling US and select territory MB RACE SYMTOUCH•' (sumatriptan injection) 3 mg and TOSYMRA 00(sumatriptan nasal spray) IO mg, (fonnerly refe1Ted to as "DFN-02") to �l Laboratories, LLC. The costs associated with this transaction are Rs. 328 million.

8 "Otht:r i11comL', net" fo1 lhc yern ended JI Mai ch 2020 includL's an amount oJ' Rs . .1,457 million n::ceivL'd fiom Cclg.�111.:, pu1suant lo a sclllcment ag.1ccme11l cntc1cd in J\p1il 2019 The ag,ccm...:nt l!ffcctivcly setlles any claim the Company ni ils nrtiliatcs may lrnvc lrnd for dnma�cs unckr section 8 of the Canadian Patented Medicines (Notice ofCnmpliancc) Regulations in regard In Lhc Company's i\NDS l,1r a genaic ve,sion of REVLIMID brand capsules, (Lcnalidnmide) pending befo1c Heallh Canada.
9 Total impairment charge for the yea, ended 31 Mrnch 2020 is Rs. 16,767 million, of which Rs I I, 137 million was towards impairment of gNuvaring, Rs 4,385 million was towards rameltenn, tnbramycin and imiquimnd, and the balance is towards other product related intangibles forming pa,1 nf thc Company's Global generics and Prop, icta, y Products segments.
IO Tax benefit for the year ended 31 Ma,ch 2020 was primarily due to recognition of deferred Lax asset of: - Rs 4,989 million towards MAT 1ecove1able pursuant to enactment of Taxation Laws (Amendment) Acl, 2019; - Rs. 1,264 million pu1suant to a planned restructuring activity between the group Companies.

11 Consolidated statements of financial position

• ,.c,, .c,: -� hlerol:>" .}

		All amounts in Indian Rupecs millions
	As at	As at
Particulars	31.03.2021	31.03.2020
	(Audited)	(Audited)
ASSETS
Current assets
Cash and cash equivalents	14,829	2,053
Other investments	19,744	23,687
Trade and other receivables	49,641	50,278
Inventories	45,412	35,066
Derivative financial instruments	1,218	1,105
Tax assets	2,745	4,379
Other current assets	14,509	13,802
Total current assets before assets held for sale	148,098	130,370
Assets held for sale	151
Total current assets	148,249	130,370
Non-current assets
Property, plant and equipment	57,111	52,332
Goodwill	4,568	3,994
Other intangible assets	35,648	27,659
Trade and other receivables	118	1,737
Investment in equity accounted investees	3,375	2,763
Other investments	4,958	328
Deferred tax assets	10,630	12,214
Other non-current assets	834	844
Total non-current assets	117,242	101,871
Total assets	265,491	232,241
LIABILITIES AND EQUITYCurrent liabilities
Trade and other payables	21,916	16,659
Short-term borrowings	23,136	16,441
Long-term borrowings, current portion	864	4,266
Provisions	3,435	3,800
Tax liabilities	1,389	573
Derivative financial instruments	326	1,602
Bank overdraft	9	91
Other current liabilities	30,397	29,382
Total current liabilities	81,472	72,814
Non-current liabilities
Long-term borrowings	6,299	1,304
Deferred tax liabilities	338	275
Provisions	58	54
Other non-current liabilities	2,343	2,806
Total non-current liabilities	9,038	4,439
Total liabilities	90,510	77,253
Equity
Share capital	832	831
Treasury shares	(1,967)	(1,006)
Share premium	8,887	8,495
Share based payment reserve	1,461	1,233
Capital redemption reserve	173	173
Special economic zone re-investment reserve	1,326	g,
	157,934	144,247
	6,335	1,015
Redained earningsRedained earningsCapable Components of equityThereforeTherefore	174,981	154,988
	265,491	232,241

12 Consolidated statements of cash flows

		All amounts in Indian Ru11ue< millions
	Vear ended	Vear ended
Particulars	31.03.2021	31.03.2020
	(Audited)	(Audited)
rom operating activities:Cash generated f
Profit for the year	19,149	19,498
Adi11stmentsf01'.
Tax expense/(benefit), net	9,175	(1,466)
Fair value changes and profit on sale of units of mutual funds, net	(557)	(929)
Depreciation and amortization	12,796	12,472
Impainnent of non-cun ent assets	6,768	16,767
Allowance for c, edit losses (on trade receivables and other advances)	230	190
Loss/(gain) on sale or de-recognition of non-current assets, net	42	68
Share of profit of equity accounted investees	(480)	(561)
Foreign exchange (gain)/loss, net	1,856	(2,168)
Interest expense, net	144	95
Equity settled share-based payment expense	584	521
Dividends income	.•	(5)
Changes in operating assets and liabilities:
	2,081
Trade and other receivables		(12,446)
Inventories	(9,881)	(1,487)
Trade and other payables	2,861	1,576
Other assets and other liabilities, net	(3,349)	4,821
Cash generated from operations	41,419	36,946
Income tax paid, net	(5.716)	(7.105)
Net cash generated from operating activities	35,703	29,841
Cash flows from/(used in) investing activities:

Expenditure on prope,ty, plant and equipment	(9,741)	(4,846)
P1oceeds from sale of property, plant and equipment	85	131
Expenditures on other intangible assets	(2,820)	(1,269)
Proceeds from sale of other intangible assets		259
Payment for acquisition of business	(15,514)
Purchase of other investments	(75,418)	(111,918)
Proceeds from sale of other investments	79,528	111,704
Dividends received from equity accounted investees		392
Interest and dividend received	1,220	624
Net cash used in investing activities	(22,660)	(4,923)
Cash flows from/(used in) financing activities:

Proceeds from issuance of equity shares (including treasury shares)	269	4
Purchase of treasury shares	(1,193)	(474)
Proceeds from short-term borrowings, net	6,791	4,235
Proceeds from long-tenn borrowings	3,800
Repayment oflong-tenn borrowings	(3,743)	(22,918)
Payment of principal portion oflease liabilities	(754)	(482)
Dividend paid (including corporate dividend tax for the year ended 31 March 2020)	(4,147)	(3,916)
Interest paid	(1,321)	(1.608)
Net cash used in financing activities	(298)	(25,159)
Net increase/ (decrease) in cash and cash equivalents	12,745	(241)
	113	(25)
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the beginning of the year<'>	1,962	2,228
Cash and cash equivalents at the end of the year1')	14,820	1,962

Rounded oflto the nearest million.

(IJ Adjusted/or bank-overdraft of Rs, 91111i/lio11 and Rs, Nil/or the years ended 31 March 2021 and 31 March 2020, respectively,

/l) Adjusted/or bank-overdraft of Rs 9 million and Rs. 91 million/or the years e11ded 31 March 2021 a11d 31 Marci, 2020, respectively.

13 The Code on Social Security, 2020 ('Code') received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the related final rules have not yet been issued and the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and the rules thereunder when they come into effect.

14 On 22 October 2020, the Company experienced a cybersecurity incident related to ransomware. The Company could contain the incident in a timely fashion and has also ensured that all traces of the infection are completely cleaned from the network. All affected systems were restored and brought back to normalcy in the order of priority. Based on our forensic investigation, no evidence was found of any data breaches leading to personally identifiable information. Since then, the �=-=111111nr has also been focused on implementing significant improvements to its cyber and data security systems to safeguard from such risks in the future.

15 The Company continues lo consider the impact of COVID-19 pandemic in assessing the recoverability of receivables, goodwill, intangible assets, and ce,tain investments For this purpose, the Company considered internal and external sources of infonnation up to the date of approval of these financial results. The Company based on its judgements, estimates and assumptions including sensitivity analysis expects lo 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.
16 The audited results were reviewed by the Audit Committee of the Board on 13 May 2021 and approved by the Board of Directors of the Company at their meeting held on 14 May 2021.
17 The Board of Directors, at their meeting held on 14 May 2021, have recommended a final dividend of Rs. 25 per share subject to approval of shareholders.
18 The figures of the fourth quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the relevant financial year. Also the figures upto the end of third quarter were only reviewed and not subjected to audit.
r the quarter and year ended 31 March 2021 periods presented have been audited by the Statutory Auditors of the Company. An unqualified report by them thereon.

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

LJy

Place: Hyderabad Date: 14 May 2021

G V Prasad Co-Chairman & Managing Director

DR. REDDY'S LABORATORIES LTD. 8-2-337, Road No. 3, Banjara Hills,

Hyderabad - 500034. Telangana, India.

CONTACT
INVESTOR RELATIONS	MEDIA RELATIONS
AMIT AGARWAL[email protected](Ph: +91-98661 74248)	USHA IYER[email protected](PH: +91-99874 44106)

Dr. Reddy's Q4 & FY21 Financial Results

Hyderabad, India, May 14, 2021: Dr. Reddy's Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2021. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).

Q4 Performance Summary

Rs. 4,728 Cr

Revenue [Up: 7% YoY; Down: 4% QoQ]

53.7% Gross Margin [Q4 FY20: 51.5%; Q3 FY21: 53.8%]

Rs.1,428 Cr SGNA expenses [Up: 17% YoY; Down: 1% QoQ]

Rs. 409 Cr R&D expenses [8.7% of Revenues]

Rs. 1,133 Cr EBITDA [24.0% of Revenues; Up: 13% YoY; Down: 4% QoQ]

Rs. 807 Cr Profit before Tax [Up: 13% YoY; 184% QoQ]

Rs. 554 Cr Profit after Tax [Down: 28% YoY; Up: 2695% QoQ]

FY21 Performance Summary

Rs. 18,972 Cr

Revenue [Up: 9% YoY]

54.3%

Gross Margin [FY20: 53.8%]

Rs. 5,456 Cr

SGNA expenses [Up: 9% YoY]

Rs. 1,654 Cr

R&D expenses [8.7% of Revenues]

Rs. 4,748 Cr

EBITDA [25.0% of Revenues; Up: 2% YoY]

Rs. 2,832 Cr Profit before Tax [Up: 57% YoY]

Rs. 1,915 Cr Profit after Tax [Down: 2% YoY]

Commenting on the results, Co-Chairman & MD, G V Prasad said "In FY 21, we continued to grow across all our businesses, enhance productivity and strengthen our development pipeline. We are prioritizing our efforts to launch Sputnik V vaccine across India while working on the development and commercialization of several drugs for the treatment of mild to severe COVID 19 infections."

Dr. Reddy's Laboratories Limited and Subsidiaries

Consolidated Income Statement

		Q4 FY21		Q4 FY20	YoY		Q3 FY21	QoQ
Particulars	($)	(Rs.)	($)	(Rs.)	Gr %	($)	(Rs.)	Gr%
Revenues	646	47,284	606	44,318	7	674	49,296	(4)
Cost of Revenues	300	21,909	294	21,510	2	311	22,758	(4)
Gross Profit	347	25,375	312	22,808	11	363	26,538	(4)
Operating Expenses
Selling, General & Administrativeexpenses	195	14,279	166	12,177	17	197	14,387	(1)
Research and Developmentexpenses	56	4,094	57	4,190	(2)	56	4,108	(0)
Impairment of non-current assets	0	15	0	7	114	82	5,972	(100)
Other operating income	(8)	(587)	(2)	(168)	249	(2)	(128)	359
Results from operating activities	104	7,574	90	6,602	15	30	2,199	244
Net finance income	(4)	(318)	(6)	(435)	(27)	(7)	(493)	(35)
Share of profitof equity accountedinvestees	(2)	(179)	(1)	(105)	70	(2)	(151)	19
Profit before income tax	110	8,071	98	7,142	13	39	2,843	184
Income taxexpense / (benefit)	35	2,536	(7)	(500)	(607)	36	2,645	(4)
Profit for the period	76	5,535	104	7,642	(28)	3	198	2695

Diluted Earnings Per Share (EPS)	0.46	33.29	0.63	46.01	(28)	0.02	1.19	2705

As % to revenues	Q4 FY21	Q4 FY20	Q3 FY21
Gross Profit	53.7	51.5	53.8
SG&A	30.2	27.5	29.2
R&D	8.7	9.5	8.3
EBITDA	24.0	22.6	24.0
PBT	17.1	16.1	5.8
PAT	11.7	17.2	0.4

EBITDA Computation

		Q4 FY21	Q4 FY20		Q3 FY21
Particulars	($)	(Rs.)	($)	(Rs.)	($)
Profit before Income Tax	110	8,071	98	7,142	39
Interest(income) / expense(net)*	1	75	(1)	(100)	(2)
Depreciation	29	2,089	28	2,080	29
Amortization	15	1,080	12	885	15
Impairment	0	15	0	7	82
EBITDA	155	11,330	137	10,013	162	11,851

* Includes income from Investments

Revenue Mix by Segment

	Q4 FY21	Q4 FY20	YoY	Q3 FY21	QoQ
Segment	(Rs.)	(Rs.)	Gr%	(Rs.)	Gr%
Global Generics	38,737	36,398	6	40,751	(5)
North America	17,491	18,072	(3)	17,394	1
Europe	3,956	3,446	15	4,143	(5)
India	8,445	6,839	23	9,591	(12)
Emerging Markets	8,845	8,041	10	9,623	(8)
Pharmaceutical Services and ActiveIngredients (PSAI)	7,915	7,195	10	7,009	13
Proprietary Products & Others	632	725	(13)	1,536	(59)
Total	47,284	44,318	7	49,296	(4)

Dr. Reddy's Laboratories Limited and Subsidiaries

Consolidated Income Statement

		FY21			Gr
Particulars	($)	(Rs.)	%	($)	(Rs.)	%	%
Revenue	2,594	1,89,722	100.0	2,387	1,74,600	100.0	9
Cost of revenues	1,185	86,645	45.7	1,102	80,591	46.2	8
Gross profit	1,409	1,03,077	54.3	1,285	94,009	53.8	10
Operating Expenses
Selling, General & Administrativeexpenses	746	54,559	28.8	685	50,129	28.7	9
Research and Development expenses	226	16,541	8.7	211	15,410	8.8	7
Impairment of non-current assets	93	6,768	3.6	229	16,767	9.6	(60)
Other operating income	(13)	(982)	(0.5)	(59)	(4,290)	(2.5)	(77)
Results from operating activities	358	26,191	13.8	219	15,993	9.2	64
Net finance income	(23)	(1,653)	(0.9)	(20)	(1,478)	(0.8)	12
Share of profit of equity accountedinvestees	(7)	(480)	(0.3)	(8)	(561)	(0.3)	(14)
Profit before income tax	387	28,324	14.9	247	18,032	10.3	57
Income taxexpense / (benefit)	125	9,175	4.8	(20)	(1,466)	(0.8)	(726)
Profit for the period	262	19,149	10.1	267	19,498	11.2	(2)

Diluted EPS	1.57	115.14		1.61	117.40		(2)

EBITDA Computation

	FY21		FY20
Particulars	($)	(Rs.)	($)	(Rs.)
Profit before Income Tax	387	28,324	247	18,032
Interestincome(net)*	(6)	(412)	(11)	(839)
Depreciation	117	8,527	118	8,640
Amortization	58	4,269	52	3,832
Impairment	93	6,768	229	16,767
EBITDA	649	47,477	635	46,431

* Includes income from Investments

Key Balance Sheet Items

Particulars		As on 31st Mar2021		As on 31st Dec2020	As on 31st Mar2020
	($)	(Rs.)	($)	(Rs.)	($)	(Rs.)
Cash and cash equivalents andotherinvestments	540	39,531	291	21,282	356	26,068
Trade receivables(current & non-current)	680	49,759	730	53,408	711	52,015
Inventories	621	45,412	606	44,309	479	35,066
Property, plant and equipment	781	57,111	769	56,263	716	52,332
Goodwill and Other Intangible assets	550	40,216	561	41,062	433	31,653
Loans and borrowings (current & non-current)	414	30,308	280	20,443	302	22,102
Trade payables	300	21,916	315	23,072	228	16,659
Equity	2,392	1,74,981	2,316	1,69,395	2,119	1,54,988

	FY21			FY20			Gr
Segment	($)	(Rs.)	%	($)	(Rs.)	%	%
Global Generics	2,111	1,54,404	81.4	1,888	1,38,123	79.1	12
North America		70,494			64,659		9
Europe		15,404			11,707		32
India		33,419			28,946		15
Emerging Markets		35,087			32,812		7
Pharmaceutical Services andActive Ingredients (PSAI)	437	31,982	16.9	352	25,747	14.7	24
Proprietary Products &Others	46	3,336	1.8	147	10,730	6.1	(69)
Total	2,594	1,89,722	100.0	2,387	1,74,600	100.0	9

Revenue Mix by Segment [year on year]

COVID portfolio

We continue to play our role in the fight against Covid-19 by acting proactively to bring multiple preventive and curative treatment options, including a vaccine. Some of our major Covid-19 products are:

Sputnik V vaccine: The trials demonstrated efficacy @ 91.6%, consistent safety and immunogenicity results. In April, 2021 we received Emergency Use Authorization (EUA) for the vaccine. We have launched it today and the first dose of the vaccine was administered. Our priority is to ensure widest reach in the shortest possible time.

Remdesivir: We launched it in India and have ramped up our supplies to meet with the higher demand due to surge of the COVID cases in India.

Avigan® (Favipiravir): We are selling it in India and few other markets. We are conducting phase 3 trials in North America for outpatient setting with mild to moderate symptoms.

2-deoxy-D-glucose (2-DG): We developed it in collaboration with DRDO lab. Received EUA as adjunct therapy for hospitalized moderate to severe Covid-19 patients.

Other Covid drugs: We are also working on Molnupiravir, Baricitinib and several other covid drugs for treatment ranging from mild to severe conditions.

Revenue Analysis [Q4 and full year FY21]

Global Generics (GG)

Revenues from GG segment at Rs. 154.4 billion higher by 12% over FY20, on account of growth across all our markets. We witnessed double digit growth in Europe and India during the year.
Q4 revenue at Rs. 38.7 billion, YoY growth of 6% and QoQ decline of 5%. The YoY growth was driven by branded markets (India and emerging markets), Europe partly offset by decline in NAG. QoQ decline was on account of branded markets & Europe.

North America

Revenues from North America Generics for the year at Rs. 70.5 billion, YoY growth of 9%. The year was benefited by new launches, scale up of existing products and a favorable forex rate, which was partially offset by price erosion.
Revenues for Q4 at Rs. 17.5 billion, YoY decline of 3% and QoQ growth of 1%. The YoY decline was primarily on account of higher volumes during Q4 last year due to COVID-19 related stocking up and price erosion. The QoQ growth was driven by volume traction in our base business and new product launches partly offset by price erosion.
During this quarter, we launched 6 new products Vigabatrin tablets (CGT status granted), Febuxostat tablets, Capecitabine tablets, Fluphenazine Hydrochloride tablets, Lansoprazole OD tablets and Abiraterone Acetate in Canada.
As of 31st March 2021, cumulatively 95 generic filings are pending for approval with the USFDA (92 ANDAs and 3 NDAs under 505(b)(2) route). Out of the pending ANDAs, 47 are Para IVs, and we believe 23 have 'First to File' status.

Europe

Revenues from Europe for the year at Rs. 15.4 billion. YoY growth of 32%, primarily on account of volume traction in base business, new product launches across our markets including newer markets of France, Italy and Spain and favorable forex, which was partially offset by price erosion.

Revenues for Q4 at Rs. 4.0 billion, YoY growth of 15% and QoQ decline of 5%. QoQ decline was on account of lower volumes in our base business and price erosion which was partly offset by new products launched during the quarter.

India

Revenues from India for the year at Rs. 33.4 billion. Year-on-year growth of 15%, driven by revenues from the acquired business of Wockhardt and contribution from new product launches.
Revenues for Q4 at Rs. 8.4 billion, YoY growth of 23%, QoQ decline of 12%. QoQ decline was led by reduction in covid drugs sales and seasonality.

Emerging Markets

Revenues from Emerging Markets for the year at Rs. 35.1 billion, growth of 7%.
- Revenues from Russia for the year at Rs. 15.8 billion, YoY decline of 6%. The decline was primarily driven by adverse forex and lower volumes of some of our key molecules.
- Revenues from other CIS countries and Romania for the year at Rs. 7.4 billion, YoY growth of 15%. Growth was on account of increase in volumes and new launches.
- Revenues from Rest of World (RoW) territories for the year at Rs. 11.8 billion, YoY growth of 25%. Growth primarily on account of new launches and volume traction in key products, partially impacted by price erosion in certain markets.
Revenues for the quarter are Rs. 8.8 billion, YoY growth of 10%, QoQ decline of 8%.
- Revenues for Russia for the Q4 at Rs. 4.0 billion, YoY growth of 3%, QoQ decline of 11%.
- Revenues from other CIS countries and Romania for the quarter are Rs. 1.9 billion, YoY growth of 7%, QoQ decline of 11%.
- Revenues from Rest of World (RoW) territories for this quarter are Rs. 2.9 billion, YoY growth of 24%, QoQ decline of 1%.

Pharmaceutical Services and Active Ingredients (PSAI)

Revenues from PSAI at Rs. 32.0 billion. Year-on-year growth of 24% driven by new products, increase in volumes of key products of API business and favorable forex partially offset by price erosion.
Revenues for Q4 at Rs. 7.9 billion, YoY growth of 10% and QoQ growth of 13%.
During the year, we have filed 14 DMFs in the US.

Proprietary Products (PP) & Others

Revenues from PP & Others for the year at Rs. 3.3 billion, YoY decline of 69%. FY20 was higher due to income from sale of the US and select territory rights for two of Neurology franchise products pertaining to PP.
Revenues for Q4 are Rs. 632 million.

Income Statement Highlights:

Gross profit margin for the year at 54.3%, an increase of ~50 bps over previous year. The increase was driven by a better product mix and increased leverage from manufacturing overheads. This was partly offset by price erosion, lower export incentives and benefit from PP out-licensing income in FY 20. Gross profit margin for GG and PSAI business segments are at 59.0% and 29.5% respectively.
Gross profit margin for the Q4 at 53.7% (GG: 57.9%, PSAI: 31.7%).
- YoY gross margin increased by ~220 bps, primarily due to a better product mix and increased leverage from manufacturing overheads, partly offset by price erosion and lower export benefits
- QoQ gross margin declined by ~10 bps.
Selling, general & administrative (SG&A) expenses for FY21 at Rs. 54.6 billion, an increase of 9% on a YoY basis. This increase was primarily due to incremental costs post the integration of the acquired divisions from Wockhardt in this year and increased freight expenses. SG&A expenses for Q4 at Rs. 14.3 billion, YoY increase of 17% and QoQ decline of 1%. SG&A as a % to sales for the full year remained in line with FY20.
Impairment charge at Rs. 6.8 billion in FY21, which were taken considering the triggers which occurred during the year.
Research & development (R&D) expenses in FY21 at Rs. 16.5 billion. As % to Revenues FY21: 8.7% | FY20: 8.8%. R&D expenses for Q4 at Rs. 4.1 billion, as % to revenues stood at 8.7%. Our focus continues on building a healthy pipeline of new products across our markets including development of products pertaining to COVID-19 treatment.
Other operating income for the year at Rs. 982 million compared to Rs. 4.3 billion in FY20. Previous year included Rs. 3.5 billion received from Celgene pursuant to a settlement agreement in Canada.
Net Finance income for the year at Rs. 1.7 billion compared to Rs. 1.5 billion in FY20. The increase is primarily on account of higher foreign exchange gain in current year as compared to FY20. Net finance income in Q4 is Rs. 0.3 billion.
Profit before Tax for the year at Rs. 28.3 billion, YoY growth of 57%. Profit before Tax for Q4 is at Rs. 8.1 billion.
Profit after Tax for the year at Rs. 19.1 billion and for Q4 at Rs. 5.5 billion. The tax rate in FY21 is higher due to non-recognition of deferred tax asset (DTA) on losses arising out of impairment. It was lower in FY20 due to recognition of deferred tax asset (DTA) on losses arising out of impairment, recognition of MAT credit, and others in line with the requirements of accounting standards.
Diluted earnings per share for the year is Rs. 115.14. Diluted earnings per share for Q4 is Rs. 33.29.

Other Highlights:

EBITDA for FY21 at Rs. 47.5 billion and the EBITDA margin is 25.0%. EBITDA for Q4 FY21 is at 11.3 billion and the EBITDA margin in 24.0%.
Capital expenditure for FY21 is at Rs. 9.7 billion. Capital expenditure for Q4 FY21 is at Rs. 2.9 billion.
Free cash-flow at Rs. 24.6 billion before acquisitions. Free cash-flow for Q4 FY21 at Rs. 7.9 billion.
Net cash surplus for the company is at Rs. 7.5 billion as on March 31, 2021. Consequently, net debt to equity ratio is (0.04).
The Board has recommended payment of a dividend of Rs. 25 per equity share of face value Rs 5/- each (500% of face value) for the year ended March 31, 2021 subject to approval of members.

Earnings Call Details (05:30 pm IST, 08:00 am EDT, May 14, 2021)

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

Conference Joining Information

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Play Back: The play back will be available after the earnings call, till May 21st, 2021. For play back dial in phone No: +91 22 7194 5757 | +91 22 6663 5757, and Playback Code is 40700.

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

………………………………………………………………………………………………………………………………………………………..…………………………..…………... About Dr. Reddy's: Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy's operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. 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 identiFYforward-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, (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, 2020. The company assumes no obligation to update any information contained herein.

S.R. BATL/80/ & ASSOCIATES LLP fide! Park No 4.

6th Floor I\ Block Rap v Gandl1, Sala, Chartered Accountants Tarr1man, Chenr,ai -600 113 India fel +91 44 6117 9000

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

To The Board of Directors of Dr. Recldy's Laboratories Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanJing statement of quarterly and year to date consolidated financial results of Dr. Reddy's Laboratories Limited ("Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together refe1Ted to as "the Group"), and its joint ventures for the quarter and year ended March 31, 2021 ("Statement"). attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our infonnation and according to the explanations given to us, the Statement:

includes the results of the following entities:

SL.No Name of the Company

Subsidiaries

I Aurigene Discovery Technologies Limited
2 Cheminor Investments Limited
3 Dr. Reddy's Bio-Sciences Limited
4 Dr. Reddy·s Farmaceutica Do Brasil Ltda.
5 Dr. Reddy's Laboratories SA
6 ldea2Enterprises (India) Private Limited
7 Imperial Credit Private Limited
8 Industrias Quimicas Falcon de Mexico, S.A.de C.V.
9 Reddy Antilles N.V. (till 02 November 2019)
IO Svaas Wellness Limited (formerly 'Regkinetics Services Limited' name changed December 18, 2020)
II Aurigene Discovery Technologies (Malaysia) SON BHD
12 Aurigene Discovery Technologies lnc.
13 Aurigene Pharmaceuticals Services Limited (from 16 September 2019)
14 beta lnstitut gemeinniitzige Gmbl-1
15 betapharm Arzneimittel GmbH
16 Chirotech Technology Limited
17 DRL lmpex Limited
18 Dr. Reddy's Laboratories (Australia) Pty. Limited
19 Dr. Reddy's Laboratories Canada, Inc.
20 Dr. Reddy's Laboratories Chile SPA.
21 Dr. Reddy·s Laboratories (EU) Limited
22 Dr. Reddy's Laboratories Inc.
23 Dr. Reddy's Laboratories Japan KK
24 Dr. Reddy·s Laboratories Kazakhstan LLP

S.�. Bar tll)• & l-1\0Cidt�;, UP, .1 I uTiltt>e Llabrt·lv Pdrtr-.. 1�hip w,:ti LLP Identity No. AAB·4295 P�qt: OffiH·. 22. Ca•nac_S,t,�i'll, Blor·k B' 1rci nr'lor, Kol�at.tl·-,00 016

S.R 8ATLIBOI & ASSOCIATES LLP

Chartered Accountants

25 Dr. Reddy's Laboratories LLC
26 Dr. Reddy's Laboratories Louisiana LLC
27 Dr. Reddy's Laboratories Malaysia Sdn. Bhd.
28 Dr. Reddy's Laboratories New York, LLC
29 Dr. Reddy's Laboratories Philippines Inc.
30 Dr. Reddy's Laboratories (Proprietary) Limited
31 Dr. Reddy's Laboratories Romania S.R.L.
32 Dr. Reddy's Laboratories SAS
33 Dr. Redd) 's Laboratories Taiwan Limited
34 Dr. Reddy's Laboratories (Thailand) Limited
35 Dr. Reddy's Laboratories (UK) Limited
36 Dr. Reddy's Research and Development 8.Y.
3 7 Dr. Reddy's Singapore PTE Limited (till 04 June 2019)
38 Dr. Reddy's Sri
39 Dr. Reddy's New Zealand Limited
40 Dr. Reddy's (WUXI) Pharmaceutical Co. Limited
41 Dr. Reddy's Venezuela, C.A.
42 Dr. Reddy's Laboratories B.V. (Formerly Eurobridge Consulting B.Y.)
43 Lacock Holdings Limited
44 000 Dr. Reddy's Laboratories Limited
45 000 DRS LLC
46 Promius Pharma LLC
47 Reddy Holding GmbH
48 Reddy Netherlands 8.Y.
49 Reddy Pharma Jberia SA
50 Reddy Phanna Italia S.R.L
51 Reddy Pharma SAS
52 Dr. Reddy's (Beijing) Pharmaceutical Co. Limited (from August 19, 2020)
53 Dr. Reddy's Formulations Limited (from March 11, 2021)

Joint ventures

I DR/\NU LLC
2 ORES Energy Private Limited
3 Kunshan Rotam Reddy Phannaceutical Company Limited

Other consolidating entities

1 Cheminor Employees Welfare rrust
2 Dr. Reddy's Employees ESOS Trust
3 Dr. Reddy's Research Foundation
1. are presented in accordance with the requirements of the Listing Regulations in this regard: and
1. gives a true and fair vie"'' in conformity with the applicable accounting standards, and ot11er accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the quarter and year ended March 3 I, 2021.

S.R BATl IBOI � ASSOCIATES LLP

Chartered Accountants

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143( l 0) of the Companies Act, 2013, as amended ("the Act''). Our responsibilities under those Standards are further described in the ''Auditor's Responsibilities for the Audit of the Consolidated Financial Results . . section of our report. We are independent of the Group, and its joint ventures in accordance with the ·Code of Ethics' issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "O1her Matter" paragraph below, is sufficient and appropriate to provide a basis for 01,r opinion.

Management's Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group including its joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act 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 respective Board of Directors of the companies included in the Group and its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions oft he Act for safeguarding ofthc assets of the Group and its joint ventures and for preventing and detecting f r auds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and its joint ventures are responsible for assessing the ability of the Group and its joint ventures to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and its joint ventures are also responsible for overseeing the financial reporting process of the Group and of its joint ventures.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is f r ee from material misstatement. whether due to f r aud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from f r aud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

S.R. B -:uBr1 f., ASSOCIATES LLP

Chartered Accountants

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section I 43(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness uf �uch controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, .,,, hether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its joint ventures to continue as a going concern. If we conclude that a material uncertainty exists. we are required to dra.,,, attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concern.
Evaluate the overall presentation. structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also perfom,ed procedures in accordance with the Circular No. CIR/CFD/CMDI/44/2019 dated March 29, 2019 issued by the Securities F,x1,;hange Board of India under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

Other Matter

The accompanying Statement includes the audited financial results/statements and other financial infonnation, in respect of:

• Two subsidiaries, whose financial results/statements include total assets of Rs 23,729 million as at March 31, 2021, total revenues of Rs 7.234 111 ii lion and Rs 32,687 million. total net profit after tax of Rs. 431 million and Rs. 2,290 m ii lion, total comprehensive income/ (loss) of Rs. 81 million and Rs. (149) million, for the quarter and the year ended on that date respectively. and net cash outflows of Rs. 169 million for the year ended March 31, 2021, as considered in the Statement which have been audited by their respective independent auditors.

The independent auditor's report on the financial statements/financial resuJts/financial information of these entities have been furnished to us by the Management and our opinion on the Statement in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of such auditors.

These subsidiaries are located outside India whose financial results/financial statements and other financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial results / financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

The Statement includes the results for the quarter ended March 31, 2021 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the end of the third qua1ter of the current financial year, which were subjected to a limited review by us. as required under the Listing Regulations.

For S.R. BATLIBOl & ASSOCIATES LLP Chartered Accountants !CAI Firm Registration Number: IO I 049W/E300004

per S Balasubrahma yam Partner Membership No.: 053315

UDIN:

Place: Chennai Date: May 14, 2021

Dr. Raddy's Laboratories Ltd. 8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500 034, Telangana, India.

CIN: L85195TG1984PLC004507

Tel :+91 40 4900 2900 Fax :+9140 4900 2999 Email :[email protected] www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2021

		A 11 amounts m In d' ian R . upees m1 ions
SI.			Quarter ended		Year ended
No.	Particulars	31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
I	Revenue from operationsrom operationsa) Net sales/ income fb) License fees and service incomec) Other operating income	46,0831,201398	47,1092,187123	43,361957171	184,2025,520753	163,57411,026570
	Total revenue from operations	47,682	49,419	44,489	190,475	175,170
2	Other income	826	705	736	2,914	6,206
3	Total income (I + 2)	48,508	50,124	45,225	193,389	181,376
4	Expensesa) Cost of materials consumedb) Purchase of stock-in-tradec) Changes in inventories of finished goods, work-in-progressand stock-in-traded) Employee benefits expensee) Depreciation and am011isation expenset) lmpainnent of non-cmrnnt assetsg) Finance costsh) Selling and other expenses	10,2616,768(1,614)8,9303,0881529712,790	11,7736,803(2,199)9,1573,1125,97218812,520	7,4535,8751,9838,5552,741723011,124	42,95825,736(7,905)36,29912,2886,76897047,920	29,84825,45923733,80211,63 I16,76798344,353
	Total expenses
5	Profit before tax and before share of equityaccounted investees(3 - 4)	40,5357,973	47,3262,798	37,9687,257	165,03428,355	163,08018,296
6	Share of profit of equity accounted investees, net of tax	179	151	105	480	561
7	Profit before tax (5+6)	8,152	2,949	7,362	28,835	18,857
89	Tax expense / (benefit):a) Cun-ent taxb) Defe1Ted taxNet profit after taxes and share of profit of associates (7 - 8)	1,3801,1995,573	1,902768279	417(866)7,811	8,1721,14719,516	6,616(8,019)20,260
10	Other comp1·ehensive incomea) (i) Items that will not be reclassified subsequently to profit or loss	1,042	2,803	(326)	4,026	(412)
	(ii) Income tax relating to items that will not be reclassifiedto profit or loss	(220)	-	(22)	(220)	(22)
	b) (i) Items that will be reclassified subsequently to profit or loss	(6)	930	(1,011)	1,913	(448)
	(ii) Income tax relating to items that will be reclassifiedto profit or loss	(24)	(1)	96	(319)	232
	Total other comprehensive income	792	3,732	(1,263)	5,400	(650)
11	Total comprehensive income (9 + 10)	6,365	4,011	6,548	24,916	19,610
12	Paid-up equity share capital (face value Rs. 5/- each)	832	831	831	832	831
13	Other equity				175,585	155,157
	14 Earnings per equity share (face value Rs. 5/- each)
	Basic14!1� 0 .. orar111i" ;,,----.:::,"�	33.6133.51(Not m1111wlised)	1.681.67(Not a11111,a/ised)	47.1247.03(Not a1111ttalised)	117.67117.34	122.22121.99

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	All amounts 111 I I 11( tan R1111�� millions. c�mcnt I f n ormation
			Quarter ended	Year ended
r,I. No	Particulars	31.o3.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Segment wise revenue and results:
I	Segment revenue:
	a) Phannaceutical Services and Active Ingredients	9,923	8,841	8,782	39,284	32,086
	b) Global Generics	39,007	40,778	36,460	154,759	138,264
	c) Proprietaiy Products	243	124	2	523	7,949
	d) Others	390	1,412	723	2,814	2,781
	Total	49,563	51,155	45,967	197,380	181,080
	Less: Inter-segment revenue	1,881	1,736	1,478	6,905	5,910
	Total revenue from operations	47,682	49,419	44,489	190,475	175,170
2	Segment results:
	rom each segmentGross profit f
	a) Phannaceutical Services and Active Ingredients	2,517	1,776	2,050	9,444	6,219
	b) Global Genetics	22,446	23,454	20,332	91,111	78,449
	c) Proprietaiy Products	238	100	(7)	482	7,744
	d) Others	178	1,211	442	2,058	1,626
	Total	25,379	26,541	22,817	103,095	94,038
	Less: Selling and other un-allocable expenditure/(income), net	17,227	23,592	15,455	74,260	75,181
	Total profit before tax	8,152	2,949	7,362	28,835	18,857

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

Segmental Capital employed

As ce1tain assets of the Company including manufacturing facilities, development facilities and treasuty 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.