EX-99.4 5 rdy0813_ex99-4.htm EXHIBIT 99.4

 

Exhibit 99.4

  

S.R. Batliboi & Associates LLP

Chartered Accountants 

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

 

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

 

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

 

1.We have reviewed the accompanying “Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended 30 September 2025” (“the “Statement”) of Dr. Reddy’s Laboratories Limited (the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associates and joint ventures attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

 

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

 

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

 

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

 

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

 

Holding Company:

 

Dr. Reddy’s Laboratories Limited

 

Subsidiaries

 

1.Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.
2.Aurigene Oncology Limited (Formerly, Aurigene Discovery Technologies Limited)
3.Aurigene Pharmaceutical Services Limited
4.beta Institut gemeinnützige GmbH
5.betapharm Arzneimittel GmbH
6.Cheminor Investments Limited
7.Dr. Reddy’s Farmaceutica Do Brasil Ltda.
8.Dr. Reddy’s Laboratories (EU) Limited
9.Dr. Reddy’s Laboratories (Proprietary) Limited
10.Dr. Reddy’s Laboratories (UK) Limited
11.Dr. Reddy’s Laboratories Canada, Inc.
12.Dr. Reddy’s Laboratories Chile SPA.
13.Dr. Reddy’s Laboratories Inc.

 

 

 

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

 

 

 

 

S.R. Batliboi & Associates LLP

Chartered Accountants 

  

14.Dr. Reddy’s Laboratories Japan KK
15.Dr. Reddy’s Laboratories Kazakhstan LLP
16.Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.
17.Dr. Reddy’s Laboratories New York, LLC
18.Dr. Reddy’s Laboratories Philippines Inc.
19.Dr. Reddy’s Laboratories Romania Srl
20.Dr. Reddy’s Laboratories SA
21.Dr. Reddy’s Laboratories Taiwan Limited
22.Dr. Reddy’s Laboratories (Thailand) Limited
23.Dr. Reddy’s Laboratories LLC, Ukraine
24.Dr. Reddy’s New Zealand Limited.
25.Dr. Reddy’s Srl
26.Dr. Reddy’s Bio-Sciences Limited
27.Dr. Reddy’s Laboratories (Australia) Pty. Limited
28.Dr. Reddy’s Laboratories SAS
29.Dr. Reddy’s Netherlands B.V. (Formally Dr. Reddy’s Research and Development B.V.)
30.Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited
31.DRL Impex Limited
32.Dr. Reddy’s Formulations Limited
33.Idea2Enterprises (India) Pvt. Limited
34.Imperial Owners and Land Possessions Private Limited (Formerly, Imperial Credit Private Limited, till August 05, 2025)
35.Industrias Quimicas Falcon de Mexico, S.A. de CV
36.Lacock Holdings Limited
37.Dr. Reddy’s Laboratories LLC, Russia
38.Promius Pharma LLC
39.Reddy Holding GmbH
40.Reddy Netherlands B.V.
41.Reddy Pharma Iberia SAU
42.Reddy Pharma Italia S.R.L.
43.Reddy Pharma SAS
44.Svaas Wellness Limited
45.Nimbus Health GmbH
46.Dr. Reddy’s Laboratories Jamaica Limited
47.Dr. Reddy’s and Nestle Health Science Limited (Formerly, Dr. Reddy’s Nutraceuticals Limited)
48.Northstar Switzerland SARL
49.North Star OpCo Limited
50.North Star Sweden AB
51.Dr. Reddy's Denmark ApS
52.Dr. Reddy's Finland Oy (Effective from December 20, 2024)
53.Dr. Reddy's Laboratories (Vietnam) Company Limited (incorporated on May 09, 2025)

 

Associates 

1.O2 Renewable Energy IX Private Limited
2.Clean Renewable Energy KK 2A Private Limited

 

Joint Venture

1.DRES Energy Private Limited
2.Kunshan Rotam Reddy Pharmaceutical Co. Limited (including Kunshan Rotam Reddy Medicine Company Limited)

 

 

 

 

 

 

S.R. Batliboi & Associates LLP

Chartered Accountants 

 

Other Consolidating Entities

1.Dr. Reddy's Employees ESOS Trust
2.Cheminor Employees Welfare Trust
3.Dr. Reddy's Research Foundation

 

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

  

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

 

   
per Shankar Srinivasan

 

Partner

Membership No.: 213271

 

udin: 25213271BMISWQ2517

 

Place: Hyderabad

Date: October 24, 2025

 

 

 

  

Dr. Reddy's Laboratories Ltd.
8-2-337, Road No. 3, Banjara Hills

Hyderabad – 500 034, Telangana,

India

CIN: L85195TG1984PLC004507
 
Tel: + 91 40 4900 2900
Fax: + 91 40 4900 2999
Email: mail@drreddys.com
Web: www.drreddys.com

 

DR. REDDY'S LABORATORIES LIMITED

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

 

All amounts in Indian Rupees millions 
      Quarter ended   Half year ended   Year ended 
Sl. No.   Particulars  30.09.2025   30.06.2025   30.09.2024   30.09.2025   30.09.2024   31.03.2025 
       (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited) 
                             
1   Revenue from operations                              
    a) Sales   86,386    82,666    78,859    169,052    154,255    316,320 
    b) License fees and service income   1,663    2,786    1,302    4,449    2,633    9,215 
    c) Other operating income   234    269    221    503    455    904 
                                   
    Total revenue from operations   88,283    85,721    80,382    174,004    157,343    326,439 
                                   
2   Other income   3,239    2,903    3,075    6,142    4,747    10,973 
                                   
3   Total income (1 + 2)   91,522    88,624    83,457    180,146    162,090    337,412 
                                   
4   Expenses                              
    a) Cost of materials consumed   14,413    20,358    12,872    34,771    25,144    56,835 
    b) Purchase of stock-in-trade   17,459    12,159    12,828    29,618    26,629    48,411 
    c) Changes in inventories of finished goods, work-in-progress   and stock-in-trade   (635)   (4,442)   (2,033)   (5,077)   (6,289)   (5,447)
    d) Employee benefits expense   14,521    15,035    13,992    29,556    28,129    55,800 
    e) Depreciation and amortisation expense   5,046    4,761    3,970    9,807    7,776    17,037 
    f) Impairment of non-current assets, net   673    -    924    673    929    1,693 
    g) Finance costs   907    830    757    1,737    1,355    2,829 
    h) Other expenses   21,753    20,875    21,034    42,628    40,537    83,676 
                                   
    Total expenses   74,137    69,576    64,344    143,713    124,210    260,834 
                                   
5   Profit before tax and before share of equity accounted investees(3 - 4)   17,385    19,048    19,113    36,433    37,880    76,578 
                                   
6   Share of profit of equity accounted investees, net of tax   63    2    61    65    120    217 
                                   
7   Profit before tax (5+6)   17,448    19,050    19,174    36,498    38,000    76,795 
                                   
8   Tax expense/(benefit):                              
    a) Current tax   1,847    10,261    7,713    12,108    12,928    22,581 
    b) Deferred tax   2,233    (5,310)   (1,958)   (3,077)   (2,271)   (3,038)
                                   
9   Net profit after taxes and share of profit of associates (7 - 8)   13,368    14,099    13,419    27,467    27,343    57,252 
                                   
10   Net profit after taxes attributable to                              
    a) Equity shareholders of the parent company   13,471    14,181    12,557    27,652    26,481    56,551 
    b) Non-controlling interests   (103)   (82)   862    (185)   862    701 
                                   
11   Other comprehensive income/(loss)                              
    a) (i) Items that will not be reclassified subsequently to profit or loss   (14)   5    (33)   (9)   (124)   (293)
    (ii) Income tax relating to items that will not be reclassified   to profit or loss   -    -    -    -    -    24 
    b) (i) Items that will be reclassified subsequently to profit or loss   862    2,077    2,978    2,939    3,093    2,376 
    (ii) Income tax relating to items that will be reclassified  to profit or loss   270    (33)   16    237    10    (58)
    Total other comprehensive income/(loss)   1,118    2,049    2,961    3,167    2,979    2,049 
                                   
12   Total comprehensive income (9 + 11)   14,486    16,148    16,380    30,634    30,322    59,301 
                                   
13   Total comprehensive income attributable to                              
    a) Equity shareholders of the parent company   14,589    16,230    15,518    30,819    29,460    58,600 
    b) Non-controlling interest   (103)   (82)   862    (185)   862    701 
                                   
14   Paid-up equity share capital (face value Re. 1/- each)   835    835    834    835    834    834 
                                   
15   Other equity                           334,662 
                                   
16   Earnings per equity share attributable to equity shareholders of parent (face value Re. 1/- each)                                                
                                   
    Basic   16.18    17.04    15.08    33.22    31.80    67.89 
    Diluted   16.17    17.02    15.05    33.19    31.75    67.79 
        (Not annualised)    (Not annualised)    (Not annualised)    (Not annualised)    (Not annualised)     

 

See accompanying notes to the financial results

 

   

 

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

Segment information       All amounts in Indian Rupees millions 
      Quarter ended   Half year ended   Year ended 
Sl. No.  Particulars   30.09.2025    30.06.2025    30.09.2024    30.09.2025    30.09.2024    31.03.2025 
     (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)    (Audited) 
   Segment wise revenue and results:                              
1  Segment revenue :                              
   a) Global Generics   78,235    75,732    71,636    153,967    140,565    289,810 
   b) Pharmaceutical Services and Active Ingredients   12,079    9,874    11,190    21,953    21,662    43,868 
   c) Others   103    1,643    179    1,746    391    2,150 
   Total   90,417    87,249    83,005    177,666    162,618    335,828 
   Less: Inter-segment revenue   2,134    1,528    2,623    3,662    5,275    9,389 
   Total revenue from operations   88,283    85,721    80,382    174,004    157,343    326,439 
                                  
2  Segment results:                              
   Gross profit from each segment                              
   a) Global Generics   46,431    46,086    45,162    92,517    89,680    179,606 
   b) Pharmaceutical Services and Active Ingredients   1,706    1,087    2,521    2,793    4,293    9,178 
   c) Others   5    1,459    89    1,464    147    1,665 
   Total   48,142    48,632    47,772    96,774    94,120    190,449 
   Less: Selling and other un-allocable expenditure/(income), net   30,694    29,582    28,598    60,276    56,120    113,654 
   Total profit before tax   17,448    19,050    19,174    36,498    38,000    76,795 

 

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: - 

1The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the Company"), together with its subsidiaries (collectively, the "Company"), joint ventures and associates, have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies Act,2013 ("the Act") read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines issues by the Securities and Exchange Board of India ("SEBI") were reviewed and recommended by Audit Committee and approved by the Board of Directors at their meetings held on 24 October 2025. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

 

2During the quarter and six months period ended 30 September, 2025, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York.

Consequent to discontinuance of development, the Company recorded the following financial impacts, resulting in a net loss of Rs.934 million in the income statement.

- Impairment loss of the entire carrying value of Rs.545 million for property, plant and equipment;

- Inventory related provisions of Rs.260 million;

- Other development program related wind down costs of Rs.129 million;

This transaction pertains to the Company’s Global Generics segment.

 

3"Impairment of non-current assets, net" for the year ended 31 March 2025 primarily includes:

a. Impairment of intangibles pertaining to acquisition from Mayne:

-an amount of Rs.907 million towards Haloette® (a generic equivalent to Nuvaring®), a product-related intangible, due to constraints on procurement of the underlying product from its contract manufacturer, resulting in a lower recoverable value compared to the carrying value.

-an amount of Rs.270 million pertaining to impairment of certain product related intangibles, due to adverse market conditions resulting in lower recoverable value compared to the carrying value.

b. Other impairments:

-an impairment loss of Rs. 288 million consequent to adverse market conditions with respect to certain product related intangibles forming part of the Company’s global generic business in India and Europe.

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

 

4Other income for the three months and six months ended 30 September 2025 includes Rs. 748 million representing payment for avoided litigation costs pursuant to settlement of product related litigations, by the Company in the United States.

 

5In September 2025, the Company had acquired the STUGERON brand from Janssen Pharmaceutica NV ( an affiliate of Johnson & Johnson) for a consideration of Rs.4,464 million ($50.5 million).The portfolio acquired includes STUGERON® FORTE and STUGERON® PLUS, across 18 markets in the Asia-Pacific and Europe, Middle East, and Africa regions, with India and Vietnam as the key markets.

 

6Pursuant to the amendment in The Finance Act 2024, resulting in withdrawal of indexation benefit on long-term capital gain, the company has written off Deferred Tax Asset amounting to Rs. 473 million, created in earlier period on land, during the quarter and half year ended 30 September 2024.

 

   

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

7The 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.

 

8During the six months ended 30 September, 2025, the Company received a Field Tax Audit Report from the Federal Tax service authority for one of its foreign subsidiaries for the period from January 2020 to December 2022. The report classified that certain services would be subject to value-added tax (VAT). The Company filed objections, and a revised report was issued on 15 September, 2025. The Company submitted further objections, stating that the specified services should not be subject to VAT on 06 October, 2025 and is awaiting the final tax assessment.

 

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

  

9The 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.

 

<< Page intentionally left blank>>

 

   

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

10Consolidated Balance Sheet

 

All amounts in Indian Rupees millions 
Particulars  As at 
  30.09.2025   31.03.2025 
   (Unaudited)   (Audited) 
         
ASSETS          
Non-current assets          
Property, plant and equipment   91,192    72,984 
Capital work-in-progress   19,968    23,994 
Goodwill   14,039    13,139 
Other intangible assets   100,942    96,141 
Intangible assets under development   -    662 
Investment in equity accounted investees   5,183    4,811 
Financial assets          
Investments   2,614    2,393 
Other financial assets   2,992    8,875 
Deferred tax assets, net   22,552    18,325 
Tax assets, net   3,712    1,821 
Other non-current assets   980    940 
Total non-current assets   264,174    244,085 
           
Current assets          
Inventories   75,822    71,085 
Financial assets          
Investments   39,216    33,307 
Trade receivables   97,754    90,420 
Derivative financial instruments   114    557 
Cash and cash equivalents   9,906    14,654 
Other bank balances   10,558    9,948 
Other financial assets   14,289    3,142 
Other current assets   31,899    27,068 
Total current assets   279,558    250,181 
TOTAL ASSETS   543,732    494,266 
           
EQUITY AND LIABILITIES          
Equity          
Equity share capital   835    834 
Other equity   359,305    334,662 
Equity attributable to equity shareholders of the parent company   360,140    335,496 
Non-Controlling interests   3,593    3,778 
Total equity   363,733    339,274 
           
Liabilities          
Non-current liabilities          
Financial liabilities          
Borrowings   -    3,800 
Lease liabilities   11,638    4,064 
Other financial liabilities   497    198 
Provisions   401    298 
Deferred tax liabilities, net   14,788    14,038 
Other non-current liabilities   1,634    2,256 
Total non-current liabilities   28,958    24,654 
           
Current liabilities          
Financial liabilities          
Borrowings   44,956    38,045 
Lease liabilities   1,946    857 
Trade payables          
Total outstanding dues of micro enterprises and small enterprises   348    210 
Total outstanding dues of creditors other than micro enterprises and small enterprises   34,975    26,268 
Derivative financial instruments   2,836    1,286 
Other financial liabilities   38,029    39,698 
Other current liabilities   12,814    13,190 
Liabilities for current tax, net   7,627    3,028 
Provisions   7,510    7,756 
Total current liabilities   151,041    130,338 
TOTAL EQUITY AND LIABILITIES   543,732    494,266 

 

   

  

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

11Consolidated statement of cashflows

 

All amounts in Indian Rupees millions 
Particulars  Half year ended 
  30.09.2025   30.09.2024 
   (Unaudited)   (Unaudited) 
Cash flows from/(used in) operating activities :          
Profit before tax   36,498    38,000 
Adjustments for:          
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net   (1,277)   (2,245)
Depreciation and amortisation expense   9,807    7,776 
Impairment of non-current assets,net   673    929 
Allowance for credit losses (on trade receivables and other advances)   679    96 
Profit on sale/disposal of assets, net   (268)   (447)
Share of profit of equity accounted investees   (65)   (120)
Unrealized exchange (gain)/loss, net   (509)   504 
Interest income   (2,040)   (1,409)
Finance costs   1,737    1,355 
Equity settled share-based payment expense   212    208 
Inventories write-down   3,450    2,844 
Changes in operating assets and liabilities:          
Trade receivables   (7,689)   (4,182)
Inventories   (8,186)   (11,330)
Trade and other payables   8,846    4,062 
Other assets and other liabilities, net   (2,820)   (9,474)
Cash generated from operations   39,049    26,565 
Income tax paid, net   (8,845)   (8,754)
Net cash generated from operating activities   30,204    17,811 
           
Cash flows (used in)/from investing activities :          
Purchase of property, plant and equipment   (12,086)   (12,646)
Proceeds from sale of property, plant and equipment   143    411 
Purchase of other intangible assets   (8,198)   (1,687)
Proceeds from sale of other intangible assets   239    419 
Investment in equity accounted investees   (51)   (317)
Payment for acquisition of businesses   -    (51,441)
Purchase of investments (including bank deposits)   (102,831)   (138,326)
Proceeds from sale of investments (including bank deposits)   93,290    162,988 
Interest and dividend received   759    1,280 
Net cash (used in)/from investing activities   (28,737)   (39,319)
           
Cash flows (used in) financing activities :          
Proceeds from issuance of equity shares (including treasury shares)   288    157 
Proceeds/(Repayment) of short-term borrowings, net   2,675    27,556 
Proceeds from issuance of equity shares in subsidiary to non-controlling interest   -    7,056 
Payment of principal portion of lease liabilities   (565)   (735)
Dividend paid   (6,659)   (6,662)
Interest paid   (2,265)   (1,681)
Net cash from/(used in) financing activities   (6,526)   25,691 
           
Net increase/(decrease) in cash and cash equivalents   (5,059)   4,183 
Effect of exchange rate changes on cash and cash equivalents   372    (6)
Cash and cash equivalents at the beginning of the period (1)   14,593    7,107 
Cash and cash equivalents at the end of the period (2)   9,906    11,285 

 

*Rounded off to million
**FVTPL (fair value through profit or loss)
(1)Adjusted for bank overdraft of Rs.61 for the year ended March 31, 2025
(2)Adjusted for bank-overdraft of Rs.45 for the six months ended September 30, 2024

 

  By order of the Board
  For Dr. Reddy’s Laboratories Limited
   
Place: Hyderabad G V Prasad
Date: 24 October 2025 Co-Chairman & Managing Director