Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

May 2024

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

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

Hyderabad, Telangana 500 034, India

+91-40-49002900

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ______

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ______

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): 82-________.

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter and year ended March 31, 2024.

On May 07, 2024, we announced our results of operations for the quarter and year ended March 31, 2024. We issued a press release announcing our results under International Financial Reporting Standards (“IFRS”), IFRS Audited Consolidated Financial Results, Ind AS Audited Consolidated Financial Results with audit report and Ind AS Audited Standalone Financial Results with audit report for the quarter and year ended March 31, 2024, a copy of which is attached to this Form 6-K as Exhibit 99.2 , 99.3 , 99.4 and 99.5 respectively.

We have also made available to the public on our web site, www.drreddys.com, the following: IFRS Audited Consolidated Financial Results, Ind AS Audited Consolidated Financial Results and Ind AS Audited Standalone Financial Results for the quarter and year ended March 31, 2024.

EXHIBITS

Exhibit Number		Description of Exhibits

99.1		Outcome of the Board Meeting held on May 07, 2024

99.2		Press Release, “Dr. Reddy’s Q4 FY2024 Financial Results”, May 07, 2024.

99.3		IFRS Audited Consolidated Financial Results for the quarter and year ended March 31, 2024.

99.4		Ind AS Audited Consolidated Financial Results for the quarter and year ended March 31, 2024.

99.5		Ind AS Audited Standalone Financial Results for the quarter and year ended March 31, 2024.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: May 07, 2024	By:	/s/ K Randhir Singh
		Name:	K Randhir Singh
		Title:	Company Secretary & Compliance Officer

Exhibit 99.1

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

May 7, 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:

Outcome of Board Meeting – Audited Financial Results for the quarter and year ended March 31, 2024

In furtherance to our letter dated March 22, 2024, we would like to inform you that the Board of Directors of the Company, at its meeting held on May 7, 2024, has inter alia transacted and approved the following businesses:

Financial Results

Approved the Audited Financial Results of the Company for the quarter and year ended March 31, 2024. In terms of the above, we are enclosing herewith:

Audited Consolidated Financial Results of the Company and its subsidiaries for the quarter and year ended March 31, 2024 as per the International Financial Reporting Standards (IFRS) as issued by International Accounting Standards Board (IASB).

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

Audited Consolidated Financial Results of the Company and its subsidiaries for the quarter and year ended March 31, 2024, as per Indian Accounting Standards.

Audited Standalone Financial Results of the Company for the quarter and year ended March 31, 2024, as per Indian Accounting Standards.

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Audit Reports of the Statutory Auditors on the Financial Results as mentioned at serial nos. 3 and 4 are also enclosed.

We would like to confirm that the Statutory Auditors of the Company have issued Audit Reports with 'Unmodified Opinion' on the Audited Financial Statements of the Company (Standalone and Consolidated) for the year ended March 31, 2024

Dividend

Recommended a final dividend of Rs. 40/- (800%) per equity share of Rs. 5/- each for the financial year 2023-24. The dividend will be paid on or after five days from the date of declaration of the final dividend by the shareholders at the ensuing 40th Annual General Meeting (AGM) of the Company.

Change in Key Managerial Personnel

Mr. Parag Agarwal will retire as the Chief Financial Officer of the Company effective from close of working hours on July 31, 2024, consequent to his decision to expand his involvement in philanthropy for the cause of making a meaningful difference to the lives of the most vulnerable segment of the society – the voiceless animals. His resignation cum retirement letter is attached. He will also cease to be a member of the Management Council and Senior Management Personnel of the Company, effective from the close of working hours on July 31, 2024. He will continue to be available with the Company till August 31, 2024, and

Mr. M V Narasimham, currently Dy. Chief Financial Officer of the Company is being elevated to the role of the Chief Financial Officer of the Company with effect from August 1, 2024. Presently, he is also a Member of the Management Council and Senior Management Personnel of the Company.

The details required under Regulation 30 of the SEBI Listing Regulations, read with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, is given in Annexure enclosed herewith.

Annual General Meeting and Book Closure Date

Approved convening of 40^th Annual General Meeting (AGM) of the members of the Company on Monday, July 29, 2024.

The Register of Members and the Share Transfer Books of the Company shall remain closed from Wednesday, July 17, 2024, to Friday, July 19, 2024 (both days inclusive) for the purpose of the Dividend and Annual General Meeting of the Company.

The Board Meeting commenced at 2:00 p.m. IST and concluded at 3:55 p.m IST.

This is for your information and records.

Thanking you.

Yours faithfully,

For Dr. Reddy’s Laboratories Limited

K Randhir Singh

Company Secretary, Compliance Officer & Head-CSR

Encl: as above

Annexure

Details under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023

Sl. No.	Particulars	Details
1	Reason for change viz. appointment, re-appointment, resignation, removal, death or otherwise	a)	Resignation cum retirement of Mr. Parag Agarwal from his position as Chief Financial Officer of the Company, consequent to his decision to expand involvement in philanthropy for the cause of making a meaningful difference to the lives of the most vulnerable segment of the society – the voiceless animals.
		b)	Appointment of Mr. M V Narasimham, currently the Dy. Chief Financial Officer of the Company, as the Chief Financial Officer of the Company.
2	Date of appointment/ re-appointment/ cessation (as applicable); and term of appointment/ re-appointment	a)	Resignation cum retirement of Mr. Parag Agarwal will be effective from the close of working hours on July 31, 2024. He will also cease to be a Member of Management Council as well as a Senior Management Personnel of the Company, effective on that day. He will continue to be available with the Company till August 31, 2024.
		b)	Mr. M V Narasimham, currently the Dy. Chief Financial Officer of the Company, has been appointed as the Chief Financial Officer of the Company, with effect from August 1, 2024.
		The Board of the Directors has approved the above changes at its meeting held today, i.e. on May 7, 2024 on the recommendations of the Nomination, Governance and Compensation Committee and the Audit Committee of the Company.
3	Brief profile (in case of appointment)	a) b)	Not applicable The profile of Mr. M V Narasimham is annexed herewith
4	Disclosure of relationships between directors (in case of appointment of a director)	Not applicable

Profile of Mr. M V Narasimham

Mr. M V Narasimham serves as Deputy Chief Financial Officer with responsibilities of global commercial business finance and global taxation. He is a qualified Chartered Accountant with more than 30 years of experience across several finance functions. Mr. Narasimham joined the Company in the year 2000 and has held various positions of increasing responsibility across finance in the Company. He was leading the finance operations of our business segments PSAI and Global Generics during the period 2006 to 2012. Since 2012, he has been heading the Corporate Finance (Direct and Indirect Taxation, Consolidation and Corporate Analytics) along with Global Business finance involving both India and overseas operations.

Exhibit 99.2

	CONTACT
DR. REDDY'S LABORATORIES LTD.	Investor relationS		Media relationS
8-2-337, Road No. 3, Banjara Hills,	Richa Periwal	richaperiwal@drreddys.com	USHA IYER
Hyderabad - 500034. Telangana, India.	AISHWARYA SITHARAM	aishwaryasitharam@drreddys.com	ushaiyer@drreddys.com

Dr. Reddy’s Q4 & full year FY24 Financial Results

Hyderabad, India, May 7, 2024: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2024. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

	Q4FY24	FY24

Revenues	₹ 70,830 Mn	₹ 279,164 Mn
	[Up: 12% YoY; Down: 2 % QoQ]^	[Up: 14% YoY]^

Gross Margin	58.6%	58.6%
	[Q4FY23: 57.2%; Q3FY24: 58.5%]	[FY23: 56.7%]

SG&A Expenses	₹ 20,476 Mn	₹ 77,201 Mn
	[Up: 14% YoY; 1% QoQ]	[Up: 13% YoY]

R&D Expenses	₹ 6,877 Mn	₹ 22,873 Mn
	[9.7% of Revenues]	[8.2% of Revenues]

EBITDA	₹ 18,720 Mn	₹ 83,013 Mn
	[26.4% of Revenues]	[29.7% of Revenues]

Profit before Tax	₹ 16,016 Mn	₹ 71,870 Mn
	[Up: 21% YoY; Down: 12% QoQ]	[Up: 19% YoY]

Profit after Tax	₹ 13,070 Mn	₹ 55,684 Mn
	[Up: 36% YoY; Down: 5% QoQ]	[Up: 24% YoY]

^Excluding revenues from brands divested during the corresponding previous periods, Q4FY24 YoY growth is 17% and FY24 growth is 16%.

Commenting on the results, Co-Chairman & MD, G V Prasad said: “Our growth and profitability in FY2024 has been driven by our performance in the US. We have also made significant progress on future growth drivers through licensing, collaboration and pipeline building. We will continue to strengthen our core businesses through superior execution as we invest and build the future growth drivers.”

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = ₹ 83.34

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment for the quarter

	Q4FY24		Q4FY23		YoY		Q3FY24		QoQ
Particulars	(₹)		(₹)		Gr %		(₹)		Gr%
Global Generics		61,191		54,257		13		63,095		(3	)
North America		32,626		25,321		29		33,492		(3	)
Europe		5,208		4,960		5		4,970		5
India		11,265		12,834		(12)^		11,800		(5	)
Emerging Markets		12,091		11,142		9		12,833		(6	)
Pharmaceutical Services and Active Ingredients (PSAI)		8,219		7,787		6		7,839		5
Others		1,420		924		54		1,214		17
Total		70,830		62,968		12		72,148		(2	)

^Excluding revenues from brands divested during the corresponding previous periods, Q4FY24 YoY India growth is 17%.

Revenue Mix by Segment for the year

	FY24		FY23		YoY
Particulars	(₹)		(₹)		Gr%
Global Generics		245,453		213,768		15
North America		129,895		101,704		28
Europe		20,511		17,603		17
India		46,407		48,932		(5)^
Emerging Markets		48,640		45,529		7
PSAI		29,801		29,069		3
Others		3,910		3,042		29
Total		279,164		245,879		14^

^Excluding revenues from brands divested during the corresponding previous periods, India growth is 5.5% and overall 16%.

Consolidated Income Statement for the quarter

	Q4FY24						Q4FY23						YoY			Q3FY24						QoQ
Particulars	($)			(₹)			($)			(₹)			Gr %			($)			(₹)			Gr%
Revenues		850			70,830			756			62,968			12			866			72,148			(2	)
Cost of Revenues		352			29,347			324			26,971			9			359			29,945			(2	)
Gross Profit		498			41,483			432			35,997			15			506			42,203			(2	)
% of Revenues					58.6	%					57.2	%								58.5	%
Operating Expenses
Selling, General & Administrative Expenses		246			20,476			216			17,992			14			243			20,228			1
% of Revenues					28.9	%					28.6	%								28.0	%
Research & Development Expenses		83			6,877			64			5,366			28			67			5,565			24
% of Revenues					9.7	%					8.5	%								7.7	%
Impairment of Non-Current Assets, net		(2	)		(173	)		6			540			(132	)		1			110			(257	)
Other Operating (Income)/Expense		(8	)		(656	)		(3	)		(281	)		133			(12	)		(967	)		(32	)
Results from Operating Activities		179			14,959			149			12,380			21			207			17,267			(13	)
Finance (Income)/Expense, net		(12	)		(1022	)		(10	)		(799	)		28			(12	)		(963	)		6
Share of Profit of Equity Accounted Investees, net of tax		(0	)		(35	)		(1	)		(76	)		(54	)		(0	)		(27	)		30
Profit before Income Tax		192			16,016			159			13,255			21			219			18,257			(12	)
% of Revenues					22.6	%					21.1	%								25.3	%
Income Tax Expense		35			2,946			44			3,663			(20	)		54			4,468			(34	)
Profit for the Period		157			13,070			115			9,592			36			165			13,789			(5	)
% of Revenues					18.5	%					15.2	%								19.1	%

Diluted Earnings per Share (EPS)		0.94			78.35			0.69			57.62			36			0.99			82.67			(5	)

EBITDA Computation for the quarter

*Includes income from Investment

	Q4FY24						Q4FY23						Q3FY24
Particulars	($)			(₹)			($)			(₹)			($)			(₹)
Profit before Income Tax		192			16,016			159			13,255			219			18,257
Interest (Income) / Expense, net*		(10	)		(835	)		(8	)		(673	)		(12	)		(1,030	)
Depreciation		29			2,421			27			2,213			29			2,437
Amortization		15			1,291			12			977			16			1,333
Impairment		(2	)		(173	)		6			539			1			110
EBITDA		225			18,720			196			16,311			253			21,107
% of Revenues					26.4	%					25.9	%					29.3	%

Consolidated Income Statement for the year

	FY24						FY23						YoY
Particulars	($)			(₹)			($)			(₹)			Gr %
Revenues		3,350			279,164			2,950			245,879			14
Cost of Revenues		1,387			115,557			1,278			106,536			8
Gross Profit		1,963			163,607			1,672			139,343			17
% of Revenues					58.6	%					56.7	%
Operating Expenses
Selling, General & Administrative Expenses		926			77,201			816			68,026			13
% of Revenues					27.7	%					27.7	%
Research & Development Expenses		274			22,873			233			19,381			18
% of Revenues					8.2	%					7.9	%
Impairment of Non-Current Assets, net		0			3			8			699			(100	)
Other Operating (Income)/Expense		(50	)		(4,199	)		(71	)		(5,907	)		(29	)
Results from Operating Activities		813			67,729			686			57,144			19
Finance (Income)/Expense, net		(48	)		(3,994	)		(34	)		(2,853	)		40
Share of Profit of Equity Accounted Investees, net of tax		(2	)		(147	)		(4	)		(370	)		(60	)
Profit before Income Tax		862			71,870			724			60,367			19
% of Revenues					25.7	%					24.6	%
Income Tax Expense		194			16,186			184			15,300			6
Profit for the Period		668			55,684			541			45,067			24
% of Revenues					19.9	%					18.3	%
Diluted Earnings per Share (EPS)		4.01			334.02			3.25			270.85			23

EBITDA Computation for the year

*Includes income from Investment

	FY24						FY23
Particulars	($)			(₹)			($)			(₹)
Profit before Income Tax		862			71,870			724			60,367
Interest (Income) / Expense, net*		(45	)		(3,716	)		(7	)		(621	)
Depreciation		115			9,576			103			8,614
Amortization		63			5,280			48			4,022
Impairment		0			3			8			698
EBITDA		996			83,013			877			73,081
% of Revenues					29.7	%					29.7	%

Key Balance Sheet Items

	As on 31^st Mar 2024				As on 31^st Dec 2023				As on 31^st Mar 2023
Particulars	($)		(₹)		($)		(₹)		($)		(₹)
Cash and Cash Equivalents and Other Investments		990		82,529		920		76,665		749		62,456
Trade Receivables		963		80,298		948		79,028		870		72,486
Inventories		763		63,552		729		60,796		584		48,670
Property, Plant, and Equipment		923		76,886		871		72,554		797		66,462
Goodwill and Other Intangible Assets		494		41,204		494		41,192		421		35,094
Loans and Borrowings (Current & Non-Current)		240		20,020		238		19,851		162		13,472
Trade Payables		371		30,919		381		31,716		317		26,444
Equity		3,366		280,550		3,264		272,026		2,772		230,991

Key Business Highlights [for Q4FY24]

Entered into an exclusive partnership with Sanofi to promote and distribute its vaccine brands in India.

Partnered with Bayer to distribute the second brand for heart failure management drug, Vericiguat, in India.

Entered into a licensing agreement with U.S. based biopharma, Pharmazz, to market first-in-class Centhaquine (Lyfaquin^®) for treatment of hypovolemic shock in India.

Acquired MenoLabs^® business, a women’s health, and dietary supplement branded portfolio from Amyris, Inc.

Forayed into the consumer health market of United Kingdom (UK) with the launch of allergy medication, Histallay^®.

Launched Bevacizumab, our first biosimilar in the UK.

Launched migraine management wearable device, Nerivio^®, in Germany and South Africa.

Received a ‘Voluntary Action Indicated’ (VAI) status from the United States Food and Drug Administration (U.S. FDA) at both our formulations manufacturing facility (FTO-3) following their routine cGMP inspection in October 2023 as well as our R&D facility center in Bachupally, following their GMP and Pre-Approval Inspection (PAI) in December 2023.

Received a Complete Response Letter (CRL) from the U.S. FDA on our Biologics License Application (BLA) of our proposed biosimilar, Rituximab. We will continue to work closely with the agency to address and resolve all concerns within stipulated timelines.

ESG & other Highlights [for Q4FY24]

Included in the S&P Global Sustainability Yearbook 2024 for the 4th consecutive year, making it to the top 10% score category for the first time.

Received an ‘A’ rating in Carbon Disclosure Project (CDP) Supplier Engagement, which is in the Leadership Band. Only Indian Pharma company to get an ‘A-’ rating in Climate Change and Water Security for our 2023 CDP disclosures.

Secured the Leadership position in the Indian Corporate Governance Assessment for 2023 conducted by the Institutional Investor Advisory Services (IiAS)

Revenue Analysis

Q4FY24 consolidated revenues at ₹ 70.8 billion, YoY growth of 12% and QoQ decline of 2%. Adjusted for income from non-core brands divested in the previous year, on a re-based comparator, YoY growth was 17%. The reported YoY growth was largely driven by growth in global generics revenues in North America as well as Emerging Markets. QoQ decline was primarily due to lower global generics revenues in North America, Emerging Markets, and India.

FY24 consolidated revenues at ₹ 279.2 billion, YoY growth of 14%. Adjusted for income from brands divested in the previous year, on a re-based comparator, YoY growth of 16%. The reported growth was primarily driven by strong performances witnessed in North America, Europe, and Emerging Markets.

Global Generics (GG)

Q4FY24 revenues at ₹ 61.2 billion, YoY growth of 13% and QoQ decline of 3%. YoY growth was primarily driven by increase in volumes of our base business, new product launches, partially offset by price erosion in certain markets. Sequential decline is due change in product mix, price erosion and unfavorable forex impact.

FY24 revenues at ₹ 245.5 billion, a YoY growth of 15%. The growth was primarily driven by increase in volumes of our base business, new product launches partially offset by price erosion in US and Europe.

North America

Q4FY24 revenues at ₹ 32.6 billion, YoY growth of 29% and QoQ decline of 3%. YoY growth was largely on account of increase in volumes of our base business, contribution from new launches, partly offset by price erosion. Sequential decline was due to decrease in base business volumes and price erosion in select brands.

FY24 revenues at ₹ 129.9 billion, YoY growth of 28%. The growth was largely on account of increase in base business volumes, integration of Mayne portfolio, forex gains partly offset by price erosion.

During the quarter, we launched 5 new products in the region, of which 4 were launched in the U.S. A total of 21 products were launched during the year.

During the quarter, we filed 9 new Abbreviated New Drug Applications (ANDAs) with the USFDA, taking our annual ANDA filing count to 17. As of March 31, 2024, 86 generic filings were pending approval from the USFDA. These comprise of 81 ANDAs and five New Drug Applications (NDAs) filed under the Section 505(b)(2) route of the US Federal Food, Drug, and Cosmetic Act. Of the 86 ANDAs, 50 are Paragraph IV applications, and we believe that 24 of these have the ‘First to File’ status.

Europe

Q4FY24 revenues at ₹ 5.2 billion, YoY and sequential growth of 5%. YoY growth was primarily on account of improvement in base business volumes, new product launches, partly offset by price erosion. QoQ growth was primarily on account increase in base business and favorable forex.

Germany at ₹ 2.8 billion, YoY growth of 7% and QoQ growth of 5%.

UK at ₹ 1.5 billion, YoY growth of 9% and QoQ growth of 10%.

Rest of Europe at ₹ 0.9 billion, YoY decline of 7% and QoQ decline of 5%.

FY24 revenues at ₹ 20.5 billion, YoY growth of 17%. The growth was primarily on account leveraging the portfolio and momentum in base business, partly offset by price erosion.

Germany at ₹ 10.6 billion, YoY growth of 13%.

UK at ₹ 6.3 billion, YoY growth of 32%.

Rest of Europe at ₹ 3.6 billion, YoY growth of 4%.

During the quarter, we launched 6 new products in the region, taking the annual total to 42.

India

Q4FY24 revenues at ₹ 11.3 billion, YoY decline of 12% and QoQ decline of 5%. Adjusted for brand divestment income, on a re-based comparator, YoY growth of 11%. QoQ decline is on account of lower volumes from base business. As per IQVIA, our IPM rank was at 10 for the quarter.

FY24 revenues at ₹ 46.4 billion, YoY decline of 5%. Excluding the income from divestment of non-core brands in the previous year, on a re-based comparator, India growth is in mid-single digit.

During the quarter, we launched 3 new brands in the country, taking the annual total to 13.

Emerging Markets

Q4FY24 revenues at ₹ 12.1 billion, YoY growth of 9% and QoQ decline of 6%. YoY growth is attributable to new product launches, while QoQ decline was due to unfavorable forex.

Revenues from Russia at ₹ 5.0 billion, YoY decline of 4% and QoQ decline of 15%.

YoY decline was majorly due to unfavorable currency exchange rate movements, partially offset by price increases.

QoQ decline was on account of unfavorable forex.

Revenues from other Commonwealth of Independent States (CIS) countries and Romania at ₹ 2.2 billion, decline of 5% YoY and 7% QoQ.

YoY decline was primarily on account of decline in base business volumes, partly offset by increase in prices.

QoQ decline was driven by decline in base business volumes, partly offset by higher prices.

Revenues from Rest of World (RoW) territories at ₹ 4.9 billion, growth of 34% YoY and 7% QoQ.

YoY growth was largely attributable to contribution from new products.

QoQ growth was primarily driven by increase in base business volumes and new product launches.

FY24 revenues at ₹ 48.6 billion, YoY growth of 7%. The growth is attributable to new product launches and market share expansion, partially offset by unfavorable forex.

Revenues from Russia at ₹ 22.3 billion, YoY growth of 5%. The growth was largely on account of improved volumes and increase in certain brand prices, partially offset by unfavorable currency exchange rate movements.

Revenues from other CIS countries and Romania at ₹ 8.6 billion, broadly flat on YoY basis.

Revenues from RoW territories at ₹ 17.7 billion, YoY growth of 13%. The growth is largely attributable to contribution from new product launches.

During the quarter, we launched 17 new products across various countries in the region, taking the annual total to 106.

Pharmaceutical Services and Active Ingredients (PSAI)

Q4FY24 revenues at ₹ 8.2 billion, with a growth of 6% YoY and 5% QoQ. YoY growth was mainly driven by revenues from new products, favourable forex, partially offset by price decline. QoQ growth was driven by improved volumes in base business partially offset by price decline.

FY24 revenues at ₹ 29.8 billion, with a growth of 3% YoY. The growth was mainly driven by revenues from new products, favourable forex, partially offset by price erosion.

During the quarter, we filed 48 Drug Master Files (DMFs) globally, taking the annual count to 133.

Income Statement Highlights:

Gross Margin

Q4FY24 at 58.6% (GG: 62.0%, PSAI: 28.6%), an increase of 140 basis points (bps) over previous year and 7 bps sequentially. The YoY increase was on account of improvement in product mix and productivity cost savings, partially offset by income from non-core brands divested in previous period. On a sequential basis, the growth was primarily on account of favourable product mix.

FY24 at 58.6% (GG: 62.9%, PSAI: 23.2%). Gross margin increased by 193 bps YoY. The expansion in margin was on account of favourable product mix, higher government incentive, productivity cost savings, partially offset by price erosion in select markets and brand divestment income during previous period.

Selling, General & Administrative (SG&A) Expenses

Q4FY24 at ₹ 20.5 billion, YoY increase of 14% and by 1% QoQ.

FY24 at ₹ 77.2 billion, YoY increase of 13%.

The increase is largely on account of higher investments in sales & marketing activities to strengthen our existing brands, new business initiatives including scaling up OTC and consumer health & wellness business, digitalization initiatives and building strong commercial capabilities.

Research & Development (R&D) Expenses

Q4FY24 at ₹ 6.9 billion. As % to Revenues – Q4FY24: 9.7% | Q3FY24: 7.7% | Q4FY23: 8.5%.

FY24 at ₹ 22.9 billion. As % to Revenues – FY24: 8.2% | FY23: 7.9%.

R&D investments is related to our biosimilar products pipeline, development efforts across generics as well as our novel oncology assets.

Other Operating Income

Q4FY24 at ₹ 0.7 billion as compared to ₹ 0.3 billion in Q4FY23.

FY24 at ₹ 4.2 billion as compared to ₹ 5.9 billion in FY23.

Net Finance Income

Q4FY24 at ₹1.0 billion compared to ₹ 0.8 billion in Q4FY23.

FY24 at ₹ 4.0 billion as compared to ₹ 2.9 billion in FY23.

Profit before Tax

Q4FY24 at ₹ 16.0 billion, YoY growth of 21%. QoQ decline of 12%.

FY24 at ₹ 71.9 billion, an increase of 19%. As % to Revenues –FY24: 25.7% | FY23: 24.6%.

Profit after Tax

Q4FY24 at ₹ 13.1 billion, YoY growth of 36%, QoQ decline of 5%.

FY24 at ₹ 55.7 billion, a growth of 24%. As % to Revenues –FY24: 19.9% | FY23: 18.3%.

The Effective Tax Rate (ETR) for the quarter has been 18.4%. The ETR during the quarter is lower due to a one-time benefit accruing on account reversal of a tax provision, re-measurement of Deferred Tax asset owing to increase in USA state tax liability and adoption of corporate tax rate under section 115BAA of the IT Act.

The ETR for FY24 was 22.5% as compared to 25.3% in FY23. The ETR was lower for FY24 mainly due to adoption of corporate tax rate under section 115BAA of the Income Tax Act of India.

Diluted Earnings per Share (EPS)

Q4FY24 is ₹ 78.4. FY24 is ₹ 334.0.

Other Highlights:

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

Q4FY24 at ₹ 18.7 billion, YoY growth of 15% and QoQ decline of 11%. EBITDA margin is 26.4%.

FY24 at ₹ 83.0 billion, a YoY growth of 14%. EBITDA margin is 29.7%.

Others:

Operating Working Capital : As on 31^st March 2024 at ₹ 112.9 billion.

Capital Expenditure: Q4FY24 at ₹ 5.0 billion. FY24 at ₹ 15.2 billion.

Free Cash Flow: Q4FY24 at ₹ 5.3 billion. FY24 at ₹ 19.1 billion.

Net Cash Surplus : As on 31^st March 2024at ₹ 64.6 billion

Debt to Equity : As on 31^st March 2024 is (0.23)

ROCE : FY24 at 36%.

The Board has recommended payment of a dividend of Rs. 40 per equity share of face value Rs. 5/- each (800% of face value) for the year ended March 31, 2024, subject to approval of the members of the company.

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.

All amounts in millions, except EPS

Reconciliation of GAAP Measures to Non-GAAP Measures

Operating Working Capital

	As on 31^st Mar 2024
Particulars	(₹)
Inventories		63,552
Trade Receivables		80,298
Less:
Trade Payables		30,919
Operating Working Capital		112,931

Free Cash Flow

Particulars	Three months ended 31^stMar 2024		Year ended 31^st Mar 2024
	(₹)		(₹)
Net cash generated from operating activities		17,053		65,479
Less:
Taxes		5,534		20,047
Investments in Property, Plant & Equipment, and Intangibles		6,230		18,709
Free Cash Flow before Acquisitions		5,289		26,723
Less:
Acquisitions related Pay-out		-		7,640
Free Cash Flow		5,289		19,083

Net Cash Surplus and Debt to Equity

	As on 31^st Mar 2024
Particulars	(₹)
Cash and Cash Equivalents		7,107
Investments		75,422
Short-term Borrowings		(12,723	)
Long-term Borrowings, Non-Current		(5,990	)
Less:
Restricted Cash Balance – Unclaimed Dividend		227
Lease liabilities (included in Long-term Borrowings, Non-Current)		(2,190	)
Equity Investments (Included in Investments)		1,193
Net Cash Surplus		64,586
Equity		280,550
Net Debt/Equity		(0.23	)

Computation of Return on Capital Employed

	As on 31^st Mar 2024
Particulars	(₹)
Profit before Tax		71,870
Less:
Interest and Investment Income (Excluding forex gain/loss)		3,716
Earnings Before Interest and taxes [A]		68,154

Average Capital Employed [B]		191,809

Return on Capital Employed (A/B) (Ratio)		36	%

Computation of Capital Employed:

	Year Ended
Particulars	Mar 31, 2024			Mar 31, 2023
Property Plant and Equipment		76,886			66,462
Intangibles		36,951			30,849
Goodwill		4,253			4,245
Investment in Equity Accounted Associates		4,196			4,702
Other Current Assets		22,560			20,069
Other Investments		1,059			660
Other Non-Current Assets		1,632			800
Inventories		63,552			48,670
Trade Receivables		80,298			72,485
Derivative Financial Instruments		(299	)		1,095
Less:
Other Liabilities		46,866			42,320
Provisions		5,444			5,513
Trade payables		30,919			26,444
Operating Capital Employed		207,859			175,760
Average Capital Employed		191,809

Computation of EBITDA

Refer page no. 3 & 4.

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: May 7, 2024

Time: 19:30 pm IST | 10:00 am ET

Conference Joining Information

Option 1: Pre-register with the below link and join without waiting for the operator

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=9249934&linkSecurityString=380ecdb9f6

Option 2: Join through below Dial-In Numbers

Universal Access Number:

+91 22 6280 1219

+91 22 7115 8120

International Toll-Free Number:

USA: 1 866 746 2133

UK: 0 808 101 1573

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 May 14^th, 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 40871.

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

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance.

For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2023. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein.

Exhibit 99.3

Dr. Reddy’s Laboratories Ltd.

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

Hyderabad - 500 034, Telangana,

India.

CIN : L85195TG1984PLC004507

Tel :+91 40 4900 2900

Fax :+91 40 4900 2999

Email :mail@drreddys.com

www.drreddys.com

DR. REDDY'S LABORATORIES LIMITED

Audited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter and year ended 31 March 2024 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions
			Quarter ended									Year ended
			31.03.2024			31.12.2023			31.03.2023			31.03.2024			31.03.2023
Sl. No.		Particulars	(Audited)			(Unaudited)			(Audited)			(Audited)			(Audited)
	1	Revenues		70,830			72,148			62,968			279,164			245,879
	2	Cost of revenues		29,347			29,945			26,971			115,557			106,536
	3	Gross profit (1 - 2)		41,483			42,203			35,997			163,607			139,343
	4	Selling, general and administrative expenses		20,476			20,228			17,992			77,201			68,026
	5	Research and development expenses		6,877			5,565			5,366			22,873			19,381
	6	Impairment of non-current assets, net		(173	)		110			540			3			699
	7	Other income, net		(656	)		(967	)		(281	)		(4,199	)		(5,907	)
		Total operating expenses		26,524			24,936			23,617			95,878			82,199
	8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		14,959			17,267			12,380			67,729			57,144
		Finance income		1,615			1,357			1,153			5,705			4,281
		Finance expense		(593	)		(394	)		(354	)		(1,711	)		(1,428	)
	9	Finance income, net		1,022			963			799			3,994			2,853
	10	Share of profit of equity accounted investees, net of tax		35			27			76			147			370
	11	Profit before tax (8 + 9 + 10)		16,016			18,257			13,255			71,870			60,367
	12	Tax expense, net		2,946			4,468			3,663			16,186			15,300
	13	Profit for the period/year (11 -12)		13,070			13,789			9,592			55,684			45,067
	14	Earnings per share:
		Basic earnings per share of Rs.5/- each		78.49			82.81			57.74			334.65			271.43
		Diluted earnings per share of Rs.5/- each		78.35			82.68			57.62			334.02			270.85
				(Not annualised)			(Not annualised)			(Not annualised)

Segment information			All amounts in Indian Rupees millions
			Quarter ended						Year ended
			31.03.2024		31.12.2023		31.03.2023		31.03.2024		31.03.2023
Sl. No.		Particulars	(Audited)		(Unaudited)		(Audited)		(Audited)		(Audited)
		Segment wise revenue and results:
	1	Segment revenue:
		a) Pharmaceutical Services and Active Ingredients		11,526		10,390		10,261		40,580		36,646
		b) Global Generics		61,191		63,095		54,257		245,453		213,768
		c) Others		1,420		1,214		924		3,910		3,042
		Total		74,137		74,699		65,442		289,943		253,456
		Less: Inter-segment revenues		3,307		2,551		2,474		10,779		7,577
		Total Revenues		70,830		72,148		62,968		279,164		245,879

	2	Segment results:
		Gross profit from each segment
		a) Pharmaceutical Services and Active Ingredients		2,350		2,306		1,963		6,919		4,715
		b) Global Generics		37,933		39,075		33,498		154,268		132,719
		c) Others		1,200		822		536		2,420		1,909
		Total		41,483		42,203		35,997		163,607		139,343
		Less: Selling and other un-allocable expenditure, net of other income		25,467		23,946		22,742		91,737		78,976
		Total profit before tax		16,016		18,257		13,255		71,870		60,367

Global Generics segment includes operations of Biologics business. Inter-segment revenues represent 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, 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 financial results of Dr.Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with recognition and measurement principles 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 07 May 2024. The Independent Auditors have issued an unqualified report thereon.

Revenues for the year ended 31 March 2023 includes :
a) Rs. 2,640 million from sale of certain non-core dermatology brands to Eris Lifesciences Limited for the quarter ended 31 March 2023;
b) Rs. 1,399 million from sale of brands Styptovit-E, Finast, Finast-T and Dynapres to Torrent Pharmaceuticals Limited;
c) Rs. 902 million from sale of brands Z&D, Pedicloryl, Pecef and Ezinapi to J B Chemicals and Pharmaceuticals Limited.
The amounts recognised above are adjusted for expected sales returns. These transactions pertain to Company’s Global Generics segment.

During the quarter and year ended 31 March 2024, an amount of Rs. 810 million and Rs. 4,232 million respectively, and during the quarter and year ended 31 March 2023, an amount of Rs. 305 million and Rs. 3,111 million, respectively, representing government grants has been accounted for as a reduction from cost of revenues.

"Impairment of non-current assets, net" for the year ended 31 March 2024 primarily includes:
a. Reversal of impairment loss of Rs. 226 million in March 2024, with respect to saxagliptin/metformin (generic version of Kombiglyze® - XR) and enalaprilat (generic version of Vasotec®) pursuant to launch of these two products during the year.
The Company re-assessed the recoverable amount pursuant to favorable market conditions and change in circumstances that led to initial impairment during year ended 31 March 2021 by revisiting the market volumes, share and price assumptions of these two products and accordingly, capitalized under product related intangibles with corresponding reversal of impairment loss of Rs. 191 million and Rs. 35 million respectively. This impairment loss pertains to the Company’s Global Generics segment
b. Consequent to adverse market conditions with respect to certain products related intangibles and software platforms, the Company assessed the recoverable amount of certain products and recognized impairment loss of Rs. 86 million and Rs. 99 million pertaining to products and software platforms forming part of the Company’s Global Generics and Others segment, respectively.

During the quarter ended 31 March 2023, Company considered a total impairment of Rs. 540 million towards:
a. The Company assessed performance of business acquired from Nimbus Health GmbH against the initial estimates and performance of the products. Basis the assessment, the Company had recorded an impairment charge of the carrying values amounting to Rs. 375 million (Goodwill- Rs. 272 million and Other intangibles- Rs. 103 million). The said impairment charge pertains to the Company’s Global Generics segment.
b. Consequent to adverse market conditions with respect to certain of the Company’s products related intangibles forming part of the Company’s Global Generics and Pharmaceutical Services and Active Ingredients segments, the Company assessed the recoverable amount of these products and recognised an amount of Rs. 165 million as impairment charge during the quarter ended 31 March 2023.

“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 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.

“Other income, net” for the year ended 31 March 2023 includes:
a. Rs. 991 million representing the loss on sale of assets recognised in December 2022, pursuant to agreement dated 16 December 2022 with Delpharm Development Leiden B.V (Delpharm) for transfer of certain assets, liabilities and employees at its site at Leiden, Netherlands.This transaction pertains to Company’s Global Generics segment.
b. Rs. 5,638 million (U.S.$71.39 million discounted to present value) recognised in June 2022 towards the settlement of an ongoing litigation relating to launch of a product with Indivior Inc., Indivior UK Limited and Aquestive Therapeutics, Inc.

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.

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 06 July 2021, the Company received a subpoena from the SEC for the production of related documents, which were provided to the SEC.

During the previous years, the Company made presentations to the SEC and the DOJ in relation to the investigation in the aforementioned countries, and in relation to its Global Compliance Framework, which includes enhancement initiatives undertaken by the Company. The Company continues to respond to the requests made by the SEC and the DOJ and 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.

Consolidated statements of financial position

All amounts in Indian Rupees millions
	As at			As at
	31.03.2024			31.03.2023
Particulars	(Audited)			(Audited)
ASSETS
Current assets
Cash and cash equivalents		7,107			5,779
Other investments		74,363			56,018
Trade and other receivables		80,298			72,485
Inventories		63,552			48,670
Derivative financial instruments		169			1,232
Other current assets		22,560			20,069
Total current assets		248,049			204,253
Non-current assets
Property, plant and equipment		76,886			66,462
Goodwill		4,253			4,245
Other intangible assets		36,951			30,849
Investment in equity accounted investees		4,196			4,702
Other investments		1,059			660
Deferred tax assets		10,774			7,196
Tax assets		3,718			2,687
Other non-current assets		1,632			800
Total non-current assets		139,469			117,601
Total assets		387,518			321,854

LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		30,919			26,444
Short-term borrowings		12,723			7,390
Long-term borrowings, current portion		1,307			4,804
Provisions		5,383			5,454
Tax liabilities		2,342			2,144
Derivative financial instruments		468			137
Other current liabilities		42,897			39,472
Total current liabilities		96,039			85,845
Non-current liabilities
Long-term borrowings		5,990			1,278
Deferred tax liabilities		909			833
Provisions		61			59
Other non-current liabilities		3,969			2,848
Total non-current liabilities		10,929			5,018
Total liabilities		106,968			90,863
Equity
Share capital		834			833
Treasury shares		(991	)		(1,269	)
Share premium		10,765			9,688
Share based payment reserve		1,508			1,652
Capital redemption reserve		173			173
Debenture redemption reserve		-			380
Special economic zone re-investment reserve		653			886
Retained earnings		265,257			215,593
Other components of equity		2,351			3,055
Total equity		280,550			230,991
Total liabilities and equity		387,518			321,854

Consolidated statements of cash flows

All amounts in Indian Rupees millions
	Year ended
	31.03.2024			31.03.2023
Particulars	(Audited)			(Audited)
Cash flows from/(used in) operating activities :
Profit for the year		55,684			45,067
Adjustments for:
Tax expense, net		16,186			15,300
Fair value changes and profit on sale of financial instruments measured at FVTPL**, net		(3,149	)		(876	)
Depreciation and amortization		14,841			12,636
Impairment of non-current assets, net		3			699
Allowance for credit losses (on trade receivables and other advances)		275			205
(Gain)/loss on sale or de-recognition of non-current assets, net		(900	)		208
Share of profit of equity accounted investees		(147	)		(370	)
Unrealized exchange (gain)/loss, net		(534	)		(939	)
Interest (income)/expense, net		(567	)		248
Inventories write-down		3,563			4,869
Equity settled share-based payment expense		407			397
Dividend income		-	*		-	*
Changes in operating assets and liabilities:
Trade and other receivables		(8,054	)		(5,752	)
Inventories		(18,445	)		(2,654	)
Trade and other payables		3,460			23
Other assets and other liabilities, net		2,857			528
Cash generated from operations		65,480			69,589
Income tax paid, net		(20,047	)		(10,714	)
Net cash generated from operating activities		45,433			58,875
Cash flows from/(used in) investing activities :
Purchase of property, plant and equipment		(16,403	)		(11,323	)
Proceeds from sale of property, plant and equipment		1,064			82
Purchase of other intangible assets		(11,032	)		(7,543	)
Proceeds from sale of other intangible assets		21			-
Investment in associates		(12	)		-
Purchase of other investments (incuding bank deposits)		(145,488	)		(136,171	)
Proceeds from sale of other investments (incuding bank deposits)		129,784			112,805
Dividend received from equity accounted investees		445			-
Interest and dividend received		1,338			777
Net cash used in investing activities		(40,283	)		(41,373	)
Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		805			157
Proceeds from sale of treasury shares		-			211
Proceeds from/(Repayment of) short-term loans and borrowings, net		5,493			(19,382	)
Proceeds from long-term borrowings		3,800			-
Repayment of long-term borrowings		(3,800	)		-
Payment of principal portion of lease liabilities		(1,147	)		(1,015	)
Dividend paid		(6,648	)		(4,979	)
Interest paid		(2,266	)		(1,853	)
Net cash used in financing activities		(3,763	)		(26,861	)
Net increase/(decrease) in cash and cash equivalents		1,387			(9,359	)
Effect of exchange rate changes on cash and cash equivalents		(59	)		286
Cash and cash equivalents at the beginning of the year		5,779			14,852
Cash and cash equivalents at the end of the year		7,107			5,779

Rounded off to million.

FVTPL (fair value through profit or loss)

The Board of Directors, at their meeting held on 07 May 2024, have recommended a final dividend of Rs.40 per share subject to approval of shareholders.

The figures of the fourth quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the relevant financial year. Also the figures upto the end of third quarter were only reviewed and not subjected to audit. Previous period figures have been regrouped/rearranged, wherever necessary.

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

Place: Hyderabad	G V Prasad
Date: 07 May 2024	Co-Chairman & Managing Director

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

The Board of Directors of

Dr. Reddy’s Laboratories Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Audited Consolidated Financial Results for the quarter and year ended 31 March 2024 (“Statement”) of Dr. Reddy’s Laboratories Limited (“Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”), its associate and joint ventures for the quarter and year ended March 31, 2024, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) .

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate audited financial statements of the subsidiary referred to in the Other Matters paragraph below, the Statement:

(i) includes the results of the following entities:

Holding Company:

Dr. Reddy’s Laboratories Limited

Subsidiaries

Aurigene Oncology limited

Cheminor Investments Limited

Dr. Reddy’s Bio-Sciences Limited

Dr. Reddy’s Formulations Limited

Dr. Reddy’s Farmaceutica Do Brasil Ltda.

Dr. Reddy's Laboratories SA

Idea2Enterprises (India) Private Limited

Imperial Owners and Land Possessions Private Limited (Formerly Imperial Credit Private Limited)

Industrias Quimicas Falcon de Mexico, S.A.de C.V.

10.

Svaas Wellness Limited

11.

Aurigene Discovery Technologies (Malaysia) Sdn. Bhd.

12.

Aurigene Pharmaceutical Services Limited

13.

beta Institut gemeinnützige GmbH

14.

betapharm Arzneimittel GmbH

15.

Chirotech Technology Limited

16.

DRL Impex Limited

17.

Dr. Reddy’s Laboratories (Australia) Pty. Limited

18.

Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited

19.

Dr. Reddy’s Laboratories Canada, Inc.

20.

Dr. Reddy's Laboratories Chile SPA.

21.

Dr. Reddy’s Laboratories (EU) Limited

22.

Dr. Reddy’s Laboratories Inc.

23.

Dr. Reddy's Laboratories Japan KK

24.

Dr. Reddy’s Laboratories Kazakhstan LLP

25.

Dr. Reddy’s Laboratories LLC, Ukraine

26.

Dr. Reddy's Laboratories Louisiana LLC

27.

Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.

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

	28.	Dr. Reddy’s Laboratories New York, LLC
	29.	Dr. Reddy's Laboratories Philippines Inc.

30.

Dr. Reddy’s Laboratories (Proprietary) Limited

31.

Dr. Reddy's Laboratories Romania S.R.L.

32.

Dr. Reddy's Laboratories SAS

33.

Dr. Reddy's Laboratories Taiwan Limited

34.

Dr. Reddy's Laboratories (Thailand) Limited

35.

Dr. Reddy’s Laboratories (UK) Limited

36.

Dr. Reddy’s New Zealand Limited

37.

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

38.

Dr. Reddy’s Srl

39.

Dr. Reddy's Venezuela, C.A.

40.

Dr. Reddy’s Laboratories LLC, Russia

41.

Lacock Holdings Limited

42.

Promius Pharma LLC

43.

Reddy Holding GmbH

44.

Reddy Netherlands B.V.

45.

Reddy Pharma Iberia SAU

46.

Reddy Pharma Italia S.R.L

47.

Reddy Pharma SAS

48.

Nimbus Health GmbH

49.

Dr. Reddy’s Laboratories Jamaica Limited (effective from September 25, 2023)

50.

Dr. Reddy’s Nutraceuticals Limited (effective from March 14, 2024)

Associate

O2 Renewable Energy IX Private Limited (effective from November 10, 2023)

Joint ventures

DRES Energy Private Limited

Kunshan Rotam Reddy Pharmaceutical Company Limited

Other consolidating entities

Cheminor Employees Welfare Trust

Dr. Reddy’s Research Foundation

are presented in accordance with the requirements of the Listing Regulations in this regard; and

ii.

gives a true and fair view in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive loss and other financial information of the Group, its associate and joint ventures for the quarter and year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under Section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Results” section of our report. We are independent of the Group, its associate and joint ventures in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

S.R. Batliboi & Associates LLP

Chartered Accountants

Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net profit and other comprehensive loss and other financial information of the Group including its associate and joint ventures in accordance with the applicable accounting standards prescribed under section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate and joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.

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

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

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

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

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

Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate and joint ventures to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate and joint ventures to cease to continue as a going concern.

S.R. Batliboi & Associates LLP

Chartered Accountants

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of the financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

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

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

Other Matters

The accompanying Statement includes the audited financial statements and other financial information, in respect of one subsidiary, whose financial statements include total assets of Rs 13,142 million as at March 31, 2024, total revenues of Rs 4,700 million and Rs 21,391 million total net profit after tax of Rs. 100 million and Rs. 1,079 million, total comprehensive income of Rs. 100 million and Rs. 1,079 million, for the quarter and year ended on that date respectively, and net cash inflows of Rs. 554 million for the year ended March 31, 2024, as considered in the Statement which have been audited by their auditors. The auditor’s report on the financial statements and other financial information of this entity has been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on such audited financial statements and other financial information.

The accompanying Statement includes the unaudited financial results and other unaudited financial information, in respect of one associate and two joint ventures, whose financial results include the Group’s share of net profit of Rs. 147 million and Rs. 147 million and Group’s share of total comprehensive income of Rs. 147 million and Rs. 147 million for the quarter and year ended March 31, 2024 respectively, as considered in the Statement whose financial results have not been audited by their respective auditors. These unaudited financial results and other unaudited financial information have been approved and furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate and joint venture, is based solely on such unaudited financial results and other unaudited financial information. In our opinion and according to the information and explanations given to us by the Management, these financial results are not material to the Group.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Management.

S.R. Batliboi & Associates LLP

Chartered Accountants

The Statement includes the results for the quarter ended March 31, 2024 being the balancing figures between the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited year-to-date figures up to the end of the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004


per Shankar Srinivasan
Partner
Membership No.: 213271

UDIN: 24213271BKELCI9910

Place: Hyderabad
Date: May 07, 2024

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 AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024

All amounts in Indian Rupees millions

			Quarter ended									Year ended
			31.03.2024			31.12.2023			31.03.2023			31.03.2024			31.03.2023
Sl. No.		Particulars	(Audited)			(Unaudited)			(Audited)			(Audited)			(Audited)

	1	Revenue from operations
		a) Sales		68,258			69,647			58,430			271,396			234,595
		b) License fees and service income		2,572			2,501			4,539			7,768			11,284
		c) Other operating income		308			220			183			947			818

		Total revenue from operations		71,138			72,368			63,152			280,111			246,697

	2	Other income		1,975			2,162			1,385			8,943			10,555

	3	Total income (1 + 2)		73,113			74,530			64,537			289,054			257,252

	4	Expenses
		a) Cost of materials consumed		10,962			11,412			10,728			44,901			42,198
		b) Purchase of stock-in-trade		11,759			12,083			7,667			43,991			33,670
		c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(1,800	)		(1,735	)		586			(6,805	)		709
		d) Employee benefits expense		12,836			12,764			12,760			50,301			46,466
		e) Depreciation and amortisation expense		3,677			3,735			3,155			14,700			12,502
		f) Impairment of non-current assets, net		(173	)		110			540			3			699
		g) Finance costs		593			394			354			1,711			1,428
		h) Other expenses		19,242			17,503			15,532			68,389			59,465
		Total expenses		57,096			56,266			51,322			217,191			197,137
	5	Profit before tax and before share of equity accounted investees(3 - 4)		16,017			18,264			13,215			71,863			60,115

	6	Share of profit of equity accounted investees, net of tax		35			27			76			147			370

	7	Profit before tax (5+6)		16,052			18,291			13,291			72,010			60,485

	8	Tax expense/(benefit):
		a) Current tax		2,823			3,538			4,279			19,459			8,144
		b) Deferred tax		131			944			(589	)		(3,228	)		7,268

	9	Net profit after taxes and share of profit of associates (7 - 8)		13,098			13,809			9,601			55,779			45,073

	10	Other comprehensive income/(loss)
		a) (i) Items that will not be reclassified subsequently to profit or loss		(44	)		132			83			(28	)		(660	)
		(ii) Income tax relating to items that will not be reclassified to profit or loss		4			-			(12	)		4			(43	)
		b) (i) Items that will be reclassified subsequently to profit or loss		(565	)		782			1,196			(749	)		276
		(ii) Income tax relating to items that will be reclassified to profit or loss		48			78			(342	)		117			306
		Total other comprehensive income/(loss)		(557	)		992			925			(656	)		(121	)

	11	Total comprehensive income (9 + 10)		12,541			14,801			10,526			55,123			44,952

	12	Paid-up equity share capital (face value Rs. 5/- each)		834			834			833			834			833

	13	Other equity											281,714			232,028

	14	Earnings per equity share (face value Rs. 5/- each)

		Basic		78.66			82.94			57.79			335.22			271.47
		Diluted		78.53			82.81			57.68			334.59			270.90
				(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						Year ended
			31.03.2024		31.12.2023		31.03.2023		31.03.2024		31.03.2023
Sl. No.		Particulars	(Audited)		(Unaudited)		(Audited)		(Audited)		(Audited)
		Segment wise revenue and results:
	1	Segment revenue :
		a) Pharmaceutical Services and Active Ingredients		11,725		10,580		10,398		41,295		37,195
		b) Global Generics		61,289		63,124		54,297		245,673		213,953
		c) Others		1,431		1,215		931		3,922		3,126
		Total		74,445		74,919		65,626		290,890		254,274

		Less: Inter-segment revenue		3,307		2,551		2,474		10,779		7,577
		Total revenue from operations		71,138		72,368		63,152		280,111		246,697

	2	Segment results:
		Gross profit from each segment
		a) Pharmaceutical Services and Active Ingredients		2,349		2,307		1,970		6,929		4,733
		b) Global Generics		37,937		39,077		33,498		154,272		132,719
		c) Others		1,202		823		535		2,423		1,909
		Total		41,488		42,207		36,003		163,624		139,361

		Less: Selling and other un-allocable expenditure/(income), net		25,436		23,916		22,712		91,614		78,876
		Total profit before tax		16,052		18,291		13,291		72,010		60,485

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

Segmental capital employed

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

Notes:

The above statement of audited consolidated financial results of Dr. Reddy's Laboratories Limited ("the Company"), which have been prepared in accordance with 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 7 May 2024. The Statutory Auditors have issued an unqualified report thereon.

License fee and service income for the year ended 31 March 2023 includes:

a. Rs. 2,640 million from sale of certain non-core dermatology brands to Eris Lifesciences Limited for the quarter ended 31 March 2023;

b. Rs. 1,399 million from sale of brands Styptovit-E, Finast, Finast-T and Dynapres to Torrent Pharmaceuticals Limited;

c. Rs. 902 million from sale of brands Z&D, Pedicloryl, Pecef and Ezinapi to J B Chemicals and Pharmaceuticals Limited. The amounts recognised above are adjusted for expected sales returns. These transactions pertain to Company’s Global Generics segment.

“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 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.

“Other income” for the year ended 31 March 2023 includes an amount of Rs.5,638 million (U.S.$71.39 discounted to present value), recognised in June 2022 towards the settlement of an ongoing litigation relating to launch of a product with Indivior Inc., Indivior UK Limited and Aquestive Therapeutics, Inc.

During the quarter and year ended 31 March 2024, an amount of Rs. 810 million and Rs. 4,232 million respectively, and during the quarter and year ended 31 March 2023, an amount of Rs.305 million and Rs.3,111 million, respectively, representing government grants has been accounted for as a reduction from cost of materials consumed.

"Impairment of non-current assets, net" for the year ended 31 March 2024 primarily includes:

a. Reversal of impairment loss of Rs. 226 million in March 2024, with respect to saxagliptin/metformin (generic version of Kombiglyze® - XR) and enalaprilat (generic version of Vasotec®) pursuant to launch of these two products during the year.

The company re-assessed the recoverable amount pursuant to favorable market conditions and change in circumstances that led to initial impairment during year ended 31 March 2021 by revisiting the market volumes, share and price assumptions of these two products and accordingly capitalized under Product related intangibles with corresponding reversal of impairment loss of Rs. 191 million and Rs. 35 million respectively. This impairment loss pertains to the Company’s Global Generics segment

b. Consequent to adverse market conditions with respect to certain products related intangibles and software platforms, the Company assessed the recoverable amount of certain products and recognized impairment loss of Rs. 86 million and Rs. 99 million pertaining to products and software platforms forming part of the Company’s Global Generics and Others segment, respectively.

DR. REDDY'S LABORATORIES LIMITED

Consolidated Balance Sheet

All amounts in Indian Rupees millions
	As at		As at
	31.03.2024		31.03.2023
Particulars	(Audited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment		62,487		56,542
Capital work-in-progress		13,510		9,752
Goodwill		5,501		5,474
Other intangible assets		36,268		30,175
Intangible assets under development		683		549
Investment in equity accounted investees		4,196		4,702
Financial assets
Investments		1,059		660
Other financial assets		1,212		727
Deferred tax assets, net		10,578		7,052
Tax assets, net		3,718		2,687
Other non-current assets		1,373		276
Total non-current assets		140,585		118,596
Current assets
Inventories		63,552		48,670
Financial assets
Investments		44,050		44,496
Trade receivables		80,298		72,485
Derivative financial instruments		169		1,232
Cash and cash equivalents		7,107		5,779
Other bank balances		10,170		11,523
Other financial assets		22,527		4,950
Other current assets		20,180		15,120
Total current assets		248,053		204,255
TOTAL ASSETS		388,638		322,851

EQUITY AND LIABILITIES
Equity
Equity share capital		834		833
Other equity		281,714		232,028
Total equity		282,548		232,861

Liabilities
Non-current liabilities
Financial liabilities
Borrowings		3,800		-
Lease liabilities		2,190		1,278
Provisions		239		199
Deferred tax liabilities, net		841		760
Other non-current liabilities		3,140		2,032
Total non-current liabilities		10,210		4,269
Current liabilities
Financial liabilities
Borrowings		12,723		11,190
Lease liabilities		1,307		1,004
Trade payables		-		-
Total outstanding dues of micro enterprises and small enterprises		282		83
Total outstanding dues of creditors other than micro enterprises and small enterprises		25,862		22,601
Derivative financial instruments		468		137
Other financial liabilities		34,540		29,175
Liabilities for current tax, net		2,341		2,143
Provisions		6,920		6,525
Other current liabilities		11,437		12,863
Total current liabilities		95,880		85,721
TOTAL EQUITY AND LIABILITIES		388,638		322,851

DR. REDDY'S LABORATORIES LIMITED

Consolidated statement of cashflows

All amounts in Indian Rupees millions
	Year ended			Year ended
	31.03.2024			31.03.2023
Particulars	(Audited)			(Audited)
Cash flows from/(used in) operating activities :
Profit before tax		72,010			60,485
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL**, net		(3,149	)		(876	)
Depreciation and amortisation expense		14,700			12,502
Impairment of non-current assets		3			699
Allowance for credit losses (on trade receivables and other advances)		275			205
(Profit)/Loss on sale or de-recognition of non-current assets, net		(900	)		208
Share of profit of equity accounted investees		(147	)		(370	)
Unrealized exchange (gain)/loss, net		(533	)		(925	)
Interest income		(2,278	)		(1,180	)
Finance costs		1,711			1,428
Equity settled share-based payment expense		407			397
Inventories write-down		3,563			4,869
Dividend income		-	*		-	*
Changes in operating assets and liabilities:
Trade receivables		(8,054	)		(5,752	)
Inventories		(18,445	)		(2,654	)
Trade payables		3,460			23
Other assets and other liabilities, net		2,857			528
Cash generated from operations		65,480			69,587
Income tax paid, net		(20,047	)		(10,714	)
Net cash from operating activities		45,433			58,873
Cash flows from/(used in) investing activities :
Purchase of property, plant and equipment		(16,403	)		(11,323	)
Proceeds from sale of property, plant and equipment		1,064			82
Purchase of other intangible assets		(11,032	)		(7,541	)
Proceeds from sale of other intangible assets		21			-
Investment in associates		(12	)		-
Purchase of investments (including bank deposits)		(145,488	)		(136,171	)
Proceeds from sale of investments (including bank deposits)		129,784			112,805
Dividend received from equity accounted investees		445			-
Interest and dividend received		1,338			777
Net cash used in investing activities		(40,283	)		(41,371	)
Cash flows from/(used in) financing activities :
Proceeds from issuance of equity shares (including treasury shares)		805			157
Proceeds from sale of treasury shares		-			211
Proceeds from/(Repayment of) from short-term loans and borrowings, net		5,493			(19,382	)
Repayment of long-term loans and borrowings		(3,800	)		-
Proceeds from long term borrowings		3,800			-
Payment of principal portion of lease liabilities		(1,147	)		(1,015	)
Dividend paid		(6,648	)		(4,979	)
Interest paid		(2,266	)		(1,853	)
Net cash used in financing activities		(3,763	)		(26,861	)

Net increase/(decrease) in cash and cash equivalents		1,387			(9,359	)
Effect of exchange rate changes on cash and cash equivalents		(59	)		286
Cash and cash equivalents at the beginning of the year		5,779			14,852
Cash and cash equivalents at the end of the year		7,107			5,779

*Rounded

off to million.

**FVTPL

(fair value through profit or loss)

DR. REDDY'S LABORATORIES LIMITED

During the quarter ended 31 March 2023, Company considered a total impairment of Rs. 540 million towards:

a. The Company assessed performance of business acquired from Nimbus Health GmbH against the initial estimates and performance of the products. Basis the assessment, the Company has recorded an impairment charge of the carrying values amounting to Rs. 375 million (Goodwill- Rs. 272 million and Other intangibles- Rs. 103 million). The said impairment charge pertains to the Company’s Global Generics segment.

b. Consequent to adverse market conditions with respect to certain of the Company’s products related intangibles forming part of the Company’s Global Generics and Pharmaceutical Services and Active Ingredients segments, the Company assessed the recoverable amount of these products and recognised an amount of Rs. 165 million as impairment charge.

Included in “Other expenses” for the year ended 31 March 2023, is an amount of Rs. 991 million representing the Loss on sale of Assets recognised in December 2022, pursuant to agreement with Delpharm Development Leiden B.V (Delpharm) for transfer of its certain assets, liabilities and employees at its site at Leiden, Netherlands.This transaction pertains to Company’s Global Generics segment.

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 Board of Directors, at their meeting held on 7 May 2024, have recommended a final dividend of Rs.40 per share subject to approval of shareholders.

By order of the Board

For Dr. Reddy's Laboratories Limited


Place: Hyderabad	G V Prasad
Date: 7 May 2024	Co-Chairman & Managing Director

Exhibit 99.5

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 Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

The Board of Directors of

Dr. Reddy’s Laboratories Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying Statement of Audited Standalone Financial Results for the quarter and year ended 31 March 2024 (“Statement”) of Dr. Reddy’s Laboratories Limited (the “Company”) for the quarter and year ended March 31, 2024, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

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

is presented in accordance with the requirements of the Listing Regulations in this regard; and

ii.

gives a true and fair view in conformity with the applicable accounting standards and other accounting principles generally accepted in India, of the net profit and other comprehensive loss and other financial information of the Company for the quarter and year ended March 31, 2024.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“the Act”). Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Management’s Responsibilities for the Standalone Financial Results

The Statement has been prepared on the basis of the standalone annual financial statements. The Board of Directors of the Company are responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit and other comprehensive income of the Company and other financial information in accordance with the applicable accounting standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Chartered Accountants

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

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

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

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Chartered Accountants

Other Matter

The Statement includes the results for the quarter ended March 31,2024 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2024 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm Registration Number: 101049W/E300004

per Shankar Srinivasan

Partner

Membership No.: 213271

UDIN:24213271BKELCJ6463

Place: Hyderabad

Date: May 07, 2024

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 AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 MARCH 2024

		All amounts in Indian Rupees millions
		Quarter ended									Year ended
		31.03.2024			31.12.2023			31.03.2023			31.03.2024			31.03.2023
Sl. No.	Particulars	(Audited)			(Unaudited)			(Audited)			(Audited)			(Audited)

1	Revenue from operations
	a) Sales		50,304			40,389			42,491			192,764			162,989
	b) License fees and service income		514			442			2,887			1,277			6,002
	c) Other operating income		230			199			162			797			634
	Total revenue from operations		51,048			41,030			45,540			194,838			169,625

2	Other income		2,127			2,276			1,148			8,623			5,913

	Total income (1 + 2)		53,175			43,306			46,688			203,461			175,538

3	Expenses
	a) Cost of materials consumed		9,077			8,187			8,541			32,915			31,614
	b) Purchase of stock-in-trade		5,463			5,569			3,692			19,866			17,793
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(520	)		(651	)		1,068			(2,388	)		1,295
	d) Employee benefits expense		7,795			7,823			7,651			30,857			28,326
	e) Depreciation and amortisation expense		2,462			2,464			2,367			9,756			9,232
	f) Impairment of non current assets, net		260			-			41			260			51
	g) Finance costs		59			56			26			218			169
	h) Other expenses		15,187			13,539			13,936			54,064			48,398

	Total expenses		39,783			36,987			37,322			145,548			136,878

4	Profit before tax (1 + 2 - 3)		13,392			6,319			9,366			57,913			38,660

5	Tax expense/ (benefit)
	a) Current tax		2,702			1,569			2,319			13,618			8,641
	b) Deferred tax		342			(2	)		323			875			3,891

6	Net profit for the period / year (4 - 5)		10,348			4,752			6,724			43,420			26,128

7	Other comprehensive income/(loss)
	a) (i) Items that will not be reclassified to profit or loss		27			(8	)		86			21			89
	(ii) Income tax relating to items that will not be reclassified to profit or loss		(7	)		-			(22	)		(7	)		(53	)
	b) (i) Items that will be reclassified subsequently to profit or loss		(189	)		24			1,350			(446	)		(928	)
	(ii) Income tax relating to items that will be reclassified to profit or loss		49			(6	)		(339	)		114			358
	Total other comprehensive income / (loss)		(120	)		10			1,075			(318	)		(534	)
8	Total comprehensive income (6 + 7)		10,228			4,762			7,799			43,102			25,594

9	Paid-up equity share capital (face value Rs. 5/- each)		834			834			833			834			833

10	Other equity											241,574			203,909

11	Earnings per equity share (face value Rs. 5/- each)

	Basic		62.14			28.55			40.49			260.95			157.37
	Diluted		62.04			28.50			40.41			260.46			157.03
			(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								Year ended
		31.03.2024		31.12.2023			31.03.2023			31.03.2024			31.03.2023
Sl. No.	Particulars	(Audited)		(Unaudited)			(Audited)			(Audited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Pharmaceutical Services and Active Ingredients		9,842		7,658			9,111			30,742			27,896
	b) Global Generics		44,006		35,726			38,651			173,405			147,999
	c) Others		353		66			129			678			497
	Total		54,201		43,450			47,891			204,825			176,392

	Less: Inter-segment revenue		3,153		2,420			2,351			9,987			6,767
	Total revenue from operations		51,048		41,030			45,540			194,838			169,625

2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients		1,246		(397	)		486			(287	)		(1,336	)
	b) Global Generics		12,172		6,832			9,054			57,670			46,716
	c) Others		239		198			(51	)		536			(154	)
	Total		13,657		6,633			9,489			57,919			45,226

	Less: (i) Finance costs		59		56			26			218			169
	(ii) Other un-allocable expenditure / (income), net		206		258			97			(212	)		6,397
	Total profit before tax		13,392		6,319			9,366			57,913			38,660

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

Notes:

The above statement of audited 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 07 May 2024. The Statutory Auditors have issued an unqualified report thereon.

License fee and service income for the year ended 31 March 2023 includes:

a. Rs. 2,640 million from sale of certain non-core dermatology brands in India to Eris Lifesciences Limited for the quarter ended 31 March 2023;

b. Rs. 1,399 million from sale of brands Styptovit-E, Finast, Finast-T and Dynapres to Torrent Pharmaceuticals Limited;

c. Rs. 902 million from sale of brands Z&D, Pedicloryl, Pecef and Ezinapi to J B Chemicals and Pharmaceuticals Limited;

The amounts recognised above are adjusted for expected sales returns. These transactions pertain to the Company’s Global Generics segment.

“Other income” for the year ended 31 March 2024 includes 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.

“Other income” for the year ended 31 March 2024 includes dividend income of Rs. 445 million declared by Kunshan Rotan Reddy Pharmaceutical Company Limited, joint venture of the company.

During the quarter and year ended 31 March 2024, an amount of Rs. 806 million and Rs. 4,211 million respectively and during the quarter and year ended 31 March 2023, an amount of Rs. 305 million and Rs. 3,111 million respectively, representing government grants has been accounted as a reduction from cost of material consumed.

“Impairment of non-current assets, net” for the year ended 31 March 2024 primarily includes:

a. The Company assessed the recoverable amount of investment in equity shares of its subsidiary, Svaas Wellness Limited, India and recognized impairment loss of Rs. 288 million as the recoverable value is below the carrying value of the investment held by the Company. This impairment loss pertains to the Company’s Others segment.

b. Consequent to adverse market conditions with respect to certain products related intangibles, the Company assessed the recoverable amount of certain products and recognized impairment loss of Rs. 7 million pertaining to products forming part of the Company’s Global Generics segment.

c. Reversal of impairment loss of Rs. 35 million in March 2024, with respect to enalaprilat (generic version of Vasotec®) pursuant to launch of the product during the year. The company re-assessed the recoverable amount pursuant to favorable market conditions and change in circumstances that led to initial impairment during year ended 31 March 2021, by revisiting the market volumes, share and price assumptions of this product and accordingly capitalized under Product related intangibles with corresponding reversal of impairment loss of Rs. 35 million. This pertains to the Company’s Global Generics segment.

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.

DR. REDDY’S LABORATORIES LIMITED

Balance sheet

	All amounts in Indian Rupees millions
	As at		As at
Particulars	31.03.2024		31.03.2023
	(Audited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment		51,094		47,379
Capital work-in-progress		11,719		8,991
Goodwill		853		853
Other intangible assets		23,944		23,721
Intangible assets under development		391		253
Financial assets
Investments		32,027		31,422
Loans		617		11
Other financial assets		919		533
Tax assets, net		3,161		2,546
Other non-current assets		709		156
Total non-current assets		125,434		115,865

Current assets
Inventories		40,189		30,430
Financial assets
Investments		41,179		42,978
Trade receivables		46,239		42,889
Derivative financial instruments		165		715
Cash and cash equivalents		2,014		1,123
Other bank balances		10,155		5,335
Other financial assets		22,078		2,224
Other current assets		16,140		12,189
Total current assets		178,159		137,883

TOTAL ASSETS		303,593		253,748

EQUITY AND LIABILITIES
Equity
Equity share capital		834		833
Other equity		241,574		203,909
Total Equity		242,408		204,742

Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities		495		286
Provisions		93		79
Deferred tax liabilities, net		4,161		3,392
Other non-current liabilities		1,055		852
Total non-current liabilities		5,804		4,609

Current liabilities
Financial liabilities
Borrowings		7,100		6
Lease liabilities		334		216
Trade payables
Total outstanding dues of micro enterprises and small enterprises		268		72
Total outstanding dues of creditors other than micro enterprises and small enterprises		20,180		17,573
Derivative financial instruments		290		135
Other financial liabilities		17,023		15,369
Liabilities for current tax, net		670		-
Provisions		3,283		3,052
Other current liabilities		6,233		7,974
Total current liabilities		55,381		44,397

TOTAL EQUITY AND LIABILITIES		303,593		253,748

DR. REDDY’S LABORATORIES LIMITED

Statement of cashflows

	All amounts in Indian Rupees millions
	Year ended			Year ended
Particulars	31.03.2024			31.03.2023
	(Audited)			(Audited)
Cash flows from/(used in) operating activities :
Profit before taxation		57,913			38,660
Adjustments for:
Fair value changes and profit on sale of financial instruments measured at FVTPL**, net		(2,961	)		(798	)
Depreciation and amortisation expense		9,756			9,232
Impairment of non-current assets		260			51
Allowance for credit losses (on trade receivables and other advances)		177			161
(Profit)/Loss on sale or de-recognition of non-current assets, net		(771	)		233
Unrealized exchange loss / (gain), net		76			(1,656	)
Interest income		(3,046	)		(1,300	)
Finance costs		218			169
Equity settled share-based payment expense		346			318
Inventories write-down		2,411			4,048
Dividend income		(446	)		-	*
Changes in operating assets and liabilities:
Trade receivables		(3,410	)		6,568
Inventories		(12,170	)		(1,000	)
Trade payables		2,803			983
Other assets and other liabilities, net		(3,464	)		2,687
Cash generated from operations		47,692			58,356
Income taxes paid, net		(13,195	)		(7,827	)
Net cash generated from operating activities		34,497			50,529

Cash flows from/(used in) investing activities
Purchase of property, plant and equipment		(13,611	)		(10,002	)
Proceeds from sale of property, plant and equipment		882			247
Purchase of other intangible assets		(2,325	)		(5,711	)
Purchase of investments (including bank deposits)		(137,578	)		(120,320	)
Proceeds from sale of investments (including bank deposits)		117,468			100,769
Equity investments in subsidiary/associates		(802	)		(459	)
Dividend received		446			-
Interest income received		1,823			1,000
Loans and advances given to subsidiaries		(606	)		-
Net cash used in investing activities		(34,303	)		(34,476	)

Cash flows from/(used in) financing activities
Proceeds from issuance of equity shares (including treasury shares)		805			157
Proceeds from sale of treasury shares		-			211
Proceeds/(Repayment of) from short-term loans and borrowings, net		7,094			(21,705	)
Payment of principal portion of lease liabilities		(237	)		(195	)
Dividend paid		(6,648	)		(4,979	)
Interest paid		(333	)		(458	)
Net cash from/(used in) financing activities		681			(26,969	)

Net increase / (decrease) in cash and cash equivalents		875			(10,916	)
Effect of exchange rate changes on cash and cash equivalents		16			445
Cash and cash equivalents at the beginning of the year		1,123			11,594
Cash and cash equivalents at the end of the year		2,014			1,123

	*Rounded off to million.
	**FVTPL (fair value through profit or loss)

	11	The Board of Directors, at their meeting held on 07 May 2024, have recommended a final dividend of Rs.40 per share subject to the approval of shareholders.

	12	The figures of the fourth quarter are the balancing figures between audited figures in respect of the full financial year and published year to date figures upto the third quarter of the relevant financial year. Also the figures upto the end of third quarter were only reviewed and not subjected to audit.