DR REDDYS LABORATORIES LTD — Interim / Quarterly Report 2025

Nov 5, 2024

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November 5, 2024

National Stock Exchange of India Ltd. (Scrip Code: DRREDDY-EQ) BSE Limited (Scrip Code: 500124)

New York Stock Exchange Inc. (Stock Code: RDY) NSE IFSC Ltd. (Stock Code: DRREDDY)

Dear Sir/Madam,

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

We would like to inform that the Board of Directors of the Company at its meeting held on November 5, 2024, has inter alia approved the following:

1. Financial results

• a. Unaudited Consolidated Financial Results of the Company and its subsidiaries for the quarter and halfyear ended September 30, 2024, prepared in compliance with International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB);

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

• c. Unaudited Consolidated Financial Results of the Company and its subsidiaries for the quarter and halfyear ended September 30, 2024, as per Indian Accounting Standards.

• d. Unaudited Standalone Financial Results of the Company for the quarter and half-year ended September 30, 2024, as per Indian Accounting Standards.

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

2. Investment in step-down wholly owned subsidiary company

Approval of the fund infusion by way of investment in equity shares of Dr. Reddy’s Laboratories LLC, Russia, a step-down wholly-owned subsidiary, upto an amount of Rs.600 Crores. The fund will be used for working capital requirements.

The requisite details as required under SEBI Listing Regulations, read with the SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, will be disclosed to the stock exchange(s) after approval of the Board of the said step-down wholly-owned subsidiary.

KUMAR Digitally signed by RANDHIR KUMAR RANDHIR SINGH Date: 2024.11.05 SINGH 16:01:49 +05'30'

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The Board Meeting commenced at 9:00 a.m. IST and concluded at 3:45 p.m. IST.

This is for your information and record.

Thanking you.

Yours faithfully, For Dr. Reddy’s Laboratories Limited

Digitally signed by KUMAR KUMAR RANDHIR SINGH RANDHIR SINGH Date: 2024.11.05 16:02:08 +05'30'

K Randhir Singh Company Secretary, Compliance Officer & Head-CSR

Encl: as above

•·· Dr. Reddy's �;•

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 f"mancial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter and half year ended 30 September 2024 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

SI. Particulars No. 1 Revenues 2 Cost of revenues 3 Gross profit (1 - 2) 4 Selling, general ad administative expenses 5 Reseach and development expenses 6 Ipairment of non-current assets, net 7 Oter income, net Total operatng expenses 8 Results fom operating activities [(3) - (4+5+6+7) Finance income Finance expense 9 Finance income, net 10 Share of proft of equity accounted investees, net of tax 11 Proft befre tax (8+9+10) 12 Tax expense, net 13 Proft fr the period/year (11 -12) Attributable to: Equity holders of the parent company Non-contolling interests 14 Earings per share atributable to equity shareholde company: Basic eaings per share of Re.I/- each Diluted eaings per share of Re.II- each				All amounts in Indian Rupes millions	All amounts in Indian Rupes millions	All amounts in Indian Rupes millions
	] rs of parent	Quarer ended Half		year ended		Year ended 31.03.2024
		30.09.2024 30.06.2024	30.09.2023 30.09.2024		30.09.2023
		(Unaudited) (Unaudited)	(Unaudited) (Unaudited) 68,802 1,56,889 28,434 62,776 40,368 94,113 18,795 45,698 5,447 13,464 55 929 (1,796) (1,454) 22,501 58,637 17,867 35,476 1,578 3,747 (353) (1,355) 1,225 2,92 42 120 19,134 37,988 4,334 10,653 14,800 27, 5 14,800 26,473 - 862 17.80 31.79 17.76 31.74 (ot annualsed) (ot annualsed)		(Unaudited)	(Audited) 2,79,164 1,15,557 1,63,607 77,201 22,873 3 (4,199) 95,878 67,729 5,705 (1,711) 3,994 147 71,870 16,186 55,684 55,684 - 66.93 66.81
		80,162 76,727 32,393 30,383 47,769 46,344 23,007 22,691 7,271 6,193 924 5 (984) (470) 30,218 28,419 17,551 17,925 2,312 1,435 (757) (598) 1,555 837 61 59 19,167 18,821 5,752 4,901 13,415 13,920 12,553 13,920 862 - 15.07 16.72 15.05 16.70 (ot annualsed) (ot annualsed)	68,802 28,434 40,368 18,795 5,447 55 (1,796) 22,501 17,867 1,578 (353) 1,225 42 19,134 4,334 14,800 14,800 - 17.80 17.76 (ot annualsed)		1,36,186 56,265 79,921 36,497 10,431 66 (2,576) 44,418 35,503 2,733 (724) 2,009 85 37,597 8,772 28,825 28,825 - 34.68 34.60 (ot annualsed)

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•·· Dr.Reddy's ��•

•·· Dr.Reddy's ��•
Segmol infrmation		All amounts in Indian Rup s millions
.s1. Particulars No. Segment wise revenue and results: 1 Segment revenue: a) Pharmaceutical Serices and Active Ingredients b) Global Generics c) Others Total Less: Inter-segment revenues Net revenues 2 Segment results: Gross proft fom each segment a) Phaaceutical Serices and Active Ingredients b) Global Genercs c) Others Total Less: Selling and other un-allocable expenditure, net of other income Totalprofit befre tax		Quarer ended			Halfyear ended Year ended
	30.09.2024		30.06.2024	30.09.2023	30.09.2024 (Unaudited) 21,339 1,40,434 391 1,62,164 5,275 1,56,889 4,286 89,680 147 94,113 56,125 37,988	30.09.2023 31.03.2024 (Unaudited) (Audited) 18,664 40,580 1,21,167 2,45,453 1,276 3,910 1,41,107 2,89,943 4,921 10,779 1,36,186 2,79,164 2,263 6,919 77,260 1,54,268 398 2,420 79,921 1,63,607 42,324 91,737 37,597 71,870
	(Unaudited)		(Unaudited)
	11,030 71,576 179 82,785 2,623 80,162 2,518 45,162 89 47,769 28,602 19,167

Global Generics segment includes operations of Biologics business. Inter-segment revenues 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, treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these a ets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

Notes:

• The above statement of unaudited consolidated financial results of Dr.Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with recognition and measurement principles of !AS 34 as issued by the International Accounting Standards Board (IASB) and were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 05 November 2024. The Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

• 2 During the quarter and half year ended 30 September 2024, an amount of Rs. 906 million and Rs. 1,715 million, respectively, and during the quarter and half year ended 30 September 2023, an amount of Rs. 1,598 million and Rs. 2,274 million, respectively, representing government grants has been accounted as a reduction from cost of revenues.

• 3 "Impairment of non-current assets, net" recorded during the half year ended 30 September 2024 includes an amount of Rs.907 million pertaining to Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value. This impairment charge pertains to the Company's Global Generics segment.

• 4 "Other income, net" for the year ended 31 March 2024 includes:

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

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

• 5 Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs.482 million, created in earlier period on land, during the quarter and half year ended 30 September 2024.

• 6 Business purchase agreement with Nestle India:

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

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

Upon Closing, the Company had also transferred its nutraceuticals and supplements portfolio to the Nutraceuticals subsidiary as a common control transfer of business.

This acquisition pertains to the Company's Global Generics segment.

Profit after tax attributable to Non-controlling interest for quarter and half year ended 30 September 2024, has arisen primarily on recognition of deferred tax asset on account of transfer of business from parent company to Nutraceuticals subsidiary. As at 30 September 2024, share of 49% held by Nestle India is recorded under Non-controlling interest ofRs.3,939 million.

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•·· Dr.Reddy's �;•

7 Consolidated statements of financial position

Particulars ASSETS Current assets Cash ad cash equivalents Other investments Trade and other receivables Inventores Derivative financial instments Other curent assets Total current assets Non-current assets Property, plant and equipment Goodwill Other intangible assets Investent in equity accounted investees Other investents Defrred tax assets Tax assets Other non-curent assets Total non-current assets Total assets LIABILITIES AND EQUITY Current liabilities Trade and other payables Shor-ter borowings Long-ter borowings, curent porion Provisions Tax liabilities Dervative facial instuments Bank overdraf Other curent liabilities Total current liabilities Non-current liabilities Long-term borrowings Defered tax liabilities Provisions Other non-curent liabilities Total non-current liabilities Total liabilities Equity Share capital Treasury shares Shae premium Shae based payment resere Capital redemption resere Special economic zone re-investent resere Retained eaings Other reseres Other components of equity Equity attributable to equity holders of the parent company Non-contolling interests Total equity Total liabilities and equity	All amounts in	Indian Rupts millions	Indian Rupts millions
	As at 30.09.20	As at
		24 31.03.2024
	(Unaudited) (Audited) 11,330 7,107 51,744 74,363 84,398 80,298 72,039 63,552 400 169 28,217 22.560 2,48,128 2,48,049
	86,693 76,886 11,773 4,253 92,119 36,951 4,779 4,196 1,200 1,059 17,475 10,774 2,278 3,718 1,510 1,632
	2,17,827		1,39.469
	4,65,955		3,87,518
	35,776 39,976 1,158 5,101 5,089 337 45 41,817		30,919 [2,723 1,307 5,383 2,342 468 - 42,897
	1,29,299		96,039
	7,361 13,830 159 6,023		5,990 909 61 3,969
	27.73		10,929
	1,56,672		1,06,968
	834 834 (915) (991) 11,065 10,765 1,497 1,508 173 173 541 653 2,85,180 2,65,257 3,979 - 2.990 2.351
	3,05,344 2,80,SS0
	3,939 ~~-~~
	3,09,283 2,80,550 4,65,955 3,87,518

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•·· Dr. Reddy's ��•

8 Consolidated statements or cash flows

Consolidated statements or cash fows
	All amounts in Indian Rup< millions
Particulars	falf ye 30.09.2024	ar ended 30.09.2023 (Unaudited)
Cash fows fom/(usedin)operating activities: Proft for the period Adjustments for: Tax expense, net Fair value chaoges aod profit on sale of finaocial instments measured at FVTPL •, net Depreciation aod amoration Impairent of non-curent assets Allowaoce fr credit losses (on tade receivables aod other advaoces) Gain on sale or de-recogition of noncuent assets, net Share of proft of equity accounted investees Inventores write-down Foreign exchaoge loss/(gain), net Interest income, net Equity settled share-based payment expense Changes in operating assets and liabilities: Trade aod other receivables Inventories Trade aod other payables Other assets aod other liabilities, net Cash generated fom operations Income tax paid, net Net cash generated fom operating activities Cash fows (used in)/rrom investing activities: Purchase of property, plaot aod equipment Proceeds fom sale of property, plaot aod equipment Purchase of other intangible assets Proceeds fom sale of other intangible assets Payment fr acquisition of businesses Purchase of other investents Proceeds fom sale of other investents Investent in associates Dividend received fom equity accounted investees Interest aod dividend received Net cash (used in)/fomininvesting activities Cash fows (used in)/fom fmancing activities: Proceeds fom issuaoce of equity shaes (including teasur shares) Proceeds fom issuaoce of equity shares in subsidiar to Non-contolling interests Proceeds fom/(Repayment of) short-ter borowings, net Repayment oflong ter borowings Proceeds fom long ter borowings Payment of principal porion oflease liabilities Dividend paid Interest paid Net cash usedinfmancing activities Net increaseincash and cash eqnivalents Efect of exchaoge rate chages on cash and cash equivalents Cash aod cash equivalents at the beginning of the period Cash and cash equivalents at the end or the period11>
	26,566 (8,754) 17,812		37,662 (8,486} 29,176
	(12,646) 411 (1,687) 419 (51,441) (1,38,326) 1,62,988 (317) - 1.280		(7,323) 487 (8,787) 21 - (70,008) 71,815 - 445 597
	(39,319)		(12,753)
	157 7,056 27,556 (735) (6,662) (1,681) 25,691		765 - (1,054) (3,800) 3,800 (524) (6,648) (1.051) (8,512)
	4,184 (6) 7,107		7,911 (155) 5,779
	11,285 13,535

*FVTPL (fair value through profit or loss) II! Adjusted for bank-overdraft of Rs.45 million and Rs.4 million for the half year ended 30 September 2024 and 2023, respectively.

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••• Dr.Reddy's �;•

• 9 Business purchase agreement with Haleon:

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

The definitive agreement for the acquisition of this NRT Business from Haleon includes the transfer of intellectual property, employees, agreements with commercial manufacturing organization, marketing authorizations and other assets relating to the commercialization of four brands - i.e., Nicotinell, Nicabate, Thrive, and Habitrol. The acquisition is inclusive of all formats such as lozenge, patch, spray and/or gum in all applicable global markets outside of the United States. The closing conditions were met, and the transaction was completed on 30 September 2024.

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

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

Further, The company executed a forward exchange contract to hedge its exposure to the payment made in GBP. Upon maturity, hedge gain of Rs.2, I 97 million (GBP 20 million) was reclassified from the cash flow hedge reserves and has been adjusted in consideration paid upon closing of the transaction.

Acquisition related costs amounting to Rs.1,017 and Rs.280 were recognised as expenses under "Selling, general and administrative expenses" during the half year ended 30 September 2024 and the year ended 31 March 2024, respectively.

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

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

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

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

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

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

Consequently, the authorized share capital was sub-divided into 1,450,000,000 equity shares, the paid up share capital is sub-divided into 834,384,730 equity shares and Treasury shares are sub­ divided into 1,338,570 having a face value of Rupees One each w.e.frecord date of28 October 2024.

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

The affect of stock split was considered in the computation of basic and diluted EPS for the quarter and half year ended 30 September 2024 and prior periods have been restated considering face value of Rupee One each in accordance with IAS 33 - "Earnings per Share" and rounded off to the nearest decimals.

Place: Hyderabad Date: 5 November 2024

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By order of the Board For Dr. Reddy's Laboratories Limited N Co-Chairman & Managing Director

Press Release

•·· Dr.Reddy's �;•

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DR. REDDY'S LABORATORIES LTD.

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

INVESTOR RELATIONS MEDIA RELATIONS RICHA PERIWAL ~~rjhaperiwal@dreddys com~~ USHA IYER AISHWARYA SITHARAM aishwarasjtarm@dreddys.com ushaiyer@dreddys.cm

Dr. Reddy's Q2 & H1FY25 Financial Results

Hyderabad, India, November 5, 2024: Dr. Reddy's Laboratories Ltd. (BSE: 500124 I NSE: DRREDDY I NYSE: RDY I NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and half year ended September 30, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

H1FY25

Q2FY25

t 156,889 Mn rup: 15% YoYl

t 80,162 Mn t 156,889 Mn Revenues rup: 17% YoY; 4% QoQl rup: 15% YoYl 59.6% 60.0% Gross Margin [Q2FY24: 58.7%; Q1FY25: 60.4%] rH1FY24: 58.7%1 t 23,007 Mn t 45,698 Mn SG&A Expenses rup: 22% YoY; 1 % QoQl rup: 25% YoYl t 7,271 Mn t 13,464 Mn R&D Expenses r9.1% of Revenuesl rs.6% of Revenues l t 22,803 Mn t 44,402 Mn EBITDA r28.4% of Revenues l t 19,167 Mn t 37,988 Mn Profit before Tax rFlat YoY; Up: 2% QoQl rup: 1% YoYl Profit after Tax t 13,415 Mn t 27,335 Mn before Non-Controlling Interest roown: 9% Yo Y; 4% QoQl , rDown: 5% YoYl Profit after Tax t 12,553 Mn t 26,473 Mn attributable to Equity Holders rDown: 15% YoY; 10% QoQl rDown: 8% YoYl

60.0% rH1FY24: 58.7%1

t 45,698 Mn rup: 25% YoYl t 13,464 Mn rs.6% of Revenues l

t 44,402 Mn r2s.3% of Revenues l

Commenting on the results, Co-Chairman & MD, G V Prasad said:

"We delivered another good quarter and maintained the growth momentum across businesses. We made progress on our future growth drivers, operationalized our venture with Nestle and completed the acquisition of Nicotinell® and related brands. We will continue to drive efficiency, strengthen our core businesses, and positively impact patient lives through science and innovation."

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1

All US dollar amounts based on convenience translation rate of 1 USD == �83.76

All amounts in millions, except EPS

Dr. Reddy's Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

Particulars Q2FY25 Q2FY24 YoY Q1FY25 QoQ (l) (=) Gr % (=) Gr%	Particulars Q2FY25 Q2FY24 YoY Q1FY25 QoQ (l) (=) Gr % (=) Gr%	Particulars Q2FY25 Q2FY24 YoY Q1FY25 QoQ (l) (=) Gr % (=) Gr%
Global Generics 71,576 North America 37,281 Europe 5,770		61,084 17 68,858 4 31,775 17 38,462 (3) 5,286 9 5,265 10
India 13,971 ~~'~~		11,860 18 13,252 5
EmergingMarkets 14,554		12,163 20 11,878 23
Pharmaceutical Services and Actve Ingredients (PSAI)	8,407	7,034 20 7,657 10
Others 179 684 (74) I 212 (16) Total 80 162 68 802 17 76 727 4

Revenue Mix by Segment for the half year

H1FY25 H1FY24 YoY Particulars (t) (�) Gr% Global Generics 140,434 121,167 16	H1FY25 H1FY24 YoY Particulars (t) (�) Gr% Global Generics 140,434 121,167 16
North America 75,743	63,776 19
Europe 11,035	10,333 7
India 27,223	23,342 17
EmergingMarkets 26,433	23,716 11
PSAI 16,064	13,743 17
Others 391 .,	1,276 (69)
Total 156,889 136,186 15

Q2FY25 Revenue Mix

H1FY25 Revenue Mix

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17%
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2

Consolidated Income Statement for the quarter

		Cost of Revenues	387					14
			�io					18
		%of Revenues		_s9.6%I _		_ss.7%I _				60.4%
		Selling, General & Administrative Ex enses	275	23,007	224	18,795		22	271	22,691	1
		%of Revenues		28.7%		27.3%				29.6%
		Research & Development Expenses	87	7,271	65	5,447		33	74	6,193	17
		%of Revenues		9.1%		7.9%				8.1%
		Impairment of Non-Current Assets, net	11	924	1	55		1580	0	5
1		Other (Income)/Expense, net	(12)	(984)	(21)	(1,796)		(45)	(6)	(470)	109
		Re$qlt fom @P,er,atgg AG1'iiti�s		17,l·St				**C2) **			{2)
		Finance (Income)/Expense, net		(1,555)				27			86
		Share of Proft of Equit Accounted Investees, net of tax		(61)				45		(59)	3
		Pr:f b�f� lne-ame 1	22�	1'ia6�				0	225	1,a;si1	2
		%of Revenues		23.9%		27.8%				_24.5%_I
		Income Tax Expense						33			17
		Pvoitfrthe PeriQ						c,1			('4j
		%0'R'ven.ues								18.1%
		Attributable to Equit holders of the an	150	12,553	177	14,800		(15)	166	13,920	(10)
		Attributable to Non-controlling interests		862
						tl.7E		(r5)	o,io		,�
		"Historical numbers re-casted basis the increased	number of shares post share split

EBITDA Computation for the quarter

Particulars Q2FY25 ($) (l) Q2FY24 Q1FY25 ($) (l) ($) (l)	Particulars Q2FY25 ($) (l) Q2FY24 Q1FY25 ($) (l) ($) (l)	Particulars Q2FY25 ($) (l) Q2FY24 Q1FY25 ($) (l) ($) (l)	Particulars Q2FY25 ($) (l) Q2FY24 Q1FY25 ($) (l) ($) (l)
Proft befre Income Tax 229 19,167 228 19,134			225 18,821 (12) (1,037)
Interest (Income) / Expense, net*	(15)	(1,262) (14) (1,166)
Depreciation	31	2,629 29 2,437	30 2,508 16 1,302
Amortization	16
Impairment ~~-~~ ·-	11
EBJTD [ %of Revenues 2-� i2,s0:s 28.4% 26 '21,81 258 21,599 31.7% 28.2%

1'/ncludes incorne fl·orn fnvestrnenc

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3

Consolidated Income Statement for the half year

Particulars		H1FY25 - ($) - -- (l) -	H1FY25 - ($) - -- (l) -	H1FY25 - ($) - -- (l) -	H1FY24 - ($) (l)	H1FY24 - ($) (l)	H1FY24 - ($) (l)	YoY Gr%
Revenues	~~I~~	1,873		156,889	, 1,626		136,186	15
Cost of Revenues		749		62,776	672		56,265	12
Gross Profit		1,124		94,113	954		79,921	18
%of Revenues		I		60.0%		I	58.7%
Selling, General & Administrative Expenses		546		45,698	436		36,497	25
%of Revenues				29.1%			26.8%
Research & Development Expenses		161		13,464	125		10,431	29
%of Revenues				8.6%			7.7%
Impairment of Non-Current Assets, net		11		929	1		66	1308
! Other (lncome)/Expense, net		(17)		(1,454)	(31)		(2,576)	(44)
Results from Operating Activities		424		35,476	424		35,503	(OJ
Finance(lncome)/Expense, net		(29)		(2,392)	(24)		(2,009)	19
Share of Profit of Equity Accounted Investees, net of tax		(1)		(120)	(1)		(85)	41
Proft befre Income Tax		454		37,988	449		37,597	1
%of Revenues				24.2%		I	27.6%
Income Tax Expense Proft for the Period	I	127 326		10,653 21 :ns	!105 344	l	8,772121 28,82S (5)
• %of Revenues				17.4%			21.2%
Attributable to Equit holders of the parent company		316		26,473	344	!	28,825	(8)
Attributable to Non-controlling interests		10		862				-
~~-~~
1Diluted Earnings per Share (EPS)"		0.39		31.73	0.41		34.58	(8)
·'flistorica! numbers re-casced /osis the increased number o/shar!!s post siwr! split

EBITDA Computation for the half year

H1FY25 H1FY24 Particulars ----- - ($) (l) ($) (l)	H1FY25 H1FY24 Particulars ----- - ($) (l) ($) (l)	H1FY25 H1FY24 Particulars ----- - ($) (l) ($) (l)	H1FY25 H1FY24 Particulars ----- - ($) (l) ($) (l)
Proft before Income Tax 454			37,988 449 37,597
Interest (Income) / Expense, net* (27) Depreciation 61			(2,300) (22) (1,851) 5,137 56 4,718
Amortization	32
Impairment	11
EBI'DA l_of Revenues_	5�0 I	44,402 516 43,186- I ! 28.3% I I 31.7%

Key Balance Sheet Items

. Particulars					As on 30th ($)	Sep 2024 (l)		As on 30th ($)	As on 30th ($)	Jun 2024 (�)	As on 30th Sep 2023 ($) (l)	As on 30th Sep 2023 ($) (l)
Cash and Cash Equivalents		and Other Investments			767	64,274		1,141		95,599	833	69,784
rade Receivables Inventories			1,008 ---- 860			84,398 ----: 72,039		968 819		81,088 68,568	832 676	69,722 56,592
Property, Plant, and Equipment					1,035	86,693		959		80,343	841	70,478
Goodwill and Other In tang·			I		1,240	103,892		494		41,374	493	41,278
Loans and Borrow·	•	o1�-rnr !nt) 580 ,-\t--- --				48,540 --		366 ---		30,675 158 13,230 - **--,------ **
rade Payables					427	35,776		407		34,109	364	30,485
Equit					3,692 309,283			3,518		294,627	3,022	253,086
											�	4

Key Business Highlights [for Q2FY25]

• Completed acquisition of the Nicotine Replacement Therapy ('NRT') portfolio outside of the United States and paid upfront cash consideration of GBP 458 million.

• Operationalized, Dr. Reddy's and Nestle Health Science Limited, in August 2024 to undertake the business of nutraceutical products and supplements in India and Nepal. 49% of the shares in the subsidiary transferred to Nestle India.

• Secured Marketing Authorization from European Commission for our rituximab biosimilar, following a positive opinion from the C_HMP of the European Medicines Agency.

• Received approval from the USFDA for Investigational New Drug (IND) application for AUR-112, a highly differentiated potent and selective inhibitor of MAL Tl, being developed for treatment of lymphoid malignancies.

• Entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan, a novel gastrointestinal drug, in India.

ESG & other Updates [for Q2FY25]

• Recognised amongst 'Top 15' India's Most Sustainable Companies, 2024 by Businessworld India

• Received 'ESG Excellence Award' 2024 in the 'Large-cap Pharmaceuticals & Healthcare' category by KPMGindia

• 'Voluntary Action Indicated' (VAi) classification by the United States Food and Drug Administration (USFDA) for two of our formulations manufacturing facilities in Duvvada, Visakhapatnam (FTO 7 and FTO 9), following their routine GMP inspection in May 2024 as well as our API manufacturing facility (CTO-6) in Srikakulam, Andhra Pradesh, following their GMP Inspection in June 2024.

• Product-specific Pre-Approval Inspection (PAI) completed by the USFDA at our formulations manufacturing facility (FTO SEZ PU1) in Srikakulam, Andhra Pradesh in August 2024 and issued a Form 483 with three observations. The response to the observations were submitted within stipulated timelines.

• USFDA at our R&D centre

• Routine Good Manufacturing Practice (GMP) inspection concluded by the in Bachupally, Hyderabad in September, 2024, with zero observations.

• Alteration in share capital of the Company by sub-division/ split of existing equity shares of face value of :{5 each, fully paid up, including the American Depository Shares, into 5 equity shares of U each, fully paid-up, approved by the shareholders as well as the Board of Directors of the Company.

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5

Revenue Analysis

• Q2FY25 consolidated revenues at l80.2 billion, YoY growth of 17% and sequential growth of 4%. Yo Y growth was primarily driven by growth in global generics revenues. QoQ growth was primarily driven by global generics revenues in Emerging Markets, India, Europe as well as PSAI.

H1FY25 consolidated revenues at U56.9 billion, YoY growth of 15%. The growth was driven by strong performances in global generics in North America, India, Emerging Markets as well as PSAI.

Global Generics (GG)

• Q2FY25 revenues at Ul.6 billion, YoY growth of 17% and QoQ growth of 4%. YoY growth was broad­ based, driven by improved sales volumes and new product launches. Sequential growth was primarily driven by Emerging Markets and Europe.

H1FY25 revenues at U40.4 billion, a YoY growth of 16%. The growth was across all markets, driven by increase in sales volumes.

North America

• Q2FY25 revenues at �37.3 billion, YoY growth of 17% and QoQ decline of 3%. YoY growth was largely on account of increase in sales volumes, partly offset by price erosion. Sequential decline was due to decrease in sales volumes.

H1FY25 revenues at U5.7 billion, YoY growth of 19%. The growth was largely on account of increase in sales volumes, partially offset by price erosion.

• During the quarter, we launched four new products in the region, all of which were launched in the U.S. A total of 7 products were launched during the half year ended September 30, 2024.

• During the quarter, we filed two new Abbreviated New Drug Applications (ANDAs) with the USFDA, taking our year-to-date ANDA filing count to three. As of September 30, 2024, 80 generic filings were pending approval from the USFDA. These comprise of 75 ANDAs and five New Drug Applications (NDAs) filed under Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 75 AND As, 44 are Paragraph IV applications, and we believe that 22 of these have the 'First to File' status.

Europe

• Q2FY25 revenues at l5.8 billion, YoY growth of 9% and QoQ growth of 10%. YoY growth was primarily on account of leveraging the portfolio to launch new products, partly offset by price erosion. QoQ growth was primarily on account of new product launches.

  • Germany at �3.2 billion, YoY growth of 21 % and QoQ growth of 16%.

  • UK at U.6 billion, Yo Y decline of 7% and QoQ growth of 3%.

  • Rest of Europe at l0.9 billion, YoY growth of 4% and QoQ growth of 2%.

• H1FY25 revenues at Ul.0 billion, YoY growth of 7%. The growth was primarily on account of new product launches and momentum in base business, partly offset by price erosion. Germany at l6.0 billion, YoY growth of 17%.

  • UK at l3.2 billion, Yo Y decline of 7%.

  • Rest of Europe at U,8 billion, YoY growth of 2%.

• During the quarter, we launched 8 new products in the regio

· .,' ..

6

India

• Q2FY25 revenues at U4.0 billion, YoY growth of 18% and QoQ growth of 5%. YoY growth was led by revenues from the vaccine portfolio in-licensed from Sanofi, new products launched as well as price increases. QoQ growth was on account of increase in sales V?lumes and price, as well as new product launches. As per IQVIA, our 1PM rank was maintained at 10 for the quarter.

• H1FY25 revenues at U7.2 billion, YoY growth of 17%. YoY growth was largely on account of revenues from in-licensed vaccine portfolio, new products launched as well as higher prices.

• During the quarter, we launched three new brands in the country, taking the year-to-date total to 16. We also integrated the nutraceutical products under our subsidiary, 'Dr. Reddy's and Nestle Health Science Limited' during the quarter.

Emerging Markets

• Q2FY25 revenues at U4.6 billion, YoY growth of 20% and QoQ growth of 23%. YoY growth is attributable to market share expansion as well as new product launches. QoQ growth was primarily due to higher volumes in the base business.

• Revenues from Russia at �6.9 billion, YoY growth of 18% and QoQ growth of 24%.

  • volumes

  • Yo Y growth was due to higher sales and price and new product launches, partly offset by unfavorable currency exchange rate movements.

  • QoQ growth was largely on account of market share expansion.

• at

• Revenues from other Commonwealth oflndependent States (CIS) countries and Romania �2.1 billion, YoY decline of 2% and QoQ growth of 12%.

  • Yo Y decline was primarily on account of decline in base business volumes. QoQ growth was largely driven by higher base business volumes and increase in prices.

• Revenues from Rest of World (RoW) territories at �5.6 billion, YoY growth of 32% YoY and QoQ growth of 26%.

  • Yo Y growth was due to momentum in base business and contribution from new products. QoQ growth was largely driven by increase in base business volumes.

• H1FY25 revenues at �26.4 billion, YoY growth of 11 %. The growth is attributable to market share expansion and new product launches, partly offset by unfavorable forex.

• Revenues from Russia at U2.4 billion, YoY growth of 9%. The growth was largely on account of price increases in certain brands and improved volumes, partially offset by unfavorable currency exchange rate movements.

• Revenues from other CIS countries and Romania at H.1 billion, YoY decline of 2%. The decline was largely on account of lower sales volumes.

• Revenues from RoW territories at U0.0 billion, YoY growth of 22%. The growth is largely attributable to higher base business volumes and new product launches.

• During the quarter, we launched 22 new products across various countries in the region, taking the year-to-date total to 39.

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7

Pharmaceutical Services and Active Ingredients (PSAI)

• Q2FY25 revenues at �8.4 billion, YoY growth of 20% and QoQ growth of 10%. YoY and QoQ growth was mainly driven by momentum in base business volumes, growth in services business and revenues from new products.

• H1FY2 5 revenues at U 6.1 billion, with a growth of 17% Yo Y. The growth was mainly driven by market share expansion, growth in services business and revenues from new products.

• During the quarter, we filed 22 Drug Master Files (DMFs) globally, taking the year-to-date count to 36.

Income Statement Highlights:

Gross Margin

• Q2FY25 at 5 9.6% (GG: 6 3.1 %, PSAI: 30 .0%), a YoY increase of 92 basis points (bps) and a QoQ decline of 8 1 bps. The YoY increase was on account of improvement in product mix and overhead leverage, partly offset by price erosion. On a sequential basis, the decline was primarily on account of change in mix.

H1FY25 at 6 0 .0% (GG: 6 3.9%, PSAI: 26.7%), a YoY increase by 130 bps YoY. The expansion in margin was on account of favourable product mix and productivity cost savings, partially offset by price erosion in select markets.

Selling, General & Administrative (SG&A) Expenses

• Q2FY25 at �23.0 billion, YoY increase of22% and QoQ increase oflo/o.

• We incurred one-time acquisition related costs towards NRT portfolio. Excluding the same, SG&A spend was at 28% of sales.

H1FY25 at HS.7 billion, YoY increase of 25%.

The increase is largely on account of higher investments in sales & marketing activities to strengthen our existing brands, new business initiatives, including scaling up 'Over-the-Counter' (OTC) and consumer health businesses, as well as higher personnel and freight expenses.

Research & Development (R&D) Expenses

• Q2FY25 at U.3 billion. As% to Revenues - Q2FY25 : 9.1 % I Q2FY24: 7 .9% I Q1FY25 : 8.1 %.

• H1FY25 at U3.5 billion. As% to Revenues - H1FY25 : 8 .6% I H1FY24: 7 .7%.

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

Other Operating Income

• Q2FY25 at U.0 billion as compared to� 1.8 billion in Q2FY24.

• H1FY25 at U.5 billion as compared to 't 2.6 billion in H1FY24,

Net Finance Income

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4.
Y.
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• Q2FY25 at 'tl.6 billion compared to U.2 billion in Q2FY24. H1FY25 4. at 't2.4 billion as compared to 't2.0 billion in HlFY.

8

Profit before Tax

• Q2FY25 at U9.2 billion, flat YoY and a QoQ growth of 2%. As% to Revenues - Q2FY25: 23.9% I Q2FY24: 27.8% I Q1FY25: 24 .5%.

Excluding the impact of aforesaid mentioned one-time acquisition related cost and impairment charge on non-current assets; underlying profit before tax stood at 25. 7% of revenues.

H1FY25 at 'B8 .0 billion, a YoY increase of 1 %. As% to Revenues - H1FY25: 24. 2% I H1FY24: 27.6%.

Income Tax

• Q2FY25 at �5 .8 billion. As% to PBT- Q2FY25: 30% I Q2FY24: 2 2 .7% I Q1FY25: 26%.

The higher tax for the quarter is on account of reversal of a Deferred Tax Asset of Rs. 0 .48 billion, created in earlier period on land, pursuant to the amendment in the Finance Act 20 24 , resulting in withdrawal of indexation benefit. Excluding the impact of this one-time reversal, adjusted effective tax rate for the quarter on the underlying PBT is 25 .9%.

H1FY25: The ETR was 28.0% as compared to 23 .3% in H1FY24 .

Profit after Tax before Non-Controlling Interests

• Q2FY25 at U3.4 billion, a YoY decline of 9% and a QoQ decline of 4%. As% to Revenues - Q2FY25: 16 .7% I Q2FY24: 2 1 .5% I Q1FY25: 18 . 1%.

Excluding the impact of one-time acquisition related cost, impairment charge on non-current assets, one-time tax expense, underlying profit after tax before non-controlling interests stood at 18 .0% of revenues.

H1FY25 at �27 .3 billion, a YoY decline of 5%. As% to Revenues - H1FY25: 17 .4% I H1FY24: 2 1.2%.

Non-Controlling Interests (NCI)

• Q2FY25 at �0 .9 billion. This primarily includes the share in a one-time deferred tax asset recognized in the subsidiary books (Dr. Reddy's and Nestle Health Science Limited) on account of transfer of Dr. Reddy's nutraceuticals business to the subsidiary and consequently allocated to NCI.

Profit attributable to Equity Holders of Parent Company

• Q2FY25 at U 2 .6 billion, a YoY decline of 15% and a QoQ decline of 10%. As% to Revenues- Q2FY25: 15.7% I Q2FY24: 2 1 .5% I Q1FY25: 18 . 1%.

Excluding the impact of one-time acquisition related cost, impairment charge on non-current assets, one-time tax expense, underlying profit after tax attributable to equity holders of parent company stood at 19% of revenues.

H1FY25 at U6.5 billion, a YoY decline of8%. As% to Revenues - H1FY25: 16 .9% I H1FY24: 2 1.2%.

Diluted Earnings per Share (EPS)

• Q2FY25 is U5 .04. H1FY25 is �3 1 .73.

The Earnings per s!J.are·has been arrived at on the increased number of shares pursuant to the stock split of one fully paid-up equity share of Rupees five each into fi u �l,;UI (f}j� share of Rupee one each.

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9

Other Highlights:

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

• Q2FY25 at U2 .8 billion, YoY growth of 5% and QoQ growth of 6%. As% to Revenues- Q2FY25: 28.4% I Q2FY24: 31 .7% I Q1FY25 : 28. 2%.

• Exclud ing the impact of one-time acquisition related cost, EBITDA stood at 29.1 % of sales.

• H1FY25 at N4.4 billion, a YoY growth of 3%. As% to Revenues - H1FY25: 28.3% I H1FY24: 31 .7%.

Others:

• Operating Working Capital : As on 30th September 2024 at U 20. 7 billion.

• Capital Expenditure: Q2FY25 at U.4 billion.

• Free Cash Flow: Q2FY25 at U.0 billion.

• Net Cash Surplus: As on 30th September 2024 at U8.9 billion

• Debt to Equity: As on 30[th ] September 2024 is (0.06)

• ROCE: Q2FY25 at 28.5% (Annualized)

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10

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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11

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

Particulars Inventories	I	As on 30thSep 2024 ----- (') 72,039
Trade Receivables		84,398
Less:
Trade Payables		35,776
Operating Working Capital	I	120,661

Free Cash Flow

Particulars Three months ended ___ 30th_Sep �024- (�)	Particulars Three months ended ___ 30th_Sep �024- (�)	Particulars Three months ended ___ 30th_Sep �024- (�)
Net cash generated fom operating activities Taxes Investments in Property,Plant & Equipment,and Intangibles	cash generated fom operating activities	•
		(7,223) (7,279)
Free Cash Flow befre Acquisitions Less:		2,036
Acquisitions related Pay�out		(51,442)
Free Cash Flow **(49,406) **

Net Cash Surplus and Debt to Equity

Particulars Cash and Cash Equivalents As on 30th Sep 2024 (') 11,330	Particulars Cash and Cash Equivalents As on 30th Sep 2024 (') 11,330
Investments 52,944
Short-term Borrowings	(40,021)
Long-term Borrowings, Non-Current	(7,361)
Less:
Restricted Cash Balance - Unclaimed Dividend and others Lease liabilities(included in Long-term Borrowings,Non-Current)	177 (3,561)
Equity Investments (Included in Investments)	1,388
Net Cash Surplus lEquity Net Debt/Equity t8,8R, 309,283 f0.06)

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· V 12

Computation of Return on Capital Employed

Particulars As on 30th Sep 2024 (')	Particulars As on 30th Sep 2024 (')
Proft before Tax	19,167
Less:
Interest and Investment Income(Excludingfrexgain/loss)	1,262
Earnings Befre Interest and taxes [A] Average Capital Employed[B] I	17,905 250,862
Annualized Return on Capital EmIloyed (A/B) (Ratio)	28.5%

Computation of Capital Employed:

Particulars As on - - - Sep 30, 2024 Mar 31, 2024	Particulars As on - - - Sep 30, 2024 Mar 31, 2024
PropertyPlant and Equipment 86,693	76,886
Intangibles 92,119	36,951
Goodwill Investment in EquityAccounted Associates 11,773 4,779	4,253 4,196
Other Current Assets 28,217	22,560
Other Investments 1,200	1,059
Other Non-Current Assets 1,510	1,632
Inventories 72,039	63,552
Trade Receivables 84,398	80,298
Derivative Financial Instruments 63	(299)
Less: Other Liabilities Provisions 47,840 5,260
	46,866 5,444
Trade payables , Operating Capital Employed Average Capital Employed 35,776 293,865 30,919 207,859 250,862

Computation of EBITDA

Refer page no. 3 & 4.

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�13

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: November 5, 2024

Time: 19:30 pm /ST/ 09:00 am ET

Conference Joining Information

Option 1: Pr.e-register with the below link and join without waiting for the operator https://services.choruscall.in/OiamondPassRegistration/register?confirmationNumber=2636091&1ink Securi Strin =117 4e664fe

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Option 2: Joi!n through below Dial-In Numbers

J

Universal Access Number: +91 22 6280 1219 +91 22 7115 8120 USA: 1 866 746 2133 International Toll-Free UK: 0 808 101 1573 Number: Singapore: 800 101 2045 Hong Kong: 800 964 448

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

Play Back: The play back will be available after the earnings call, till November 11[th] , 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 03706.

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: S00lz.1., NSE: DRREDDY, :'-iYSE: 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 AP ls, generics, branded generics, biosimilars and OTC. Out· m.ijor therapeutic are.is of focus are gastrointestinal, cardiovascular, diabetology, oncology. pain management and dermatology. Our major markets include - US,\, lmlia, RussiJ & ClS countries, China, Brazil, and Europe. As .i company with a history of deep science that has led to several industry firsts, we cominue to plan and invest in businesses of the future. ,\s an early adopter of sustainability and ESG actions, we released our first Sustainability Report 1n 200,r. Our current ESC goals a1111 to set the bar high in envirnnmental stewardship: access and affordability for patients; diversity; and governance.

f'or more mformanon. log on to: www,drreddys.�om.

Disclaimer: This p1-2ss rclcc1sc may include stc1tcmcms of Cut\lrc expectations ami other fonv.ir,!-looking statements thal arc based on the management's cutTcnt vie,Ns and assumptions cinJ involve known Dr 1111known risks and unc2naintll'S that ,�ould c:iuse ,ictui results, performance, or e·;cnls Lo diffo1- mcite,-,,1!1[,] ; rrom those exp,-rc,sscd o,- illlplied in such st,11:cments. In ,1cldit:on to stat21T1encs which are lorward-look1ng by rc,1son or context, the words ' mciv", "will"', ""should", "2Apccts". "plans". "intends", "Jnticipates". "bP.!icves", "es,imates'', "predicts". "porcntial", or ·•continue" Jnd sin1ilar expressions idcnul)' forward�look1ng statements. Aclual results, perforinance or even!-s in;iy cliff er mcncriolly from those in such statements due to without limitation, (i) gener·JI economic conditions such as performanc2 or financicil :nJrkets, credit defr1ulls, currency exchange ntes , inter2st r:itcs . persistency levels and rr�quency / severity of insured loss events (i1) mortalily and rnorbidiLy levels Jnd trends, [i1,J changing levels of compelilion and generJI competitive factor,, (iv] changes it: laws and regulc1tions and in the policies of ce11tr:1I banks and/or governments, (v} the impact oi xquisitions or reorg:rniz;lli LJ.1,!!:,:::::::;�;:,[ • tegrc1Lio11 issues, ,rncl (vi) the susccplibilily oi our incluslry and the 111cirk8Ls addressed by our, ;rnd our customers·. products a result <Jf nc1turJi drs;isters. 2p1dem1cs. pandemics or other widespread illness, including CJrnnJ·,;irus for certdintics identified in our public filings with the Securities Jnd E:;ch;:inge Commission. including thos rs" ;:incl Forward-Looking St;1ternents" sec�10ns of our ,\nnu;:il Report on Form :20-1[7 ] for the year ended .\IJrch 31, 2tJ2,+. n to pdnte Jny inform;1tion contained her•ein." The company assumes no oblige 1on to update any inform;:ition con 14 �v

;

S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants

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

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

Review Report to The Board of Directors

Dr. Reddy's Laboratories Limited

• I. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended 30 September, 2024 (the "Statement") of Dr. Reddy's Laboratories Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

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

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial lnfonnation Perfonned by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants oflndia. This standard requires that we plan and perfonn 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.

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

Holding Company:

Dr. Reddy's Laboratories Limited

Subsidiaries:

• I. Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.

• Aurigene Oncology Limited (Formerly, Aurigene Discovery Technologies Limited)

• Aurigene Pharmaceutical Services Limited

• beta Institut gemeinniltzige GmbH 5. betaphann Arzneimittel GmbH

• Cheminor Investments Limited

• Chirotech Technology Limited (Liquidated)

• Dr. Reddy's Farmaceutica Do Brasil Ltda.

• Dr. Reddy's Laboratories (EU) Limited

• Dr. Reddy's Laboratories (Proprietary) Limited

• Dr. Reddy's Laboratories (UK) Limited

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1. Dr. Reddy's Laboratories Canada, Inc.

2. Dr. Reddy's Laboratories Chile SPA.

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

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

1. Dr. Reddy's Laboratories Inc.

2. Dr. Reddy's Laboratories Japan KK

3. Dr. Reddy's Laboratories Kazakhstan LLP

4. Dr. Reddy's Laboratories Louisiana LLC

5. Dr. Reddy's Laboratories Malaysia Sdn. Bhd.

6. Dr. Reddy's Laboratories New York, LLC

7. Dr. Reddy's Laboratories Philippines Inc.

8. Dr. Reddy's Laboratories Romania Sri

9. Dr. Reddy's Laboratories SA

10. Dr. Reddy's Laboratories Taiwan Limited

11. Dr. Reddy's Laboratories (Thailand) Limited

12. Dr. Reddy's Laboratories LLC, Ukraine

13. Dr. Reddy's New Zealand Limited.

14. Dr. Reddy's Sri

15. Dr. Reddy's Bio-Sciences Limited

16. Dr. Reddy's Laboratories (Australia) Pty. Limited

17. Dr. Reddy's Laboratories SAS

18. Dr. Reddy's Research and Development B.V.

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

20. Dr. Reddy's (Beijing) Pharmaceutical Co. Limited

21. DRL Impex Limited

22. Dr. Reddy's Formulations Limited

23. Idea2Enterprises (India) Pvt. Limited

24. Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited)

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

26. Lacock Holdings Limited

27. Dr. Reddy's Laboratories LLC, Russia

28. Promius Pharma LLC

29. Reddy Holding GmbH

30. Reddy Netherlands B.V.

31. Reddy Pharma Iberia SAU

32. Reddy Pharma Italia S.R.L.

33. Reddy Pharma SAS

34. Svaas Wellness Limited

35. Nimbus Health GmbH

36. Dr. Reddy's Laboratories Jamaica Limited

37. Dr. Reddy's and Nestle Health Science Limited (Formerly, Dr. Reddy's Nutraceuticals Limited) 51. Northstar Switzerland SARL (from September 30, 2024)

38. North Star OpCo Limited (from September 30, 2024)

39. North Star Sweden AB (from September 30, 2024)

Associates:

• 02 Renewable Energy IX Private Limited

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

Joint Ventures:

• l . DRES Energy Private Limited 2. Kunshan Rotam Reddy Pharmaceutical Co. Limited

Other Consolidating Entities:

• Dr. Reddy's Employees ESOS Trust

• 1. Cheminor Employees Welfare Trust

• Dr. Reddy's Research Foundation

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4

S.R. BATL/80/ & ASSOCIATES LLP

Chartered Accountants

1. 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

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per Shankar Srinivasan Partner Membership No.: 213271

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UDIN: 2-Lf 2.13211 6 I< SL LC 7g4q

Place: Hyderabad Date: November 05, 2024

••• Dr.Reddy's �;•

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 Emil : mail@drreddys.com www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2024

		All amounts in Indian Ruoee millions	All amounts in Indian Ruoee millions	All amounts in Indian Ruoee millions
SI. No. Particulars 1 Revenue fom operations a) Sales b) License f s and serice income c) Other operting income Total revenue from operations 2 Other income 3 Total income (1 + 2) 4 Expenses a) Cost of materals consumed b) Purchase of stock-in-tade c) Changes in inventores of finished goods, work-in-progress and stock-in-tde d) Employee benefit expense e) Depreciation and amorisation expense t) lmpainnent of non-curent assets, net g) Finance_costs_ h) Other expenses Total expenses 5 Profit before tax and befre share of equit accounted investees(3 - 4) 6 Share of proft of equity accounted investees, net of tax 7 Profit befre tax (5+6) 8 Tax expense/(heneft): a) Current tax b) Defered tax 9 Net proft after taxes and share of proft of associates (7 - 8) 10 Net proft after taxes atributable to a) Equity shareholder of the parent company b) Non-contlling interests 11 Other comprehensive income/(loss) a) (i) Items that will not be reclassified subsequently to profit or loss (ii) Income tx relating to items that will not be reclassifed to profit or loss b) (i) Items that will be reclassifed subsequently to proft or loss (ii) Income tax relating to items that will be reclassifed to profit or loss Total other comprehensive income/(Ioss) 12 Total comprehensive income (9+11) 13 Total comprehensive income attributable to a) Equity shareholders of te parent company b) Non-contolling interest 14Paid-up equity share capital (face value Re. 1/- each) 15 Other equity 16 Earnings per equit share attributable to equity shareholders of parent(fce value Re. If-�\ Basic LV� Q_&Assa' �i-,c-�--�\ Diluted � �,_·•·.) JQCHARTERED-� ;��•• C	Particulars	Quarter ended Halfyear ended		Year ended
		30.09.2024 30.06.2024 (Unaudited) (Unaudited) 30.09.2023 (Unaudited) 30.09.2024 (Unaudited)	30.09.2023 (Unaudited)	31.03.2024 (Audited)
		78,859 1,302 221 80,382 3,075 83,457 12,872 12,828 (2,033) 13,992 3,970 924 757 21,034 6,344 19,113 61 19,174 7,713 (1,958) 13,419 12,557 862 (33) 2,978 16 2,961 16,380 15,518 862 834 75,396 1,331 234 76,961 1,872 78,833 12,272 13,801 (4,256) 14,137 3,806 5 598 19,703 60,066 18,767 59 18,826 5,215 (313) 13,924 13,924 (91) 115 (6) 18 13,942 13,942 834 67,348 1,454 224 69,026 3,150 72,176 9,559 11,378 (907) 12,803 3,755 55 353 16,055 53,051 19,125 42 19,167 5,901 (1,556) 14,822 14,822 (222) (1,113) 201 (1,134) 13,688 13,688 834 154,255 2,633 455 157,343 4,747 162,090 25,144 26,629 (6,289) 28,129 7,776 929 1,355 40,537 124,210 37,880 120 38,000 12,928 (2,271) 27,43 26,481 862 (124) 3,093 10 2,979 30,322 29,460 862 834 15.08 16.72 17.82 31.80 15.05 16.70 17.78 31.75 (ot annualised) (ot annualised) (ot annualised) (ot annualised)	133,491 2,695 419 136,605 4,890 141,495 22,527 20,149 (3,270) 24,700 7,288 66 724 31,729 103,913 37,582 85 37,667 13,098 (4,303) 28,872 28,872 (116) (966) (9) (1,091) 27,781 27,781 834 34.73 34.65 (ot annualised)	271,396 7,768 947 280,111 8,943 289,054 44,901 43,991 (6,805) 50,301 14,700 3 1,711 68,389 217,191 71,863 147 72,010 19,459 (3,228) 55,779 55,779 (28) 4 (749) 117 (656) 55,123 55,123 834 281,714 67.04 66.92

••· Dr.Reddy's ��•

DR. RED DY'S LABORATORIES LIMITED

Sei::mcnt information

Se	mcnt infrmation	All amounts in	All amounts in	All amounts in	All amounts in	Indian Ruo s millions	Indian Ruo s millions
SI. No. Particulars Segment wise revenue and results: ISegment revenue : a) Pharaceutical Services and Active Ingredients b) Global Generics c) Other Total Less: Inter-segent revenue Total revenue from operations 2 Segment results: Gross profit fom each segment a) Phaaceutical Serices and Active Ingredients b) Global Generics c) Others Total Less: Selling and other un-allocable expenditure/(income), net Total proft befre tax		Quarter ended Halfyear ended					Year ended 31.03.2024 (Audited) 41,295 245,673 3,922 290,890 10,779 280,111 6,929 154,272 2,423 163,624 91,614 72,010
		30.09.2024 (Unaudited)	30.06.2024 (Unaudited)	30.09.2023 30.09.2024 (Unaudited) **(Unaudited) **	30.09.2023 (Unaudited)
		11,190 10,472 9,625 21,662 71,636 68,929 61,130 140,565 179 212 683 391 83,005 79,613 71,438 162,618 2,623 2,652 2,412 5,275 80,382 76,961 69,026 157,343 2,521 1,772 1,260 4,293 45,162 44,518 38,872 89,680 89 58 242 147 47,772 46,348 40,374 94,120 28,598 27,522 21,207 56,120 19,174 18,826 19,167 38,000			18,990 121,260 1,276 141,526 4,921 136,605 2,273 77,258 398 79,929 42,262 37,667

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

Segmental capital employed

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

Notes:

• The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies Act,2013 ("the Act") read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 05 November 2024. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

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

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

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

• 3 During the quarter and half year ended 30 September 2024, an amount of Rs. 906 million and Rs. 1,715 million, respectively and during the quarter and half year ended 30 September 2023 an amount of Rs. 1,598 million and Rs. 2,274 million, respectively representing government grants has been accounted as a reduction from cost of material consumed.

• 4 "Impairment of non-current a ets, net" Impairment loss recorded during the six months ended 30 September 2024 includes an amount ofRs.907 million pertaining to Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value. This impairment charge pertains to the Company's Global Generics segment.

• 5 Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 482 million, created in earlier period on land, during the quarter and half year ended 30 September 2024.

• 6 Business purchase agreement with Nestle India:

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

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

Upon Closing, the Company had also transferred its nutraceuticals and supplements portfolio to the Nutraceuticals subsidiary as a common control transfer of business.

This acquisition pertains to Company's Global Generics segment.

transfer of business Profit after tax attributable to Non-controlling interest for quarter and half year ended 30 September 2024, has arisen primarily on recognition of deferred tax asset on account of - utraceuticals subsidiary.As at 30 September 2024, share of 49% held by Nestle India is recorded under Non-controlling interest of Rs.3,939 million.

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DR. REDDY'S LABORATORIES LIMITED

•·· Dr.Reddy's �;•

7 Business purchase agreement with Haleon:

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

The definitive agreement for the acquisition of this NRT Business from Haleon includes the transfer of intellectual property, employees, agreements with cormnercial manufacturing organization, marketing authorizations and other assets relating to the commercialization of four brands - i.e., Nicotinell, Nicabate, Thrive, and Habitrol. The acquisition is inclusive of all formats such as lozenge, patch, spray and/or gum in all applicable global markets outside of the United States. The closing conditions were met, and the transaction was completed on 30 September 2024.

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

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

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

Acquisition related costs amounting to Rs.1,017 and Rs.280 were recognised as expenses under "Other expenses" during the half year ended 30 September 2024 and the year ended 31 March 2024, respectively.

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

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

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

Consequently, the authorized share capital was sub-divided into 1,450,000,000 equity shares, the paid up share capital is sub-divided into 834,384,730 equity shares and Treasury shares are sub-divided into 1,338,570 having a face value of Rupee One each w .e.f record date of 28 October 2024.

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

The affect of stock split was considered in the computation of basic and diluted EPS for the quarter and half year ended 30 September 2024 and prior periods have been restated considering face value of Rupee One each in accordance with Ind AS 33- "Earnings per Share" and rounded off to the nearest decimals.

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

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

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

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•·· Dr.Reddy's �;•

DR. REDDY'S LABORATORIES LIMITED

11	Consolidated Balance Sheet	All	amounts in Indian Ru e millions
	Particulars		As at 30.09.2024 31.03.2024 (Unaudited) (Audited)
	ASSETS Non-current assets Property, plant and equipment Capital work-in-progess Goodwill Other intngible assets Intangible assets under development Investent in equity accounted investees Financial assets Investents Other financial assets Defered tax assets, net Ta assets, net Other non-curent assets Total non-current assets Current assets Inventores Financial assets Investents Trade receivables Derivative fmancial instments Cash and cash equivalents Other bank balances Other fmancial asset Other current assets Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Equity attributable to equity shareholders of the parent company Non-Contolling interests Total equity Liabilities Non-current liabilities Financial liabilities Borowings Lease liabilites Other fnacial liabilities Provisions Defered tax liabilities, net Other non-curent liabilities Total non-current liabilities Current liabilities Financial liabilities Borowings Lease liabilities Trade payables Total outstanding dues of micro enterprises and small enterprises Total outstanding dues of creditors other than micro enterprises and small enterprses Derivative fnancial instuments Other fmancial liabilities Liabilities fr curent tax, net Provisions Other curent liabilities Total current liabilities		67,263 62,487 18,521 13,510 13,159 5,501 91,434 36,268 685 683 4,779 4,196 1,200 1,059 1,170 1,212 17,295 10,578 2,279 3,718 1,301 1,373 219,086 140,585 72,039 63,552 30,647 44,050 84,398 80,298 400 169 11,330 7,107 8,954 10,170 15,524 22,527 24,906 20,180 248,198 248.053 467,284 388,638 834 834 306,659 281,714 307,493 282,548 3,939 311,432 282,548
			3,800 3,800 3,561 2,190 2,806 331 239 13,762 841 2,385 3,140 26,645 10,210 40,022 12,723 1,158 1,307 241 282 29,965 25,862 337 468 35,929 34,540 5,089 2,341 6,361 6,920 10,105 I 1,437 129,207 95.880 467.284 388,638

•·· Dr.Reddy's ��•

DR. REDDY'S LABORATORIES LIMITED

12	ConsolidaledsLatemonl of casbnows All	amounts in IndianRupeemillions	amounts in IndianRupeemillions
	Particulars Cash fows from/(used in) operating activities : Profit befre tax Adjustments for: Fair value changes and profit on sale of fnancial instment measured at FVTPL , net Depreciation and amortisation expense Impairment of non-curent assets Allowance fr credit losses (on tade receivables and other advances) (Profit)/loss on sale or de-recogition of non-current assets, net Share of profit of equity accounted investees Unrealized exchange (gain)/loss, net Interest income Finance costs Equity settled share-based payment expense Inventores write-down Changes in operating assets and liabilities: Trde receivables Inventories Trade and other payables Other assets and other liabilities, net Cash generated from operations Income tax paid, net Net cash generated from operating activities Cash fows (used in)/from investing activities : Purchase of property, plant and equipment Proceeds fom sale of propery, plant and equipment Purchase of other intangible assets Proceeds fom sale of other intangible a ets Investent in equity accounted investees Payment for acquisition of businesses Purchase of investents (including bank deposits) Proceeds from sale of investents (including bank deposits) Interest and dividend received Dividend received fom equity accounted investees Net cash (used in)/fom investing activites Cash fows (usedin)fnancing activities : Proceeds fom issuace of equity shares (including teasur shares) Proceeds/(Repayment) of shor-term borrowings, net Repayment of long-term loans and borowings Proceeds fom long ter borrowings Proceeds fom issuance of equity shares in Subsidiary to Non-contolling interest Payment of prncipal porion oflease liabilities Dividend paid Interest paid Net cash from/(usedin)fnancing activities Net increase/(decrease) in cash and cash equivalents Efect of exchange rte changes on cash and cash equivalent Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the periodl'J*	Half year ended
		30.09.2024 (Unaudited)	30.09.2023 (Unaudited) 37,667 (1,527) 7,288 66 137 (445) (85) (1,179) (1,048) 724 211 1,418 2,689 (9,340) 4,568 (3,482)
		38,000 (2,245) 7,776 929 96 (447} (120) 504 (1,409) 1,355 208 2,844 (4,182) (11,330) 4,062 (9,474)
		26,565 (8.754) 17,811 (12,646) 411 (1,687) 419 (317) (51,441) (138,326) 162,988 1,280 .	37,662 (8.486) 29,176 (7,323) 487 (8,787) 21 - . (70,008) 71,815 597 445
		(39,319)	(12,753)
		157 27,556 - 7,056 (735) (6,662) (1,681)	765 (1,054) (3,800) 3,800 . (524) (6,648) (1,051)
		25,691 4,184 (6) 7,107 11,285	(8,5U) 7,911 (155) 5,779 13,535

**FVTPL (fair value through profit or loss)

(I) Adjusted for bank-overdraft of Rs, 45 million and Rs. 4 million for the half year ended 30 September 2024 and 30 September 2023, respectively.

Place: Hyderabad Date: 05 November 2024

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By order of the Board For Dr. Reddy's Laboratories Limited j_J.JGVP=rl Co-Chaimmn & Managing Director

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S.R. BATLIBOI & ASSOCIATES LLP Chartered Accountants

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

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited 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 for the Quarter and Half Year Ended 30 September, 2024" (the "Statement") of Dr. Reddy's Laboratories Limited (the "Company") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

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 ru Jes 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. Th is 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 infonnation 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

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Partner
Membership No.: 213271
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Place: Hyderabad Date: November 05, 2024

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

•·· Dr. Reddy's �;•

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 :+9140 4900 2999 Email :mail@drreddys.com www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2024

	All amounts in Indian Rupees millions	All amounts in Indian Rupees millions	All amounts in Indian Rupees millions	All amounts in Indian Rupees millions	All amounts in Indian Rupees millions	All amounts in Indian Rupees millions
SI. Particulars No. 1 Revenue from operations a) Sales b) License fees and service income c) Other operating income Total revenue from operations 2 Other income Total income {1+2) 3 Expenses a)Cost of materals consumed b) Purchase of stock-in-trade c) Changes in inventories of fnished goods, work-in-progress and stock-in-trade d) Employee benefts expense e) Depreciation and amortisation expense f Impairent of non curent assets, net g) Finance costs h) Other expenses Total expenses 4 Profit before tax (1+2 - 3) sTax expense a) Curent tax b) Defered tax 6 Net profit for the period/year (4 - S) 7 Other comprehensive income / (loss) a) (i) Items that will not be reclassifed to proft or loss (ii) Income tax relating to items that will not be reclassifed to proft or loss b) (i) Items that will be reclassifed subsequently to proft or loss (ii) Income tax relating to items that will be reclassifed to proft or loss Total other comprehensive (loss)/ income 8 Total comprehensive income (6+7) 9 Paid-up equity share capital (face value Re. 1/- each) IOOther equity 11 Earnings per equity share (face value Re. 1/- each) Basic Diluted	Quarter ended			Hairyear ended	Year ended
	30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 (Unaudited) { Unaudited) {Unaudited) (Unaudited) {Unaudited) {Audited) 58,534 58,076 48,037 116,610 102,071 192,764 8,254 163 154 8,417 321 1,277 175 173 196 348 368 797 66,963 S8,412 48,387 12S,37S 102,760 194,838 2,076 2,178 2,231 3,935 4,567 8,623 69,039 60,S90 S0,618 129,310 107,327 203,461 9,343 9,111 7,512 18,454 15,651 32,915 6,565 7,403 4,992 13,968 8,834 19,866 (930) (1,261) (1,054) (2,191) (1,217) (2,388) 8,401 8,559 7,837 16,960 15,239 30,857 2,600 2,498 2,458 5,098 4,830 9,756 - - - - - 260 284 71 58 355 103 218 16,368 15,070 12,809 31,119 25,685 54,064 42,631 41,4S1 34,612 83,763 69,12S 14S,548 26,408 19,139 16,006 4S,S47 38,202 S7,913 7,033 4,666 3,960 11,699 9,347 13,618 554 301 120 855 535 875 18,821 14,172 11,926 32,993 28,320 43,420 - - 1 - 2 21 - - - - - (7) (88) 55 (802) (33) (281) (446) 22 (14) 201 8 71 114 (66) 41 (600) (25) (208) (318) 18,755 14,213 11,326 32,968 28,112 43,102 834 834 834 834 834 834 241,574 22.60 17.02 14.34 39.62 34.06 52.19 22.56 16.99 14.31 39.55 33.99 52.09 (Noc annualised)(Not annualised)(Not annualised)(Noc annualised) (Not annualised)	30.06.2024	30.09.2023	30.09.2024 30.09.2023		31.03.2024
						{Audited)

See accompanying notes to the financial results.

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•·· Dr. Reddy's["llllli;] •

DR. REDDY'S LABORATORIES LIMITED

cgm	en1 infrmation	All amounts in IndianRupesmillions	All amounts in IndianRupesmillions	All amounts in IndianRupesmillions	All amounts in IndianRupesmillions	All amounts in IndianRupesmillions
SI. No.		Quarter ended				Halfyear ended Year ended
		30.09.2024 30.06.2024 30.09.2023 30.09.2024 30.09.2023 31.03.2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 7,972 8,520 6,357 16,492 13,242 30,742 61,467 52,447 43,995 113,914 93,673 173,405 23 61 128 84 259 678 69,462 61,028 50,480 130,490 107,174 204,825 2,499 2,616 2,093 5,115 4,414 9,987 66,963 58,412 48,387 125,375 102,760 194,838 (146) (70) (540) (216) (1,136) (287) 26,800 19,667 16,174 46,467 38,666 57,670 20 97 108 117 99 536 26,674 19,694 15,742 46,368 37,629 57,919 284 71 58 355 103 218 (18) 484 (322) 466 (676) (212) 26,408 19,139 16,006 45,547 38,202 57,913	30.06.2024 (Unaudited)		30.09.2023	30.09.2024 30.09.2023 31.03.2024 (Unaudited) (Unaudited) (Audited)
					(Unaudited)

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:

• I 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 05 November 2024. The Statutory Auditors have carried out a limited review on the unaudited standalone financial results and issued unmodified report thereon.

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

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

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

• 3 During the quarter and half year ended 30 September 2024, an amount of Rs. 896 million and Rs. I, 700 million respectively and during quarter and half year ended 30 September 2023, an amount of Rs. 1,590 million and Rs. 2,263 million respectively, representing government grants have been accounted as a reduction from cost of material consumed.

• 4 Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 482 million, created in earlier period on land, during the quarter and half year ended 30 September 2024.

• 5 Agreement with Nestle India:

• On 25 April 2024, the Company entered into an agreement with Nestle India Limited ("Nestle India") for the manufacturing, development, promotion, marketing, sale, distribution, and commercialization of nutraceutical products and supplements in India, as well as other mutually agreed geographies. These operations will be carried out by Dr. Reddy's Nutraceuticals Limited, established on 14 March 2024. The entity was later renamed as Dr. Reddy's and Nestle Health Science Limited (the "Nutraceuticals subsidiary") on I 3 June 2024.

Upon completion of the closing conditions, the transaction concluded on 01 August 2024. Consequently, the Company has made an additional investment of Rs. 7,340 million in its Nutraceuticals subsidiary, with corresponding infusion from Nestle India amounting to Rs. 7,056 million resulting in a revised shareholding pattern of 51 :49 between the Company and Nestle India.

Further, the Company also received Rs. 8,113 million (excluding GST) as consideration towards transfer of its nutraceutical and vitamins, minerals, herbals, and supplements portfolio to Nutraceuticals subsidiary as part of the definitive agreement. This has been recorded as License fees for the quarter and half year ended 30 September 2024.

This acquisition pertains to Company's Global Generics segment.

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•·· Dr. Reddy's �;•

DR. REDDY'S LABORATORIES LIMITED

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

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

Consequently, the authorized share capital was sub-divided into 1,450,000,000 equity shares, the paid up share capital is sub-divided into 834,384,730 equity shares and Treasury shares are sub-divided into l ,338,570 having a face value of Rupee One each w.e.frecord date of28 October 2024.

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

The affect of stock split was considered in the computation of basic and diluted EPS for the quarter and half year ended 30 September 2024 and prior periods have been restated considering face value of Rupee One each in accordance with Ind AS 33- "Earnings per Share" and rounded off to the nearest decimals.

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

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

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

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•·· Dr.Reddy's �;•

DR. REDDY'S LABORATORIES LIMITED

Balance sheet All	amounts in Indian Rupees millions	amounts in Indian Rupees millions	amounts in Indian Rupees millions
ASSETS Non-current assets Property, plant and equipment Capital work-in-progress Goodwill Other intangible assets Intangible assets under development Financial assets Investments Loans Other fnancial assets Tax assets, net Other non-current assets Total non-current assets Current assets Inventores Financial assets Investments Trade receivables Dervative instrments Cash and cash equivalents Other bank balances Other fnancial assets Other current assets Total current assets TOTAL ASSETS EQUITY AND LIABILITIES Equity Equity share capital Other equity Total Equity Liabilities Non-current liabilities Financial liabilities Lease liabilities Provisions Deferred tax liabilities, net Other non-curent liabilities Total non-current liabilities Current liabilities Financial liabilities Borowings Lease liabilities Trade payables Particulars Total outstanding dues of micro enterprises and small enterrises Total outstanding dues of creditors other than micro enterprises and small enterprses Derivative instruments Other fnancial liabilities Liabilities for curent tax, net Provisions Other curent liabilities Total current liabilities TOTAL EOUITY AND LIABILITIES	As at		As at
	30.09.2024 (Unaudited)		31.03.2024
			(Audited) 51,094 11,719 853 23,944 391 32,027 617 919 3,161 709
	54,419 15,754 853 23,341 391 99,686 15 873 1,023 790
	197,145		125,434
	45,679 40,189 25,333 41,179 59,514 46,239 242 165 983 2,014 5,547 10,155 14,288 22,078 17 865 16 140
	**169,451 **		178.159
	366,596		303,593
	834 268,245 269,079		834 241.574
			242.408
	480 92 5,007 952		495 93 4,161 1,055
	6,531 5,804 37,100 7,100 307 334 240 268 21,618 20,180 322 290 18,826 17,023 4,066 670 2,977 3,283 5.530 6.233 90,986 55,381 366.596 303.593
			55,381 303.593
	366.596

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•·· Dr.Reddy's ��•

DR. REDDY'S LABORATORIES LIMITED

IO	Statement of cashtlows All a	mounts in IndianRup s millions Half vear ended 30.09.2024 30.09.2023 (Unaudited) (Unaudited) 45,547 38,202	mounts in IndianRup s millions Half vear ended 30.09.2024 30.09.2023 (Unaudited) (Unaudited) 45,547 38,202
	Particulars
	Cash nows from/(used in) operating activities : Proft befre tax Adjustments for: Fair value changes and proft on sale of financial instruments measured at FVTPL , net Depreciation and amortisation expense Allowance for credit losses (on trade receivables and other advances) Proft on sale or de-recognition of non-curent assets, net Unrealized exchange (gain)/loss, net Interest income Finance costs Equity settled share-based payment expense Inventories write-down Dividend income Changes in operating assets and liabilities: Trade receivables Inventories Trade payables Other assets and other liabilities, net Cash generated from operations Income taxes paid, net Net cash generated from operating activities Cash flows from/(used in) investing activities : Purchase of property, plant and equipment Proceeds fom sale of propery, plant and equipment Purchase of other intangible assets Proceeds fom sale of other intangible assets Purchase of investments (including bank deposits) Proceeds fom sle of investments (including bank deposits) Equity investments in subsidiar/associates Dividend received Interest income received Loans and advances repaid/(given) by/to subsidiaries Net cash used in investing activities Cash nows from/(used in) financing activities : Proceeds fom issuance of equity shares (including treasur shares) Proceeds/(Repayment of) fom shor-ter loans and borrowings, net Payment of principal portion of lease liabilities Dividend paid Interest paid Net cash from/(used in) financing activities Net decrease in cash and cash equivalents Efect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period**
		(1,988) 5,098 87 (4) (117) (1,718) 355 189 1,635 . (13,354) (7,125) 1,410 (2,100) 27,915 _(6._166)	(1,477) 4,830 I l l (380) 105 (1,425) 103 180 769 (445) (13,753) (6,475) 3,012 (3,014)
			20,343 (4,643)
		21 749 (10,204) 194 (577) 104 (113,202) 143,644 (67,601) - 1,619 602	15.700 (6,379) 414 (964) 21 (65,458) 62,762 (500) 445 683 (602)
		(45,421) (9,578) 157 765 29,985 (6) (140) (126) (6,662) (6,648) {683) (II 7) 22.657 (6.132) (1,015) (10) (16) 3 2,014 I.i 983 1,116

*Rounded off to million.

**FVTPL (fair value through profit or loss)

Place: Hyderabad Date: 05 November 2024

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By order of the Board For Dr. Rcddy'r:rato;cs Limi1ed l,. ✓ .i µ G V Prasad Co-Chairman & Managing Director