Exhibit 99.4

 

 

Chartered Accountants

Meenakshi Pride Rock Tower III

[Block – M], 8th & 9th floors

Survey No. 23, Gachibowli

Serilingampally Municipality

Ranga Reddy District

Hyderbad-500032

Telangana, India

 

INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

 

TO THE BOARD OF DIRECTORS OF DR. REDDY’S LABORATORIES LIMITED

 

1.We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Dr. Reddy’s Laboratories Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net profit/ (loss) after tax and other comprehensive income/ (loss) of its associates and joint ventures for the quarter and half year ended September 30, 2026 (“the Statement”) being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“the Listing Regulations”).

 

2.This Statement, which is the responsibility of the Parent’s Management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily of Parent’s personnel 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 specified under Section 143(10) of the Companies Act, 2013 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.The Statement includes the results of the entities included in Appendix A.

 

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 the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

 

Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharastra, India.

Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737

 

 Page 1 of 4

 

 

 

 

6.The consolidated financial results of the Group for the quarter ended June 30, 2026, and quarter and half year ended September 30, 2025, included in the Statement, were reviewed by another auditor who expressed an unmodified conclusion on those statements on July 22, 2026, and October 24, 2025, respectively. The consolidated financial results for the year ended March 31, 2026, included in the Statement were audited by another auditor who expressed an unmodified opinion on the financial statement on May 12, 2026.

 

Our conclusion on the Statement is not modified in respect of this matter.

 

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm’s Registration No. 117366W/W-100018)

 

Vikas Bagaria

Partner

(Membership No. 060408)

(UDIN: 26060408CABHEY4392)

 

Place: Hyderabad

Date: October 23, 2026

 

 Page 2 of 4

 

 

 

 

Appendix A:

Results of the entities included in Statement

 

Sno Particulars Remarks
1 Aurigene Discovery Technologies (Malaysia) Sdn. Bhd. Subsidiary
2 Aurigene Oncology Limited Subsidiary
3 Aurigene Pharmaceutical Services Limited Subsidiary
4 beta Institute gemeinnützige GmbH Subsidiary
5 betapharm Arzneimittel GmbH Subsidiary
6 Cheminor Employees Welfare Trust Other consolidating entities
7 Cheminor Investments Limited Subsidiary
8 Clean Renewable Energy KK 2A Private Limited Associate
9 Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited Subsidiary
10 Dr. Reddy’s and Nestlé Health Science Limited Subsidiary
11 Dr. Reddy’s Bio-Sciences Limited Subsidiary
12 Dr. Reddy’s Employees ESOS Trust Other consolidating entities
13 Dr. Reddy’s Farmaceutica Do Brasil Ltda. Subsidiary
14 Dr. Reddy’s Finland Oy Subsidiary
15 Dr. Reddy’s Formulations Limited Subsidiary
16 Dr. Reddy’s Laboratories (Australia) Pty. Limited Subsidiary
17 Dr. Reddy’s Laboratories (EU) Limited Subsidiary
18 Dr. Reddy’s Laboratories (Proprietary) Limited Subsidiary
19 Dr. Reddy’s Laboratories (Thailand) Limited Subsidiary
20 Dr. Reddy’s Laboratories (UK) Limited Subsidiary
21 Dr. Reddy’s Laboratories Canada, Inc. Subsidiary
22 Dr. Reddy’s Laboratories Chile SPA Subsidiary
23 Dr. Reddy’s Laboratories Inc. Subsidiary
24 Dr. Reddy’s Laboratories Jamaica Limited Subsidiary
25 Dr. Reddy’s Laboratories Japan KK Subsidiary
26 Dr. Reddy’s Laboratories Kazakhstan LLP Subsidiary
27 Dr. Reddy’s Laboratories LLC, Russia Subsidiary
28 Dr. Reddy’s Laboratories LLC, Ukraine Subsidiary
29 Dr. Reddy’s Laboratories Malaysia Sdn. Bhd. Subsidiary
30 Dr. Reddy’s Laboratories New York, LLC Subsidiary
31 Dr. Reddy’s Laboratories Philippines Inc. Subsidiary
32 Dr. Reddy’s Laboratories Romania Srl Subsidiary
33 Dr. Reddy’s Laboratories SA Subsidiary
34 Dr. Reddy’s Laboratories SAS Subsidiary
35 Dr. Reddy’s Laboratories Taiwan Limited Subsidiary

 

 Page 3 of 4

 

 

 

 

Sno Particulars Remarks
36 Dr. Reddy’s New Zealand Limited Subsidiary
37 Dr. Reddy’s Research Foundation Other consolidating entities
38 Dr. Reddy’s Srl Subsidiary
39 Dr. Reddy's Denmark ApS Subsidiary
40 Dr. Reddy's Netherlands B.V. Subsidiary
41 DRES Energy Private Limited Joint venture
42 DRL Impex Limited Subsidiary
43 Idea2Enterprises (India) Pvt. Limited Subsidiary
44 Imperial Owners and Land Possessions Private Limited Subsidiary
45 Industrias Quimicas Falcon de Mexico, S.A. de CV Subsidiary
46 Kunshan Rotam Reddy Pharmaceutical Co. Limited (including Kunshan Rotam Reddy Medicine Company Limited) Joint venture
47 Lacock Holdings Limited Subsidiary
48 Nimbus Health GmbH Subsidiary
49 North Star OpCo Limited Subsidiary
50 North Star Sweden AB Subsidiary
51 Northstar Switzerland SARL Subsidiary
52 O2 Renewable Energy IX Private Limited Associate
53 Promius Pharma LLC Subsidiary
54 Reddy Holding GmbH Subsidiary
55 Reddy Netherlands B.V. Subsidiary
56 Reddy Pharma Iberia SAU Subsidiary
57 Reddy Pharma Italia SRL Subsidiary
58 Reddy Pharma SAS Subsidiary
59 Svaas Wellness Limited (ceased to be step subsidiary w.e.f April 7, 2026) Subsidiary
60 Dr. Reddy’s Laboratories (Vietnam) Company Limited effective from May 09, 2025 Subsidiary

 

 Page 4 of 4

 

 

Dr. Reddy’s Laboratories Ltd.

8-2-337, Road No. 3, Banjara Hills,

Hyderabad - 500 034, Telangana, India.

CIN : L85195TG1984PLC004507

 

Tel      : +91 40 4900 2900

Fax     : +91 40 4900 2999

Email : mail@drreddys.com

www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2026

 

All amounts in Indian Rupees millions 

      Quarter ended   Half year ended   Year ended 
Sl. No.  Particulars  30.09.2026   30.06.2026   30.09.2025   30.09.2026   30.09.2025   31.03.2026 
      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited) 
                            
1  Revenue from operations                              
   a) Sales   82,778    78,608    86,386    161,386    169,052    326,213 
   b) License fees and service income   3,930    2,097    1,663    6,027    4,449    9,720 
   c) Other operating income   270    293    234    563    503    1,069 
                                  
   Total revenue from operations   86,978    80,998    88,283    167,976    174,004    337,002 
                                  
2  Other income   1,562    3,547    3,239    5,109    6,142    13,584 
                                  
3  Total income (1 + 2)   88,540    84,545    91,522    173,085    180,146    350,586 
                                  
4  Expenses                              
   a) Cost of materials consumed   16,610    16,538    14,413    33,148    34,771    65,012 
   b) Purchase of stock-in-trade   15,375    19,738    17,459    35,113    29,618    61,616 
   c) Changes in inventories of finished goods, work-in-progress and stock-in-trade   (304)   (2,425)   (635)   (2,729)   (5,077)   (4,236)
   d) Employee benefits expense   16,119    16,516    14,521    32,635    29,556    59,909 
   e) Depreciation and amortisation expense   5,267    5,366    5,046    10,633    9,807    20,588 
   f) Impairment of non-current assets, net   123    15    673    138    673    3,518 
   g) Finance costs   1,248    1,255    907    2,503    1,737    3,738 
   h) Other expenses   21,749    22,017    21,753    43,766    42,628    86,648 
                                  
   Total expenses   76,187    79,020    74,137    155,207    143,713    296,793 
                                  
5  Profit before tax and before share of equity accounted investees(3 - 4)   12,353    5,525    17,385    17,878    36,433    53,793 
                                  
6  Share of profit/(loss) of equity accounted investees, net of tax   (77)   8    63    (69)   65    134 
                                  
7  Profit before tax (5+6)   12,276    5,533    17,448    17,809    36,498    53,927 
                                  
8  Tax expense/(benefit):                              
   a) Current tax   3,052    1,575    1,847    4,627    12,108    13,945 
   b) Deferred tax   92    (398)   2,233    (306)   (3,077)   (1,594)
                                  
9  Net profit after taxes and share of profit of associates (7 - 8)   9,132    4,356    13,368    13,488    27,467    41,576 
                                  
10  Net profit after taxes attributable to                              
   a) Equity shareholders of the parent company   9,248    4,443    13,471    13,691    27,652    41,960 
   b) Non-controlling interests   (116)   (87)   (103)   (203)   (185)   (384)
                                  
11  Other comprehensive income/(loss)                              
   a) (i) Items that will not be reclassified subsequently to profit or loss   (13)   (7)   (14)   (20)   (9)   143 
   (ii) Income tax relating to items that will not be reclassified to profit or loss   -    2    -    2    -    (56)
   b) (i) Items that will be reclassified subsequently to profit or loss   0    1,888    862    1,888    2,939    6,916 
   (ii) Income tax relating to items that will be reclassified to profit or loss   52    (333)   270    (281)   237    392 
   Total other comprehensive income/(loss)   39    1,550    1,118    1,589    3,167    7,395 
                                  
12  Total comprehensive income (9 + 11)   9,171    5,906    14,486    15,077    30,634    48,971 
                                  
13  Total comprehensive income attributable to                              
   a) Equity shareholders of the parent company   9,287    5,993    14,589    15,280    30,819    49,355 
   b) Non-controlling interest   (116)   (87)   (103)   (203)   (185)   (384)
                                  
14  Paid-up equity share capital (face value Re. 1/- each)   835    835    835    835    835    835 
                                  
15  Other equity                            378,080 
                                  
16  Earnings per equity share attributable to equity shareholders of parent (face value Re. 1/- each)                              
                                  
   Basic   11.10    5.33    16.18    16.44    33.22    50.41 
   Diluted   11.09    5.33    16.17    16.42    33.19    50.35 
       (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  30.09.2026   30.06.2026   30.09.2025   30.09.2026   30.09.2025   31.03.2026 
      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Audited) 
   Segment wise revenue and results:                              
1  Segment revenue :                              
   a) Global Generics   77,965    72,083    78,235    150,048    153,967    299,460 
   b) Pharmaceutical Services and Active Ingredients   10,636    10,730    12,079    21,366    21,953    42,672 
   c) Others   482    193    103    675    1,746    2,140 
   Total   89,083    83,006    90,417    172,089    177,666    344,272 
   Less: Inter-segment revenue   2,105    2,008    2,134    4,113    3,662    7,270 
   Total revenue from operations   86,978    80,998    88,283    167,976    174,004    337,002 
                                  
2  Segment results:                              
   Gross profit from each segment                              
   a) Global Generics   43,833    37,127    46,431    80,960    92,517    169,696 
   b) Pharmaceutical Services and Active Ingredients   984    386    1,706    1,370    2,793    6,002 
   c) Others   391    36    5    427    1,464    1,581 
   Total   45,208    37,549    48,142    82,757    96,774    177,279 
   Less: Selling and other un-allocable expenditure/(income), net   32,932    32,016    30,694    64,948    60,276    123,352 
   Total profit before tax   12,276    5,533    17,448    17,809    36,498    53,927 

 

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.

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

Consolidated Balance Sheet All amounts in Indian Rupees millions

   As at 
Particulars  30.09.2026   31.03.2026 
  (Unaudited)   (Audited) 
         
ASSETS          
Non-current assets          
Property, plant and equipment   102,690    100,778 
Capital work-in-progress   12,067    14,602 
Goodwill   14,877    14,797 
Other intangible assets   104,165    105,058 
Investment in equity accounted investees   5,867    5,673 
Financial assets          
Investments   6,341    8,942 
Other financial assets   5,281    2,917 
Deferred tax assets, net   22,904    22,190 
Tax assets, net   4,204    3,503 
Other non-current assets   595    981 
Total non-current assets   278,991    279,441 
           
Current assets          
Inventories   81,182    76,534 
Financial assets          
Investments   32,816    38,233 
Trade receivables   101,399    101,234 
Derivative financial instruments   287    155 
Cash and cash equivalents   13,294    15,368 
Other bank balances   22,632    18,119 
Other financial assets   11,268    22,255 
Other current assets   34,444    29,895 
Total current assets   297,322    301,793 
TOTAL ASSETS   576,313    581,234 
           
EQUITY AND LIABILITIES          
Equity          
Equity share capital   835    835 
Other equity   387,235    378,080 
Equity attributable to equity shareholders of the parent company   388,070    378,915 
Non-Controlling interests   3,191    3,394 
Total equity   391,261    382,309 
           
Liabilities          
Non-current liabilities          
Financial liabilities          
Lease liabilities   11,693    12,203 
Other financial liabilities   226    432 
Provisions   356    338 
Deferred tax liabilities, net   16,079    15,467 
Other non-current liabilities   2,395    3,011 
Total non-current liabilities   30,749    31,451 
           
Current liabilities          
Financial liabilities          
Borrowings   58,260    62,935 
Lease liabilities   2,334    2,203 
Trade payables          
Total outstanding dues of micro enterprises and small enterprises   349    334 
Total outstanding dues of creditors other than micro enterprises and small enterprises   32,014    30,045 
Derivative financial instruments   5,321    6,898 
Other financial liabilities   34,134    40,085 
Other current liabilities   10,715    11,921 
Tax Liabilities,net   2,847    4,353 
Provisions   8,329    8,700 
Total current liabilities   154,303    167,474 
TOTAL EQUITY AND LIABILITIES   576,313    581,234 

 

 

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

Consolidated statement of cashflows All amounts in Indian Rupees millions

   Half year ended 
Particulars  30.09.2026   30.09.2025 
  (Unaudited)   (Unaudited) 
Cash flows from/(used in) operating activities :          
Profit before tax   17,809    36,498 
Adjustments for:          
Fair value changes and profit on sale of financial instruments measured at FVTPL*, net   (1,209)   (1,277)
Depreciation and amortisation expense   10,633    9,807 
Impairment of non-current assets,net   138    673 
Allowance for credit losses (on trade receivables and other advances)   340    679 
Profit on sale/disposal of assets,net   (405)   (268)
Share of profit of equity accounted investees   69    (65)
Unrealized exchange (gain)/loss, net   (585)   (509)
Interest income   (1,965)   (2,040)
Finance costs   2,503    1,737 
Equity settled share-based payment expense   196    212 
Inventories write-down   5,622    3,450 
Changes in operating assets and liabilities:          
Trade receivables   177    (7,689)
Inventories   (10,274)   (8,186)
Trade and other payables   1,864    8,846 
Other assets and other liabilities, net   (13,743)   (2,820)
Cash generated from operations   11,170    39,049 
Income tax paid, net   (6,822)   (8,845)
Net cash generated from operating activities   4,348    30,204 
           
Cash flows (used in)/from investing activities :          
Purchase of property, plant and equipment   (5,817)   (12,086)
Proceeds from sale of property, plant and equipment   1,003    143 
Purchase of other intangible assets   (2,201)   (8,198)
Proceeds from sale of other intangible assets   2,214    239 
Investment in equity accounted investees   -    (51)
Payment for acquisition of businesses   (220)   - 
Purchase of investments (including bank deposits)   (14,461)   (17,724)
Proceeds from sale of investments (including bank deposits)   25,595    8,183 
Interest and dividend received   2,006    759 
Proceeds from disposal of subsidiary   5    - 
Net cash (used in)/from investing activities   8,124    (28,736)
           
Cash flows (used in) financing activities :          
Proceeds from issuance of equity shares (including treasury shares)   316    288 
Proceeds/(Repayment) of short-term borrowings, net   (1,043)   2,675 
Repayment of long-term loans and borrowings   (3,799)   - 
Payment of principal portion of lease liabilities   (717)   (565)
Dividend paid   (6,664)   (6,659)
Interest paid   (2,779)   (2,265)
Net cash from/(used in) financing activities   (14,686)   (6,526)
           
Net increase/(decrease) in cash and cash equivalents   (2,214)   (5,059)
Effect of exchange rate changes on cash and cash equivalents   36    372 
Cash and cash equivalents at the beginning of the period (1)   15,368    14,593 
Cash and cash equivalents at the end of the period (2)   13,190    9,906 

 *FVTPL (fair value through profit or loss)

(1)Adjusted for bank overdraft of Rs.61 million for the year ended 31 March,2025

(2)Adjusted for bank overdraft of Rs.104 for half year ended 30 September,2026

 

Notes:

1The above statement of unaudited consolidated financial results of Dr. Reddy's Laboratories Limited ("the parent company"), together with its subsidiaries (collectively, the "Company"), joint ventures and associates, have been prepared in accordance with the Indian Accounting Standards ("Ind AS") prescribed under section 133 of Companies Act,2013 ("the Act") read with relevant rules issues thereunder, other accounting principles generally accepted in India and guidelines 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 23 October 2026. The Statutory Auditors have carried out a limited review on the unaudited consolidated financial results and issued an unmodified report thereon.

 

2In August 2026, the Company initiated recall of Semaglutide batches in Canada due to elevated levels of unspecified impurity exceeding the approved specification limit and a packaging and labelling error (unrelated to the Semaglutide API issue as detailed under Note 5 below). Accordingly, the Company recorded Rs. 710 million towards expected product returns as a reduction of "Revenue from operations" in the Company's Global Generics Segment.

 

 

 

 

 

 

 

DR. REDDY'S LABORATORIES LIMITED

 

3License and service income for the quarter ended 30 September 2026 includes:

- Rs.529 million from the sale of the Company’s territorial rights relating to Bendamustine HCL in the United States; and
- Rs.976 million towards achievement of certain milestones under various license agreements with a customer in Russia pertaining to biosimilars.

 

These transactions pertain to the Company’s Global Generics segment.

   

4During the year ended 31 March 2026, consequent to the resolution of a shelf stock adjustment claim arising from reduction in price of its generic product Lenalidomide in the United States, the Company has recorded an amount of Rs. 4,530 million (USD 50 million) as a reduction from "Revenue from operations" in the Company's Global Generics Segment.

 

5Certain batches of Semaglutide were found to be out of specification due to an issue associated with the active pharmaceutical ingredient (API) used in the product. Consequently, based on its best estimate, the Company has made a provision of Rs. 2,230 million towards inventory and Rs. 167 million towards other associated costs during the quarter ended 30 June 2026.

 

6During the year ended 31 March 2026, the Company decided to discontinue certain of its R&D programs associated with Chimeric Antigen Receptor T-cell (CAR-T) therapy portfolio in light of the development status and clinical trail outcomes. Consequent to this decision, the Company has recognized a net loss of Rs.1,350 million in the Company's Global Generic segment, comprising of

a. Impairment of non-current assets of Rs. 1,291 million (i.e., towards Property, plant and equipment, other Intangible assets and Right to use assets ) and
b. Other development program related wind down cost under "Other expenses" of Rs. 59 million.

In August 2026, the company sold certain assets related to this CAR-T program and novated the related lease agreement to the acquirer resulting in impairment loss reversal of Rs. 137 million.

 

7During the year ended 31 March 2026, the Company recorded below Impairment losses in the Company’s Global Generic segment


a. Rs. 914 million (USD 10 million) consequent to discontinuation of the Phase III study in first line non-small cell lung cancer conducted by Immutep Limited following the results of the futility analysis.
b. Rs. 934 million, consequent to certain technical challenges in product development, the Company decided to discontinue development of conjugated estrogen at its site in Middleburgh, New York comprising the below financial impacts:
- 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.

 

8Other income includes:
a. Rs. 1,400 million recognised prusuant to settlement of product related litigations representing payment for avoided litigation costs by the Company and its affiliates in the United States and the United Kingdom during the year ended 31 March 2026.
b. Gain on sale of non-current assets, net amounting to Rs. 1,890 million towards divestment of certain product related intangibles i.e., trademarks during the year ended 31 March 2026.

 

9During the year ended 31 March 2026 based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, based on its estimate, the Company had recorded a VAT provision of Rs.1,836 million under “Other expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to 31 March 2026.

The Company believes that the likelihood of any further liability that may arise on account of this field tax audit is not probable. This transaction pertains to Company's Global Generics segment.

 

10The Company considered the on-going uncertainties relating to geo-political conflicts (including Russia, Ukraine and the Middle East) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. Based on its judgments, estimates and assumptions, the Company expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets. The Company will continue to closely monitor any material changes to future economic conditions.

 

  By order of the Board
  For Dr. Reddy’s Laboratories Limited
   
   
  G V Prasad
Place: Hyderabad Co-Chairman & Managing Director
Date: 23 October 2026 DIN:00057433