截至 2026 年 9 月 30 日的季度

委员会文件编号 1-15182

ITEM 3. LIQUIDITY AND CAPITAL RESOURCES

ITEM 4. OTHER MATTERS

Appointment of Independent Registered Public Accounting Firm for filing with the U.S. Securities and Exchange Commission:

Based upon the recommendation of the Audit Committee, the Company’s Board of Directors at its meeting held on July 22, 2026, approved the appointment of M/s Deloitte Haskins & Sells, LLP, as the independent registered public accounting firm of the Company. M/s Deloitte Haskins & Sells, LLP will audit the financial statements of the Company to be included in the Company’s Annual Report on Form 20-F and will review the interim financial statements to be filed with the U.S. Securities and Exchange Commission. For further details, see the Company’s report on Form 6-K filed with the U.S. Securities and Exchange Commission on July 23, 2026.

ITEM 5. EXHIBITS

SIGNATURES

前瞻性声明和风险因素摘要

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美国证券交易委员会

华盛顿特区 20549

6-K 表格

根据规则 13A-16 或 15D-16 提交的外国私人发行人报告

根据 1934 年证券交易法

DR. REDDY’S LABORATORIES LIMITED

(注册人的名称翻译成英文)

8-2-337，3 号路，班贾拉山

海得拉巴，特伦甘纳 500 034，印度

+91-40-49002900

(主要执行办公室地址)

通过勾选方框表明注册人是否提交或将在 20-F 表格或 40-F 表格下提交年度报告。

20-F ☒ 40-F ☐

季度报告

截至 2026 年 9 月 30 日的季度

报告货币及某些定义术语

在本季度报告中，提及“$”或“U.S.$”或“美元”或“美国美元”是指美国的法定货币，提及“Rs.”或“卢比”或“印度卢比”或“INR”是指印度的法定货币，提及“MXN”是指墨西哥的法定货币，提及“ZAR”是指南非的法定货币，提及“UAH”是指乌克兰的法定货币，提及“GBP”是指英国的法定货币，提及“RUB”或“卢布”或“卢比”是指俄罗斯联邦的法定货币，提及“EUR”或“欧元”是指欧盟的法定货币，提及“CAD”是指加拿大的法定货币。我们的未审计的合并中期财务报表以印度卢比列示，并根据国际会计准则第 34 号“中期财务报告”（“IAS 34”）编制。我们未审计的合并中期财务报表也提供了美元的方便翻译。提及特定的“财政”年份是指该年 3 月 31 日结束的财政年度。提及“ADSs”是指我们的美国存托凭证。所有提及“IAS”是指国际会计准则，“IASB”是指国际会计准则理事会，“IFRS”是指由 IASB 发布的国际财务报告准则，“SIC”是指常设解释委员会，“IFRIC”是指国际财务报告解释委员会。提及“OCI”是指其他综合收益，“FVTOCI”是指通过其他综合收益的公允价值，“FVTPL”是指通过损益的公允价值，“NCI”是指非控制性权益。

提及“U.S. FDA”是指美国食品药品监督管理局，“ANDS”是指简略新药申请，“NDAs”是指新药申请，提及“ANDAs”是指简略新药申请，“BLAs”是指生物制品许可申请，“INDs”是指临床试验新药申请，“MAAs”是指市场授权申请，“NDSs”是指新药申请。提及“SEC”是指美国证券交易委员会。

“美国”或“美利坚合众国”的提法指的是美利坚合众国及其领土和财产。“印度”的提法指的是印度共和国。“欧盟”的提法指的是欧洲联盟。所有对“我们”、“我们公司”、“我们的”、“DRL”、“Dr. Reddy’s”或“公司”的提及均指Dr. Reddy’s Laboratories Limited及其子公司。“Dr. Reddy’s”是Dr. Reddy’s Laboratories Limited在印度的注册商标。本季度报告中使用的其他商标或商号是Dr. Reddy’s Laboratories Limited的注册商标，或正在各自商标局申请中，除非另有说明。市场份额数据基于IQVIA Holdings Inc.（前身为Quintiles IMS Holdings Inc.）（“IQVIA”）提供的信息，IQVIA是制药行业的市场研究提供商，除非另有说明。“HUF”指的是印度的一种家庭联合体，是印度相关家庭成员之间的一种实体形式。

我们未经审计的合并中期财务报表以印度卢比列示，并为读者方便起见转换为美元。除非本报告另有说明，否则所有从印度卢比到美元的方便性转换均按美国联邦储备委员会于2026年9月30日发布的认证外汇汇率1美元=95.83卢比进行。不作任何陈述表示印度卢比金额已、可能或可以按该汇率或任何其他汇率转换为美元。任何表格中总金额与所列金额之和之间的差异是由于四舍五入造成的。

我们主要的公司网址是https://www.drreddys.com。我们网站www.drreddys.com中的信息不构成本季度报告的一部分，也不构成该信息的任何部分。

除历史信息外，本季度报告包含根据《1933年证券法》（经修订）第27A条和《1934年证券交易法》（经修订）第21E条定义的某些前瞻性声明（“证券交易法”）。除因上下文而被视为前瞻性声明的陈述外，“可能”、“将”、“应该”、“预期”、“计划”、“意图”、“预期”、“相信”、“估计”、“预测”、“潜在”或“继续”以及类似表述均用于识别前瞻性声明。本文件中的前瞻性声明受某些风险和不确定性的影响，这些风险和不确定性可能导致实际结果与前瞻性声明中反映的结果有重大差异。可能导致这种差异的因素包括但不限于与以下相关的风险：

• 我们一般业务和运营，包括：我们开发和商业化额外药品的能力；制造、安全或质量控制问题，这可能损害我们对质量生产的声誉并需要昂贵的补救措施；我们的供应链中断；我们或第三方信息系统的中断或数据安全漏洞或其他网络攻击；未能招聘或留住关键人员；我们在美国市场向少数客户进行的重大销售；以及我们成功开展许可机会的能力；

• 与全球业务相关的当前挑战，包括与持续的地缘政治不稳定和武装冲突（包括俄罗斯与乌克兰之间的冲突以及中东的冲突）及其对全球供应链的不利影响，或经济不稳定、重大敌对行动或恐怖主义；

• 我们的仿制药业务，包括：我们客户基础的整合以及客户之间的商业联盟；针对仿制药机会并寻求获得重要产品仿制药美国市场独占权的竞争者数量增加；由于竞争产品和监管加强导致的仿制药价格下降；新仿制药上市的延迟；制药公司为限制仿制药使用所做的努力，包括通过立法和法规；获得专有技术许可的困难和成本；退货、折扣和抵扣；

• 合规、监管和诉讼事项，包括：实际或潜在法律诉讼的不确定性；我们所受的广泛政府监管导致的成本和延迟；医疗监管改革和药品定价、报销和覆盖范围减少的影响；对销售和营销做法的政府调查；专利侵权的潜在责任；产品责任索赔；政府对我们专利和解协议的审查增加；未能遵守复杂的医疗保险和医疗补助报告和付款义务；以及环境风险；

• 美国关税或外国贸易法规（包括旨在促进最惠国（“MFN”）定价要求的法规）的变化影响，或其他国家的报复性措施，包括：业务成本增加和对供应链的影响；在更复杂的商业环境中运营带来的新挑战；以及对宏观经济状况产生不利影响的商业不确定性；

• 其他财务和经济风险，包括：我们面临的汇率波动和限制以及信用风险；无形资产可能的减值；税负可能显著增加；以及由于政府项目或税收优惠的终止或到期，或我们业务的变化，对我们整体有效税率的影响；

• 合规事项，包括我们的美国或海外员工、第三方经销商或营销和分销代理未能遵守美国《反海外腐败法》和其他全球反贿赂法律，这可能导致对我们产生不利后果，包括但不限于使我们受到禁令或对未来行为的限制，要求我们修改业务实践和合规计划和/或由合规监督员监督，或遭受其他刑事或民事处罚或不利影响，包括私人原告的诉讼或当地当局的调查和罚款；

• 在环境、社会和治理（\"ESG\"）及气候变化问题的绩效和管理不足的情况下，可能出现声誉损害和其他不利影响；以及

• 在我们最新发布的20-F表格年度报告中标题为“风险因素”和“经营和财务回顾与前景”的章节，以及本季度报告中标题为“经营和财务回顾、趋势信息”的章节中讨论的内容。

请读者注意，不要过分依赖这些前瞻性声明，这些声明仅反映截至本文件日期管理层的分析和假设。此外，读者应仔细审阅本季度报告中的其他信息，我们最新发布的20-F表格年度报告（截至2026年3月31日财年）以及我们不时向美国证券交易委员会（SEC）提交和/或提供的定期报告和其他文件。

第1项：财务报表	5

第2项：经营和财务回顾、趋势信息	41

第3项：流动性与资本资源	51

第4项：其他事项	53

第5项：附录	53

签名	54

附录99.1：独立注册公共会计公司的审查报告

第1项：财务报表

DR. REDDY’S LABORATORIES LIMITED及子公司

未经审计的合并中期财务状况表

（单位为百万美元，除非另有说明，包括股份和每股数据）

		截至
项目	注释	2026年9月30日		2026年9月30日		2026年3月31日
		便利翻译（参见注释2(e)）
资产
流动资产
现金及现金等价物	4	美元	139		卢比	13,294	卢比	15,368
其他投资	5		657			62,948		72,446
应收账款	6		1,058			101,399		101,219
存货	7		847			81,182		76,531
衍生金融工具			3			287		155
其他流动资产	8		401			38,465		36,256
流动资产合计		美元	3,105		卢比	297,575	卢比	301,975
非流动资产
固定资产	9	美元	1,201		卢比	115,097	卢比	115,930
商誉	10		135			12,980		12,893
其他无形资产	11		1,087			104,165		105,059
权益法核算的投资			61			5,867		5,673
其他投资	5		109			10,428		10,695
递延税资产			242			23,155		22,436
税资产			43			4,163		3,459
其他非流动资产	8		11			1,051		1,226
非流动资产合计		美元	2,890		卢比	276,906	卢比	277,371
总资产		美元	5,995		卢比	574,481	卢比	579,346
负债和权益
流动负债
应付账款和其他应付款		美元	377		卢比	36,082	卢比	33,411
短期借款	13		607			58,260		59,135
长期借款的当期部分	13		24			2,334		6,003
准备金			76			7,255		7,550
税负债			29			2,805		4,310
衍生金融工具			56			5,321		6,898
其他流动负债	12		443			42,434		50,259
流动负债合计		美元	1,612		卢比	154,491	卢比	167,566
非流动负债
长期借款	13	美元	122		卢比	11,693	卢比	12,203
递延税负债			169			16,187		15,568
准备金			1			119		109
其他非流动负债	12		27			2,621		3,443
非流动负债合计		美元	320		卢比	30,620	卢比	31,323
总负债		美元	1,932		卢比	185,111	卢比	198,889
权益
股本	14	美元	9		卢比	835	卢比	835
库藏股	14		(15)			(1,484)		(1,815)
股本溢价			120			11,479		11,364
股权激励储备			18			1,750		1,684
资本赎回储备			2			173		173
留存收益			3,746			359,005		351,984
其他储备			42			3,979		3,979
权益的其他组成部分			109			10,442		8,859
归属于母公司股东的权益		美元	4,030		卢比	386,179	卢比	377,063
少数股东权益			33			3,191		3,394
总权益			4,063			389,370		380,457
总负债和权益		美元	5,995		卢比	574,481	卢比	579,346

附注是这些未经审计的合并中期财务报表不可分割的一部分。

DR. REDDY’S LABORATORIES LIMITED及子公司

未经审计的合并中期损益表

（单位为百万美元，除非另有说明，包括股份和每股数据）

		截至2026年9月30日的六个月		截至2026年9月30日的三个月
项目	注释	2026		2026		2025	2026		2025
		便利翻译（参见注释2(e)）
收入	15	美元	1,747		卢比	167,413	卢比	173,503		卢比	86,708	卢比	88,051
收入成本			884			84,669		76,736			41,504		39,911
毛利			863			82,744		96,767			45,204		48,140
销售、一般及行政费用			594			56,895		52,083			28,075		26,436
研究与开发费用			115			11,001		12,446			5,235		6,202
非流动资产减值			1			138		662			123		662
其他收入，净额	16		(18)			(1,757)		(3,412)			(912)		(2,673)
总运营费用			692			66,277		61,779			32,521		30,627
经营活动中产生的结果 (A)			172			16,467		34,988			12,683		17,513
财务收入	17		41			3,908		4,081			919		1,681
财务费用	17		(26)			(2,503)		(1,737)			(1,248)		(907)
财务收入/费用，净额 (B)			14			1,405		2,344			(329)		774
按权益法核算的投资方的利润/损失，税后 (C)			(1)			(69)		65			(77)		63
税前利润 [(A)+(B)+(C)]			185			17,803		37,397			12,277		18,350
税项支出，净额	18		45			4,321		9,033			3,143		4,082
期间利润		U.S.$	140		Rs.	13,482	Rs.	28,364		Rs.	9,134	Rs.	14,268

归属于：
母公司股东权益		U.S.$	142		Rs.	13,685	Rs.	28,549		Rs.	9,250	Rs.	14,372
非控制性权益			(2)			(203)		(185)			(116)		(104)

归属于母公司股东的每股收益
每股1卢比的基本每股收益		U.S.$	0.17		Rs.	16.43	Rs.	34.30		Rs.	11.11	Rs.	17.26
每股1卢比的稀释每股收益		U.S.$	0.17		Rs.	16.42	Rs.	34.26		Rs.	11.10	Rs.	17.25

附注是这些未经审计的合并中期财务报表不可分割的一部分。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未经审计的合并中期综合收益表

（以百万为单位，除非另有说明为股份和每股数据）

	截至9月30日的六个月		截至9月30日的三个月
项目	2026		2026		2025	2026		2025
	便利翻译 (参见注释2(e))
期间利润	U.S.$	140		Rs.	13,482	Rs.	28,364		Rs.	9,134	Rs.	14,268
其他综合收益/（损失）
不会在以后重新分类至合并损益表的项目：
金融工具公允价值变动	U.S.$	-*		Rs.	(13)	Rs.	(9)		Rs.	(12)	Rs.	(14)
退休后福利义务的精算收益/（损失）		-*			(7)		-			-		-
上述项目的税务影响		-*			2		-			-		-
不会在以后重新分类至合并损益表的项目总额	U.S.$	-*		Rs.	(18)	Rs.	(9)		Rs.	(12)	Rs.	(14)
将在以后重新分类至合并损益表的项目：
外币折算调整		8			767		3,421			167		1,341
现金流量对冲公允价值变动的有效部分		12			1,115		(939)			(209)		(1,068)
上述项目的税务影响		(3)			(281)		237			52		269
将在以后重新分类至合并损益表的项目总额	U.S.$	17		Rs.	1,601	Rs.	2,719		Rs.	10	Rs.	542
期间其他综合收益/（损失），税后	U.S.$	17		Rs.	1,583	Rs.	2,710		Rs.	(2)	Rs.	528
期间全面收益，税后	U.S.$	157		Rs.	15,065	Rs.	31,074		Rs.	9,132	Rs.	14,796

归属于：
母公司股东	U.S.$	159		Rs.	15,268	Rs.	31,259		Rs.	9,248	Rs.	14,900
非控制性权益		(2)			(203)		(185)			(116)		(104)

*四舍五入至最近的百万。

附注是这些未经审计的合并中期财务报表不可分割的一部分。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未经审计的合并中期权益变动表

（以百万为单位，除非另有说明为股份和每股数据）

	归属于母公司股东
	股份资本		股份溢价		库藏股份	股份- 基于支付储备		公允价值储备(1)		外币货币折算储备	对冲储备		资本赎回储备		精算收益/ （损失）	留存收益其他储备(3)		总计		非控制性权益(2)	总计		权益 2026年4月1日的余额（A）
Rs.	Rs.	835		Rs.	11,364	Rs.	(1,815)		Rs.	1,684	Rs.	(2,686)		Rs.	13,198	Rs.	(1,163)		Rs.	173	Rs.	(490)		Rs.	351,984	Rs.	3,979	Rs.	377,063	Rs.	3,394	期间利润	380,457
净公允价值变动，税后收益为Rs.0		-			-		-			-		-			-		-			-		-			13,685		-		13,685		(203)		13,482
外币折算调整，税后费用为Rs.0		-			-		-			-		(13)			-		-			-		-			-		-		(13)		-		(13)
现金流量对冲公允价值变动的有效部分，税后费用为Rs.281		-			-		-			-		-			767		-			-		-			-		-		767		-		767
退休后福利义务的精算收益/（损失），税后收益为Rs.2		-			-		-			-		-			-		834			-		-			-		-		834		-		834
全面收益（B）		-			-		-			-		-			-		-			-		(5)							(5)				(5)
Rs.	Rs.	-		Rs.	-	Rs.	-		Rs.	-	Rs.	(13)		Rs.	767	Rs.	834		Rs.	-	Rs.	(5)		Rs.	13,685	Rs.	-	Rs.	15,268	Rs.	(203)	股份期权行权发行的股份	15,065
基于股份的支付费用		-*			115		331			(130)		-			-		-			-		-			-		-		316		-		316
已支付股息		-			-		-			196		-			-		-			-		-			-		-		196		-		196
总交易（C）		-			-		-			-		-			-		-			-		-			(6,664)		-		(6,664)		-		(6,664)
Rs.	Rs.	-*		Rs.	115	Rs.	331		Rs.	66	Rs.	-		Rs.	-	Rs.	-		Rs.	-	Rs.	-		Rs.	(6,664)	Rs.	-	Rs.	(6,152)	Rs.	-	2026年9月30日的余额 [(A)+(B)+(C)]	(6,152)
Rs.	Rs.	835		Rs.	11,479	Rs.	(1,484)		Rs.	1,750	Rs.	(2,699)		Rs.	13,965	Rs.	(329)		Rs.	173	Rs.	(495)		Rs.	359,005	Rs.	3,979	Rs.	386,179	Rs.	3,191	便利翻译（参见注释2(e))	389,370
U.S.$	U.S.$	9		U.S.$	120	U.S.$	(15)		U.S.$	18	U.S.$	(28)		U.S.$	146	U.S.$	(3)		U.S.$	2	U.S.$	(5)		U.S.$	3,746	U.S.$	42	U.S.$	4,030	U.S.$	33	DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES	4,063

未经审计的合并中期权益变动表

（以百万为单位，除非另有说明为股份和每股数据）

归属于母公司股东

	股份
	资本股份		溢价库藏		股份股份-	基于支付 payment reserve		Fair value reserve(1)		Foreign currency translation reserve	Hedging reserve		Capital redemption reserve		Actuarial gains/ (losses)	Retained earnings		Other Reserves(3)		Total	Non- controlling interests(2)		Total Equity
Balance as of April 1, 2025 (A)	Rs.	834		Rs.	11,133	Rs.	(2,264)		Rs.	1,642	Rs.	(2,651)		Rs.	5,255	Rs.	108		Rs.	173	Rs.	(613)		Rs.	315,793	Rs.	3,979	Rs.	333,388	Rs.	3,778	Rs.	337,166
Profit for the period		-			-		-			-		-			-		-			-		-			28,549		-		28,549		(185)		28,364
Net change in fair value of equity instruments		-			-		-			-		(9)			-		-			-		-			-		-		(9)		-		(9)
Foreign currency translation adjustments, net of tax expense of Rs.0		-			-		-			-		-			3,421		-			-		-			-		-		3,421		-		3,421
Effective portion of changes in fair value of cash flow hedges, net of tax benefit of Rs.237		-			-		-			-		-			-		(702)			-		-			-		-		(702)		-		(702)
Total comprehensive income (B)	Rs.	-		Rs.	-	Rs.	-		Rs.	-	Rs.	(9)		Rs.	3,421	Rs.	(702)		Rs.	-	Rs.	-		Rs.	28,549	Rs.	-	Rs.	31,259	Rs.	(185)	Rs.	31,074
Issue of equity shares on exercise of options		1			177		327			(217)		-			-		-			-		-			-		-		288		-		288
Share-based payment expense		-			-		-			212		-			-		-			-		-			-		-		212		-		212
Dividends paid		-			-		-			-		-			-		-			-		-			(6,659)		-		(6,659)				(6,659)
Total transactions (C)	Rs.	1		Rs.	177	Rs.	327		Rs.	(5)	Rs.	-		Rs.	-	Rs.	-		Rs.	-	Rs.	-		Rs.	(6,659)	Rs.	-	Rs.	(6,159)	Rs.	-	Rs.	(6,159)
Balance as of September 30, 2025 [(A)+(B)+(C)]	Rs.	835		Rs.	11,310	Rs.	(1,937)		Rs.	1,637	Rs.	(2,660)		Rs.	8,676	Rs.	(594)		Rs.	173	Rs.	(613)		Rs.	337,683	Rs.	3,979	Rs.	358,489	Rs.	3,593	Rs.	362,082

*Rounded to the nearest million.

(1) Represents mark to market gain or loss on financial assets classified as fair value through other comprehensive income (“FVTOCI”).

(2) Represents 49% ownership stake held by Nestlé India Limited in Dr. Reddy’s and Nestlé Health Science Limited (which the Company sometimes refers to as its “Nutraceuticals subsidiary”).

(3) Following the acquisition of a non-controlling interest (“NCI”) in the Nutraceuticals subsidiary by Nestlé India, the difference between cash consideration received from such NCI and the proportionate share of net assets is recognized in “Other reserves” within equity

The accompanying notes form an integral part of these unaudited condensed consolidated interim financial statements.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(in millions, except share and per share data)

	For the six months ended September 30,
	2026		2026		2025
Particulars	Convenience translation (See Note 2(e))
Cash flows from/(used in) operating activities:
Profit for the period	U.S.$	140		Rs.	13,482	Rs.	28,364
Adjustments for:
Tax expense, net		45			4,321		9,033
Fair value changes and profit on sale of financial instruments measured at FVTPL, net		(13)			(1,209)		(1,277)
Depreciation and amortization		111			10,641		9,816
Impairment of non-current assets		1			138		662
Allowance for credit losses (on trade receivables and other advances)		4			340		679
Gain on sale or de-recognition of non-current assets, net		(4)			(405)		(268)
Share of profit of equity accounted investees		1			69		(65)
Inventories write-down		59			5,622		3,450
Unrealized exchange loss/(gain), net		(6)			(585)		(509)
Interest expense/(income), net		6			543		(303)
Equity settled share-based payment expense		2			196		212
Changes in operating assets and liabilities:
Trade and other receivables		2			177		(7,689)
Inventories		(107)			(10,274)		(8,186)
Trade and other payables		19			1,864		8,846
Other assets and other liabilities, net		(143)			(13,741)		(3,718)
Cash generated from operations		117			11,179		39,047
Income tax paid, net		(71)			(6,822)		(8,845)
Net cash from operating activities	U.S.$	46		Rs.	4,357	Rs.	30,202
Cash flows from/(used in) investing activities:
Purchase of property, plant and equipment		(61)			(5,826)		(12,084)
Proceeds from sale of property, plant and equipment		10			1,003		142
Purchase of other intangible assets		(23)			(2,201)		(8,198)
Proceeds from sale of other intangible assets		23			2,214		239
Purchase of other investments		(151)			(14,461)		(17,724)
Proceeds from sale of other investments		267			25,595		8,182
Proceeds from disposal of subsidiary		-*			5		-
Investment in associates		-			-		(51)
Payment for acquisition of businesses (Refer to Note 23 for details)		(2)			(220)		-
Interest and dividend received		21			2,006		759
投资活动产生的净现金	美元	84		卢比	8,115	卢比	(28,735)
融资活动产生的净现金/（使用）：
发行股本股份的收益（包括库藏股份）		3			316		288
（偿还）/净短期借款收益		(11)			(1,043)		2,675
（偿还）长期借款		(40)			(3,799)		-
租赁负债本金的支付		(7)			(717)		(565)
支付的股息		(70)			(6,664)		(6,659)
支付的利息		(29)			(2,779)		(2,265)
融资活动产生的净现金	美元	(154)		卢比	(14,686)	卢比	(6,526)
现金及现金等价物的净减少额		(24)			(2,214)		(5,059)
汇率变动对现金及现金等价物的影响		-*			36		372
期初现金及现金等价物余额(1)		160			15,368		14,593
期末现金及现金等价物余额(2) (详见第4号注释)	美元	136		卢比	13,190	卢比	9,906

*四舍五入至最近的百万美元。

(1) 对截至2025年3月31日止年度的银行透支额61卢比进行了调整。

(2) 对截至2026年9月30日止六个月的银行透支额104卢比进行了调整。

附注是这些未经审计的合并中期财务报表不可分割的一部分。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未经审计的合并中期财务报表的附注

（以百万为单位，除非另有说明或另有规定）

1. 报告主体

Dr. Reddy’s Laboratories Limited（“母公司”），以及其子公司（统称为“公司”）、合营企业和联营公司，是一家总部位于印度海得拉巴，注册办公室在印度特伦甘纳邦的领先制药公司。公司提供包括活性药物成分（“API”）、仿制药、品牌仿制药、生物类似药、非处方药（“OTC”）产品和制药服务在内的产品和服务组合。

公司的主要研发设施位于印度特伦甘纳邦和安得拉邦、英国剑桥；主要制造设施位于印度特伦甘纳邦、安得拉邦和喜马偕尔邦、墨西哥库埃纳瓦卡-库奥特拉和英国米尔菲尔德；公司的主要市场在印度、俄罗斯、美国和德国。公司的股票在印度孟买证券交易所、国家证券交易所、NSE IFSC有限公司以及美国纽约证券交易所上市。

2. 财务报表的编制基础

a) 合规声明

这些未经审计的合并中期财务报表（以下简称“中期财务报表”）根据国际会计准则理事会（“IASB”）发布的《中期财务报告》（IAS 34）编制。它们不包含编制完整年度财务报表所需的所有信息，应与公司2026年3月31日止财年年度报告中包含的经审计的合并财务报表及相关附注一起阅读。这些中期财务报表于2026年10月23日经公司董事会批准发布。

b) 重要会计政策信息

公司在这些中期财务报表中采用的会计政策与公司2026年3月31日止财年年度报告中包含的经审计的合并财务报表中采用的会计政策相同。

公司自2026年4月1日起生效的新准则、解释和修正案

公司首次应用了以下修正案，这些修正案适用于2026年1月1日或之后开始的年度期间。公司尚未提前采用任何已发布但尚未生效的其他准则、解释或修正案。

对IFRS 9和IFRS 7关于金融工具分类和计量的修正

2024年5月30日，IASB发布了对IFRS 9“金融工具”和IFRS 7“金融工具：披露”的修正，涉及金融工具的分类和计量，其内容包括：

 明确金融负债在“结算日”——即相关义务被清偿、取消或到期，或负债符合其他注销条件的日期——予以注销。它们还引入了一项会计政策选项，如果满足某些条件，可以在结算日之前通过电子支付系统结算的金融负债予以注销；

 明确如何评估包含环境、社会和治理（“ESG”）相关特征和其他类似或有特征的金融资产的合同现金流特征；

 明确非追索性资产和合同关联工具的处理方式；以及

 要求在IFRS 7中增加额外披露内容，针对合同条款涉及或有事件（包括ESG相关）的金融资产和负债，以及按公允价值通过其他综合收益计量的权益工具（“FVTOCI”）；

此修正案对这些中期财务报表无重大影响。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表附注

（以百万为单位，除非另有说明，或单独说明）

2. 财务报表编制基础（续）

b) 重要会计政策信息（续）

对IFRS 9和IFRS 7的修正：涉及依赖自然条件的电力合同

2024年12月，IASB发布了对IFRS 9“金融工具”和IFRS 7“金融工具：披露”的修正，以帮助公司更好地报告依赖自然条件的电力合同的财务影响，这些合同通常以电力购买协议的形式存在。

依赖自然条件的电力合同帮助公司从风能和太阳能等来源确保电力供应。根据不可控因素（如天气条件）的变化，这些合同下的发电量可能会有所不同。

这些修正包括：

 明确适用于相关合同的“自用”要求的应用；

 如果这些合同用作对冲工具，允许采用对冲会计；以及

 增加新的披露要求，以使投资者能够理解这些合同对公司财务表现和现金流的影响。

此修正案对这些中期财务报表无重大影响。

截至2026年4月1日尚未生效的新准则和修正案

某些新的准则和准则修订尚未适用于2026年4月1日开始的年度，并且在编制这些中期财务报表时尚未应用，这些可能对公司的中期财务报表产生潜在影响的准则包括：

IFRS 18， “财务报表列报和披露”

2024年4月，IASB发布了IFRS 18，“财务报表列报和披露”，该准则取代了IAS 1“财务报表列报”。IFRS 18在利润或亏损表内的列报方面引入了新的要求，包括指定的总计和小计。

此外，实体必须将利润或亏损表中的所有收入和费用分类为五个类别之一：经营、投资、融资、所得税和终止经营。前三个类别是新的。它还要求披露新定义的管理层绩效指标、收入和费用的小计，并根据主要财务报表和附注中确定的“角色”对财务信息进行汇总和分拆的新要求。

此外，对IAS 7“现金流量表”进行了范围有限的修订，其中包括在间接法下确定经营活动现金流的起点，从“利润或亏损”改为“经营利润或亏损”，并取消了关于股息和利息现金流分类的可选性。此外，还对其他若干准则进行了相关修订。

IFRS 18以及对其他准则的修订，自2027年1月1日或之后开始的年度报告期间起追溯生效。允许提前应用，但需要进行披露。

公司目前正在评估采用IFRS 18和其他修订对这些中期财务报表的影响。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表附注

（以百万为单位，除非另有说明，或在说明中另有规定）

2. 财务报表的编制基础（续）

IAS 28 – 对联营企业和合营企业公允价值选择的修订

2026年6月，IASB修订了IAS 28，“联营企业和合营企业”，以明确类似于风险投资组织和其他在IAS 28第18-19段中规定的实体包括其主要业务活动是投资于IFRS 18“财务报表列报和披露”第49(a)段中确定的特定类型资产的实体”。此类实体可根据IFRS 9“金融工具”选择将联营企业和合营企业的投资按公允价值通过利润或损失进行计量。

公司的主要业务活动不是投资管理，也不是以类似于风险投资组织、共同基金或其他由修订所考虑的投资导向实体的方式进行资产投资。因此，修订不影响公司对联营企业和合营企业投资的会计处理，这些投资继续按照IAS 28“联营企业和合营企业”采用权益法进行核算。

IFRS 20 – 监管资产和监管负债

2026年5月，IASB发布了IFRS 20《监管资产和监管负债》，该准则规定了从特定类型的费率监管活动中产生的监管资产和监管负债的要求。该公司未参与费率监管活动，因此该准则预计不会对这些中期财务报表产生影响。

c) 合并基础

子公司

截至2026年9月30日，这些中期财务报表包括母公司及其子公司的合并财务报表。子公司是指受该公司控制的所有实体。当公司（i）对被投资方拥有权力（即现有权利使其能够直接相关方的活动），（ii）因参与该实体而面临或有权获得可变回报，以及（iii）有能力通过对该实体的权力影响这些回报时，就存在控制关系。

如果事实和情况表明控制要素中的一项或多项发生变化，公司将重新评估其是否对子公司拥有控制权。子公司的财务报表自公司获得控制权之日起包含在这些中期财务报表中，并持续到控制权终止之日。

所有权权益的变化：

收购实体中部分或全部少数股东权益，以及不导致失去控制权的子公司权益变化，作为与权益持有人作为权益持有人的交易进行核算。因此，收到的购买对价公允价值与少数股东权益账面价值之间的差额作为对母公司其他储备的调整。相关的现金流量被归类为融资活动。此类交易不会确认商誉。

在合并中期利润表、合并中期综合收益表、合并中期权益变动表和合并中期财务状况表中，分别单独列示归属于子公司少数股东的利润、损失和权益。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表附注

（以百万为单位，除非另有说明或单独说明）

2. 财务报表的编制基础（续）

d) 计量基础

这些中期财务报表按照历史成本惯例编制，除非财务状况表中的以下重要项目按下列基础计量，并根据相应的会计政策进行：

 衍生金融工具按公允价值计量；

 金融资产和金融负债根据会计政策分类按公允价值或摊余成本计量；以及

 以权益结算和以现金结算的股份支付分别在授予日和报告日按公允价值计量。

e) 方便性汇率折算

这些中期财务报表以印度卢比编制。为方便读者阅读，截至2026年9月30日止六个月的这些中期财务报表已按美国联邦储备委员会理事会于2026年9月30日发布的认证外汇汇率（1美元=95.83卢比）折算为美元。不作任何陈述表明印度卢比金额已、可能已或可能按该汇率或任何其他汇率转换为美元。此类方便性翻译不受公司独立注册公共会计事务所的审查。

f) 判断、估计和假设的使用

根据国际财务报告准则（IFRS）会计准则编制中期财务报表需要管理层做出影响会计政策应用和所报告的资产、负债、收入和费用金额、附注披露以及或有负债披露的判断、估计和假设。这些假设和估计的不确定性意味着实际结果可能与这些估计不同。在编制这些中期财务报表时，管理层在应用公司会计政策时所做的判断和主要估计不确定性来源与截至2026年3月31日止年度审计合并财务报表时所适用的判断和估计相同。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表附注

（以百万为单位，除非另有说明或说明中另有规定）

3. 按业务分部报告

首席运营决策者（\"CODM\"）根据按运营分部分析的各种绩效指标来评估公司的业绩并分配资源。CODM将收入和毛利作为所有运营分部的绩效指标，不审查运营分部的总资产和总负债。公司的首席执行官（\"CEO\"）是公司的CODM。

公司的报告运营分部如下：

 全球仿制药；

 药品服务和活性成分（\"PSAI\"）；以及

 其他。

全球仿制药。该分部包括公司制造和营销处方药和非处方药成品药品的业务，这些药品已准备好供患者消费，以品牌名称（品牌制剂）或具有与品牌制剂治疗等效性的仿制药成品剂量（仿制药）进行销售。该分部还包括公司生物制药业务的运营，以及公司从Haleon UK Enterprises Limited（\"NRT业务\"）收购的美国以外的消费者品牌组合，这些品牌属于戒烟疗法（NRT）类别。

药品服务和活性药物成分。该部分主要包含公司的业务，即制造和营销活性药物成分和中间体，也称为“API”，这些是成品药品的主要成分。当使用额外的非活性成分将剂量固定为适合人类消费的形式（如片剂、胶囊或液体）时，活性药物成分和中间体就成为成品药品。公司还通过增值产品为客户提供额外价值，包括半成品和成品制剂，这些产品包含在本部分中。该部分还包括公司的药品服务业务，该业务根据特定客户要求提供合同研究服务，并制造和销售活性药物成分。

其他。该部分包含公司的其他业务运营，包括公司的全资子公司Aurigene Oncology Limited（“AOL”）（前身为Aurigene Discovery Technologies Limited）和公司的自有产品业务。AOL是一家处于发现阶段的生物技术公司，在肿瘤学和炎症领域开发新颖且一流的治疗方法。AOL通过定制的药物发现合作模式与知名制药和生物技术公司合作。自有产品业务专注于差异化制剂的研发，并预计通过这些资产的货币化和随后的特许权使用费（如有）获得收入。

每个业务部门的收入、费用和资产的计量方法与公司编制中期财务报表所使用的会计政策一致。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表的附注

（以百万为单位，除非另有说明或单独注明）

3. 分部报告（续）

分部信息：	截至2026年9月30日的六个月		截至2025年9月30日的六个月
分部	全球仿制药		PSAI		其他	总计		全球仿制药		PSAI	其他		总计
收入(1)	Rs.	149,920		Rs.	16,829	Rs.	664		Rs.	167,413	Rs.	154,118		Rs.	17,631	Rs.	1,754	Rs.	173,503
毛利	Rs.	80,956		Rs.	1,361	Rs.	427		Rs.	82,744	Rs.	92,514		Rs.	2,782	Rs.	1,471	Rs.	96,767
销售、一般及行政费用										56,895									52,083
研发费用										11,001									12,446
非流动资产减值										138									662
其他收入，净额										(1,757)									(3,412)
经营业务结果									Rs.	16,467								Rs.	34,988
财务收入，净额										1,405									2,344
按权益法核算的联营公司利润，税后										(69)									65
税前利润									Rs.	17,803								Rs.	37,397
税项费用										4,321									9,033
本期利润									Rs.	13,482								Rs.	28,364

分部信息：	截至2026年9月30日的三个月		截至2025年9月30日的三个月
分部	全球仿制药		PSAI		其他	总计		全球仿制药		PSAI	其他		总计
收入(1)	Rs.	77,927		Rs.	8,310	Rs.	471		Rs.	86,708	Rs.	78,498		Rs.	9,450	Rs.	103	Rs.	88,051
毛利	Rs.	43,833		Rs.	980	Rs.	391		Rs.	45,204	Rs.	46,428		Rs.	1,700	Rs.	12	Rs.	48,140
销售、一般及行政费用										28,075									26,436
研发费用										5,235									6,202
非流动资产减值										123									662
其他收入，净额										(912)									(2,673)
经营业务结果									Rs.	12,683								Rs.	17,513
财务收入/费用，净额										(329)									774
按权益法核算的联营公司利润，税后										(77)									63
税前利润									Rs.	12,277								Rs.	18,350
税项费用										3,143									4,082
本期利润									Rs.	9,134								Rs.	14,268

(1) 截至2026年9月30日止六个月及2025年9月30日止六个月的收入不包括来自PSAI部门至全球仿制药部门的内部部门收入，按成本计算分别为4,113卢比和3,662卢比。截至2026年9月30日止三个月及2025年9月30日止三个月的收入不包括来自PSAI部门至全球仿制药部门的内部部门收入，按成本计算分别为2,105卢比和2,134卢比。

按地区分析收入：

下表显示了根据客户所在地对公司收入的分布情况：

	截至2026年9月30日止六个月		截至2026年9月30日止三个月
国家	2026		2025		2026	2025
美国	卢比	48,848		卢比	69,958	卢比	26,189	卢比	33,414
印度		36,613			31,781		18,856		16,394
俄罗斯		19,117			15,829		10,084		8,747
其他(1)		62,835			55,935		31,579		29,496
	卢比	167,413		卢比	173,503	卢比	86,708	卢比	88,051

(1) 其他包括德国、英国、乌克兰、罗马尼亚、巴西及其他国家。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并综合中期财务报表附注

（以百万为单位，除非另有说明，或在其他情况下）

4. 现金及现金等价物

现金及现金等价物包括以下内容：

	截至
	2026年9月30日		2026年3月31日
现金	卢比	1		卢比	1
银行存款		12,315			14,249
银行定期存款（原始到期日少于3个月）		978			1,118
资产负债表中的现金及现金等价物	卢比	13,294		卢比	15,368
用于现金管理目的的银行透支		104			-
现金流量表中的现金及现金等价物	卢比	13,190		卢比	15,368
上述受限制现金余额
未领取股息账户余额	卢比	71		卢比	73
其他受限制现金余额		143			296
受限制现金总额	卢比	214		卢比	369

5. 其他投资

其他投资包括共同基金单位、权益证券、债券、商业票据、有限责任合伙企业权益和银行定期存款（即原始到期日超过三个月的存款证明）。截至2026年9月30日和2026年3月31日的此类投资详情如下：

		截至2026年9月30日		截至2026年3月31日
	类别	成本/ 摊余成本		未实现收益/（损失）		公允价值/ 摊余成本	成本/ 摊余成本		未实现收益/（损失）		公允价值/ 摊余成本
当前部分
共同基金单位	FVTPL	卢比	24,354		卢比	4,043	卢比	28,397		卢比	31,462	卢比	4,450	卢比	35,912
银行定期存款	摊余成本		30,210			-		30,210			34,331		-		34,331
债券	摊余成本		4,341			-		4,341			2,203		-		2,203
		卢比	58,905		卢比	4,043	卢比	62,948		卢比	67,996	卢比	4,450	卢比	72,446
非当前部分
权益证券(1)	FVTOCI	卢比	2,700		卢比	(2,698)	卢比	2		卢比	2,700	卢比	(2,685)	卢比	15
权益证券	FVTPL		920			171		1,091			920		(104)		816
有限责任合伙企业	FVTPL		1,244			296		1,540			1,212		237		1,449
银行及金融机构定期存款	摊余成本		4,252			-		4,252			2,000		-		2,000
债券	摊余成本		3,006			-		3,006			5,943		-		5,943
其他	FVTPL		504			33		537			480		(8)		472
		卢比	12,626		卢比	(2,198)	卢比	10,428		卢比	13,255	卢比	(2,560)	卢比	10,695

(1) 主要代表对Curis, Inc.股票的投资。收购成本为2,699卢比。截至2026年9月30日和2026年3月31日，公司分别在公允价值储备中确认了累计未实现损失2,698卢比和2,685卢比。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并综合中期财务报表附注

（以百万为单位，除非另有说明，或在其他情况下）

6. 应收账款和其他应收款

	截至
	2026年9月30日		2026年3月31日
当前
应收账款和其他应收款，总额	卢比	103,305		卢比	103,066
减：信用损失准备		(1,906)			(1,847)
应收账款和其他应收款，净额	卢比	101,399		卢比	101,219

根据与银行的某些安排，公司以不追索方式将其全球仿制药业务部分的应收账款出售给这些银行。出售的应收账款是在考虑了与客户的信用状况和合同条款后，与相应银行共同商定的。公司已将此类应收账款的所有权风险和报酬几乎全部转移给相应银行，因此在财务状况表中对这些应收账款进行了冲销。截至2026年9月30日和2026年3月31日，根据上述安排冲销的应收账款金额分别为6,072卢比和2,626卢比。

7. 存货

存货包括以下内容：

	截至
	2026年9月30日		2026年3月31日
原材料	卢比	20,121		卢比	19,337
在制品		16,539			16,054
产成品（包括库存商品）		35,344			33,100
包装材料、备件和用品		9,178			8,040
	卢比	81,182		卢比	76,531

在中期损益表中确认的存货详情如下：

	截至2026年9月30日的六个月		截至2026年9月30日的三个月
	2026		2025		2026	2025
原材料、消耗品及产成品和在制品的变动	卢比	59,913		卢比	55,862	卢比	29,510	卢比	29,422
存货减值(1) (2)		5,622			3,450		2,171		1,815

(1) 由于与产品中使用的活性药物成分（API）相关的问题，发现某些批次的司美格鲁肽不符合规格。因此，根据最佳估计，公司在截至2026年6月30日的三个月内，为存货计提了2,230卢比的准备金，并为其他相关成本计提了167卢比的准备金。

(2) 包括截至2025年9月30日的六个月期间与结合雌激素相关的存货准备金260卢比。有关进一步详情，请参阅这些中期财务报表的第9号注释。

在截至2026年9月30日和2025年9月30日的六个月期间，分别有698卢比和677卢比的金额，代表政府拨款，已作为营业收入成本的减项进行核算。

在截至2026年9月30日和2025年9月30日的三个月期间，分别有321卢比和318卢比的金额，代表政府拨款，已作为营业收入成本的减项进行核算。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表的附注

（以百万为单位，除非另有说明，或在其他情况下）

8. 其他资产

	截至
	2026年9月30日		2026年3月31日
流动资产
法定机构的余额和应收款(1)	卢比	25,792		卢比	21,509
政府激励应收款(2)		592			444
预付费用		2,410			2,075
预付给供应商和员工的款项		6,015			6,205
其他(3)		3,656			6,023
	卢比	38,465		卢比	36,256
非流动资产
保证金	卢比	935		卢比	904
其他		116			322
	卢比	1,051		卢比	1,226

(1) 法定机构的余额和应收款主要包括可收回的货物及服务税（“GST”）、增值税以及印度海关机构的款项。

(2) 主要包括印度各政府机构根据各种政府计划可收回的款项。

(3) 其他主要包括保证金、索赔和其他应收款。

有关更多详情及财务和非财务资产的细分，请参阅第23号注释。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表的附注

（以百万为单位，除非另有说明，或在其他情况下）

9. 固定资产和设备

	截至和截至2026年9月30日止六个月		截至和截至2026年3月31日止年度
	2026年9月30日		2026年3月31日
期初余额	卢比	115,930		卢比	97,761
期间取得的资产成本（包括使用权资产的增加）		6,723			31,814
期间处置的资产的账面价值		(925)			(582)
折旧费用		(6,869)			(12,770)
减值收益/（损失），净额(1)		137			(1,354)
外币汇率变动的影响		101			1,061
期末余额	卢比	115,097		卢比	115,930

(1) 截至2026年3月31日止年度确认的减值损失，包括以下内容：

 公司停止了在纽约州Middleburgh地点的共轭雌激素的开发，并在公司的全球仿制药部门确认了535卢比的减值损失；以及

 公司鉴于开发状况和临床试验结果，决定停止与嵌合抗原受体T细胞（CAR-T）疗法组合相关的某些研究和开发项目，导致公司在其全球仿制药部门的固定资产和设备（包括在建工程和使用权资产）确认了885卢比的减值损失。

此外，公司在合并损益表中确认了以下影响：

- 无形资产减值损失406卢比；以及

- 其他开发项目相关清算费用，计入销售、一般及行政费用的59卢比。

2026年8月，公司出售了与CAR-T项目相关的某些资产，并将相关租赁协议转让给买方，这其中包括由于减值损失的逆转而确认了137卢比。

如需进一步详情，请参阅公司2026年3月31日止财年年度报告20-F表格中合并财务报表的第11号注释。

资本承诺

截至2026年9月30日和2026年3月31日，公司根据购买固定资产和设备的协议承诺支出分别为7,060卢比和9,716卢比。该金额已扣除了为该采购承诺支付的资本预付款。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未经审计的合并中期财务报表附注

（以百万为单位，除非另有说明，或在其他情况下）

10. 商誉

企业合并中产生的商誉不进行摊销，但至少每年进行一次减值测试，或在有迹象表明分配了商誉的现金产生单元发生减值时更频繁地进行测试。

下表列示了截至2026年9月30日和2026年3月31日的商誉：

	截至
	2026年9月30日		2026年3月31日
期初余额，净额	Rs。	12,893		Rs。	11,810
外币汇率变动的影响		87			1,083
期末余额	Rs。	12,980		Rs。	12,893

11。其他无形资产

	截至和截至和		六个月结束一年结束
	2026年9月30日		2026年3月31日
期初余额	Rs。	105,059		Rs。	96,803
期间取得的资产成本(1)		2,479			12,125
期间处置资产的账面价值		-			(1,211)
摊销费用		(3,772)			(7,985)
减值损失，净额(2)		(275)			(2,164)
外币汇率变动的影响		674			7,491
期末余额	Rs。	104,165		Rs。	105,059

(1) 截至2026年9月30日的六个月期间的增加额主要包含1,562卢比（1,340卢布），用于购买俄罗斯Elgina、Orniona和Miragel的商标及相关资产。

截至2026年3月31日的年度增加额主要包括以下内容：

 支付4,464卢比（50.50美元）作为收购STUGERON®及其在亚太地区、欧洲、中东和非洲地区（包括印度和越南为主要市场）本地认可品牌的对价。

 支付3,014卢比（32.15美元）作为收购印度Progynova®和Cyclo-Progynova®的商标及相关资产的对价。

 1,781卢比（20美元）是根据从Immutep Limited（“Immutep”）收购eftilagimod alfa在北美、欧洲、日本和大中华区以外所有国家的独家商业化权利的前期对价。其中，10美元在截至2026年9月30日的六个月期间由Immutep退还给公司，这是由于无效性分析结果不令人满意所致。（有关进一步详情，请参阅本表注释（2）中截至2026年3月31日年度的减值损失）。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审阅的合并中期财务报表附注

（以百万为单位，除非另有说明或单独指出）

11. 其他无形资产（续）

（2）截至2026年3月31日年度记录的减值损失包括：

 2026年3月，Immutep宣布根据无效性分析结果，暂停一线非小细胞肺癌的III期研究。因此，公司在其全球仿制药业务部分的合并损益表中确认了914卢比（10美元）的减值损失。

 由于决定终止与CAR-T项目相关的研发计划，公司确认了406卢比的减值损失，涉及与CAR-T项目相关的无形资产。（有关进一步详情，请参阅这些中期财务报表的第9项注释。）

 由于某些从Mayne Pharma Group Limited（“Mayne”）收购的与产品相关的无形资产受到不利市场条件的影响，公司在其全球仿制药业务中确认了702卢比的减值损失。

截至2026年9月30日的重大无形资产详情如下：

资产的具体情况	购自	账面净值账面价值
尼古丁替代疗法的消费者健康组合	Haleon UK Enterprises Limited	卢比	57,477
精选品牌仿制药业务组合	Wockhardt Limited		9,646
daratamumab生物类似药HLX 15	Shanghai Henlius Biotech, Inc.		5,558
印度的抗眩晕品牌Stugeron®	Janssen Pharmaceutica NV		4,260
印度的心血管品牌Cidmus®	Novartis AG		3,909
印度的Progynova®和Cyclo-Progynova®	Mercury Pharma Group Limited		2,940

12. 其他负债

其他负债包括以下内容：

	截至
	2026年9月30日		2026年3月31日
流动负债
应计费用	卢比	28,247		卢比	27,920
应付员工福利		4,522			6,102
应缴法定款项		5,705			5,417
递延收入		338			260
客户预付款		1,192			1,321
其他（1）		2,430			9,239
	卢比	42,434		卢比	50,259
非流动
递延收入	Rs.	1,976		Rs.	2,436
其他		645			1,007
	Rs.	2,621		Rs。	3,443

(1) 其他包括应付投标回扣和其他与基于销量的安排相关的负债。

有关进一步详情和财务及非财务负债的细分，请参阅第23号注释。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

未审合并中期财务报表的附注

（以百万计，除非另有说明，或在说明中另有规定）

13. 贷款和借款

短期借款

短期借款包括母公司提取的“装运前信贷”以及母公司及其在俄罗斯、巴西和墨西哥的某些子公司的其他无担保贷款，这些贷款在提款后12个月内偿还。

短期借款包括以下内容：

	截至
	2026年9月30日		2026年3月31日
装运前信贷	Rs.	42,600		Rs.	19,600
营运资金借款		15,556			39,535
银行透支		104			-
	Rs.	58,260		Rs。	59,135

银行短期借款的利率情况如下：

货币(1)	利率(2)	利率(2)
	2026年9月30日	2026年3月31日
RUB	-	关键利率 + 348个基点至398个基点
MXN	TIIE + 1.48%	TIIE + 1.35%
INR	T-bill + 35个基点至175个基点	T-bill + 35个基点至55个基点
	REPO + 125个基点	REPO + 75个基点
BRL	CDI + 1.48%	CDI+1.55%
USD	SOFR + 170个基点	-

(1) “BRL”表示巴西雷亚尔，“INR”表示印度卢比，“MXN”表示墨西哥比索，“RUB”表示俄罗斯卢布，“U.S.$”表示美元。

(2) “CDI”表示巴西银行间存款利率（Certificado de Depósito Interbancário），“Key rate”表示俄罗斯中央银行发布的关键利率，“REPO”表示印度储备银行发布的“回购期权”利率，“T-bill”表示印度国库券利率，“SOFR”表示担保隔夜融资利率，“TIIE”表示均衡银行间利率（Tasa de Interés Interbancaria de Equilibrio）。

长期借款

长期借款包括以下内容：

	截至
	2026年9月30日		2026年3月31日
	非流动		流动		非流动	流动
银行向子公司提供的卢比定期贷款(1)	Rs.	-		Rs.	-	Rs.	-	Rs。	3,799
租赁下的义务		11,693			2,334		12,203		2,204
	Rs.	11,693		Rs.	2,334	Rs.	12,203	Rs。	6,003

(1) 公司的子公司Aurigene Pharmaceutical Services Limited获得的卢比定期贷款已于2026年9月30日偿还。

截至2026年3月31日，长期借款（租赁义务除外）的利率情况为：

 3个月印度国库券利率 + 84个基点。

银行未承诺的信贷额度

截至2026年9月30日和2026年3月31日，公司从银行获得的未承诺信贷额度分别为56,122卢比和49,109卢比，用于营运资金需求。公司可根据其营运资金需求使用这些信贷额度。

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

14. 股本

以下表格显示了截至2026年9月30日止六个月及截至2026年3月31日止年度的股本股份数量和股本金额的变化：

	截至
	2026年9月30日	2026年3月31日
	数量	金额		数量		金额
期初股本股份数/股本	834,656,970	Rs.	835		834,455,365		Rs.	834
加：根据员工股票期权计划发行的股本股份(1)	23,315		-*		201,605			1
期末股本股份数/股本	834,680,285	Rs。	835		834,656,970		Rs.	835
库存股（2）	1,607,435	Rs。	1,484		1,965,575		Rs。	1,815

* 四舍五入到最近的百万。

（1）在截至2026年9月30日的六个月以及截至2026年3月31日的财年中，由于员工行权了根据《Dr. Reddy’s 员工股票期权计划，2002》和《Dr. Reddy’s 员工股票期权计划，2007》授予的已行权期权，公司发行了股本股票。行权的期权每股市价为Rs.1、Rs.521、Rs.563、Rs.736、Rs.781或Rs.1,060。

（2）根据2018年7月27日举行的年度股东大会上股东批准的特别决议，成立了Dr. Reddy’s 员工ESOS信托基金（“ESOS信托基金），以通过从公司或通过二级市场收购股本股票，支持《Dr. Reddy’s 员工股票期权计划，2018》，这些股票用于在行权时向符合条件的员工（如其中所定义）发行。在截至2026年9月30日的六个月以及截至2026年3月31日的财年中，根据期权行权发行的股本股票及其行权价格如下：

《Dr. Reddy’s 员工股票期权计划，2018》	期权	行权价格范围
截至2026年9月30日的六个月	358,140	Rs. 521.40 至 Rs. 1,060.20
截至2026年3月31日的财年	486,685	Rs. 521.40 至 Rs. 1,060.20

Upon the exercise of options, the amount of compensation cost (computed using the grant date fair value) previously recognized in the “share based payment reserve” was transferred to “share premium” in the unaudited condensed consolidated interim statements of changes in equity. In addition, any difference between the carrying amount of treasury shares and the consideration received was recognized in the “share premium”.

Dividends

Final dividends on equity shares are recorded as a liability on the date of their approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company’s Board of Directors.

At the Company’s Board of Directors’ meeting held on May 12, 2026, the Board proposed a dividend of Rs.8 per share, and aggregating to Rs.6,677. The same was approved by the Company’s shareholders at the Annual General Meeting (“AGM”) of the Company held on July 23, 2026. Payment of such dividend resulted in net cash outflow of Rs. 6,664 (excluding dividend paid on treasury shares).

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

15. Revenue from contracts with customers

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
Sales(1)	Rs.	161,386		Rs.	169,054	Rs.	82,777	Rs.	86,388
Service income		2,967			2,488		1,375		1,340
License fees(2)		3,060			1,961		2,556		323
	Rs.	167,413		Rs.	173,503	Rs.	86,708	Rs.	88,051

(1) In August 2026, the Company initiated a recall of Semaglutide batches in Canada due to elevated levels of unspecified impurity exceeding the approved specification limit and a packaging and labelling error (unrelated to the Semaglutide API issue as detailed under Note 7 of these interim financial statements). Accordingly, the Company recorded Rs. 710 towards expected product returns.

(2) During the three months ended September 30, 2026, License fees primarily include the following amounts:

 Rs.529 from the sale of the Company’s territorial rights relating to Bendamustine HCL in the United States; and

 Rs.976 towards achievement of certain milestones under various license agreements with a customer in Russia pertaining to biosimilars.

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

Refer to Note 3 (“Segment reporting”) for details on revenues by geography.

Refund liabilities on account of sales returns amounting to Rs.6,287 and Rs.6,614 as of September 30, 2026 and March 31, 2026, respectively, have been included in provisions forming part of current liabilities.

16. Other income

Other income, net consists of the following:

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
(Gain) on disposal of non-current assets, net	Rs.	(405)		Rs.	(268)	Rs.	(37)	Rs.	(308)
Sale of spent chemicals		(317)			(170)		(167)		(81)
Scrap sales		(162)			(193)		(83)		(87)
Miscellaneous income, net		(873)			(2,781)		(625)		(2,197)
	Rs.	(1,757)		Rs.	(3,412)	Rs.	(912)	Rs.	(2,673)

17. Finance income/ (expense), net

Finance income/ (expense), net consists of the following:

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
Interest income	Rs.	1,960		Rs.	2,040	Rs.	961	Rs.	912
Fair value changes and profit on sale of financial instruments measured at FVTPL, net		1,209			1,277		128		547
Foreign exchange gain/(loss), net		739			764		(170)		222
Finance income (A)	Rs.	3,908		Rs.	4,081	Rs.	919	Rs.	1,681
Interest expense		(2,503)			(1,737)		(1,248)		(907)
Finance expense (B)	Rs.	(2,503)		Rs.	(1,737)	Rs.	(1,248)	Rs.	(907)
Finance income/(expense), net [(A)+(B)]	Rs.	1,405		Rs.	2,344	Rs.	(329)	Rs.	774

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

18. Income taxes

Income tax expense is recognized based on the Company’s best estimate of the average annual effective income tax rate for the fiscal year applied to the pre-tax income of the interim period. The average annual effective income tax rate is determined for each taxing jurisdiction and applied individually to the interim period pre-tax income of each jurisdiction. The difference between the estimated average annual income tax rate and the enacted tax rate is accounted for by a number of factors, including the effect of differences between Indian and foreign tax rates, expenses that are not deductible for tax purposes, income exempted from income taxes, and effects of changes in tax laws and rates.

	For the six months ended September 30,		For the three months ended September 30,
	2026			2025			2026		2025
Effective tax rate		24.3	%			24.2	%		25.60	%		22.2	%
Tax expense	Rs.	4,321			Rs.	9,033		Rs.	3,143		Rs.	4,082
Tax expense/(benefit) recognized directly in the OCI	Rs.	279			Rs.	(237)		Rs.	(52)		Rs.	(269)

The Company’s effective tax rate for the six months ended September 30, 2026, was higher as compared to six months ended September 30, 2025. The increase in effective tax rates was primarily on account of:

 an increase in the proportion of the Company’s profits coming from higher tax jurisdictions and decrease in the proportion of profits from lower tax jurisdictions for the period ended September 30, 2026, as compared to the period ended September 30, 2025; which was partially offset by

 the reversal of previously recognized tax provisions consequent to the favorable resolution of a tax assessment pertaining to an earlier year.

The Company’s effective tax rate for the three months ended September 30, 2026 was higher as compared to three months ended September 30, 2025. The increase in effective tax rates was primarily on account of:

Tax (benefits)/expenses recognized directly in the OCI primarily relates to tax effects on the changes in fair value of cash flow hedges.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

19. Nature of expenses

The following table shows supplemental information related to certain “nature of expense” items for the three months and six months ended September 30, 2026 and 2025:

	For the six months ended September 30,		For the three months ended September 30,
Depreciation	2026		2025		2026	2025
Cost of revenues	Rs.	4,681		Rs.	4,055	Rs.	2,392	Rs.	2,099
Selling, general and administrative expenses		1,519			1,262		773		654
Research and development expenses		669			668		324		338
	Rs.	6,869		Rs.	5,985	Rs.	3,489	Rs.	3,091

	For the six months ended September 30,		For the three months ended September 30,
Amortization	2026		2025		2026	2025
Cost of revenues	Rs.	-		Rs.	-	Rs.	-	Rs.	-
Selling, general and administrative expenses		3,739			3,806		1,761		1,948
Research and development expenses		33			25		19		12
	Rs.	3,772		Rs.	3,831	Rs.	1,780	Rs.	1,960

	For the six months ended September 30,		For the three months ended September 30,
Employee benefits	2026		2025		2026	2025
Cost of revenues	Rs.	7,740		Rs.	7,341	Rs.	3,921	Rs.	3,483
Selling, general and administrative expenses		21,669			19,038		10,611		9,507
Research and development expenses		3,226			3,177		1,588		1,531
	Rs.	32,635		Rs.	29,556	Rs.	16,120	Rs.	14,521

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

20. Employee benefit plans

A. Impact of the New Labour Codes:

The Government of India has consolidated 29 existing labour legislations into a unified framework comprising four labour codes as follows: Code on Wages, 2019, Code on Social Security, 2020, Industrial Relations Code, 2020 and Occupational Safety, Health and Working Conditions Code 2020 (collectively referred to as the “New Labour Codes”). The New Labour Codes are effective from November 21, 2025 and introduce changes that include, among other things, setting a uniform definition of wages. The New Labour Codes have implications on employee benefits including gratuity, leave encashment, and other related obligations.

The Company assessed the implications of the New Labour Codes and recognized an incremental cost of Rs.1,170 towards employee benefits during the year ended March 31, 2026. The Company continues to monitor the developments pertaining to the implementation of the New Labour Codes, including the related rules thereto, and the impact of these will be accounted in accordance with applicable accounting standards.

B. Gratuity benefits provided by the parent company

In accordance with applicable Indian laws, the Company has a defined benefit plan which provides for gratuity payments (the “Gratuity Plan”) and covers certain categories of employees in India. The Gratuity Plan provides a lump sum gratuity payment to eligible employees at retirement or termination of their employment. The amount of the payment is based on the respective employee’s last drawn salary and the years of employment with the Company. Effective September 1, 1999, the Company established the Dr. Reddy’s Laboratories Gratuity Fund (the “Gratuity Fund”) to fund the Gratuity Plan. Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation, based upon which the Company makes contributions to the Gratuity Fund. Trustees administer the contributions made to the Gratuity Fund. The liability/(asset) recorded by the parent company towards this obligation was Rs.(41) and Rs.(16) as of September 30, 2026 and March 31, 2026, respectively. The Company made contributions of Rs.0 and Rs.1,844 to the Gratuity Fund during the six months ended September 30, 2026 and the year ended March 31, 2026, respectively.

C. Compensated absences

The Company provides for accumulation of compensated absences by certain categories of its employees. These employees can carry forward a portion of the unutilized compensated absences and utilize them in future periods or receive cash in lieu thereof as per the Company’s policy. The Company records a liability for compensated absences in the period in which the employee renders the services that increases this entitlement. The total liability recorded by the Company towards this obligation was Rs.917 and Rs.1,018 as of September 30, 2026 and March 31, 2026, respectively.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

21. Share based payments

Pursuant to the special resolutions approved by the shareholders in the Annual General Meetings held on September 24, 2001, on July 27, 2005, and on July 27, 2018 respectively, the Company instituted the Dr. Reddy’s Employees Stock Option Scheme, 2002 (the “DRL 2002 Plan”), the Dr. Reddy’s Employees ADR Stock Option Scheme, 2007 (the “DRL 2007 Plan”), and Dr. Reddy’s Employees Stock Option Scheme, 2018 (the “DRL 2018 Plan”), respectively, each of which allows for grants of stock options to eligible employees.

Grants under Stock Incentive Plans

The terms and conditions of the grants made during the six months ended September 30, 2026 under the above plans were as follows:

Particulars

Grant Date

Number of

instruments

Exercise price

Vesting period

Contractual

life

DRL 2007 Plan

May 11, 2026

376,115

Rs.

1,293.90

3 years

5 years

DRL 2018 Plan

May 11, 2026

816,119

Rs.

1,293.90

3 years

5 years

DRL 2018 Plan

July 22, 2026

15,933

Rs.

1,206.00

3 years

5 years

The terms and conditions of the grants made during the six months ended September 30, 2025 under the above plans were as follows:

Particulars

Grant Date

Number of

instruments

Exercise price

Vesting period

Contractual

life

DRL 2007 Plan

May 9, 2025

353,057

Rs.

1,162.00

3 years

5 years

DRL 2018 Plan

May 9, 2025

915,763

Rs.

1,162.00

3 years

5 years

The fair value of services received in return for stock options granted to employees is measured by reference to the fair value of stock options granted. The fair value of stock options has been measured using the Black-Scholes-Merton valuation model at the date of the grant. The expected term of an option (its “option life”) is estimated based on the vesting term and contractual term.

The weighted average inputs used in computing the fair value of such grants were as follows:

	July 22, 2026			May 11, 2026				May 9, 2025
Expected volatility		22.44	%			22.50	%			24.99	%
Exercise price	Rs.	1,206.00			Rs.	1,293.90			Rs.	1,162.00
Option life		5.5 Years				5.5 Years				5.5 Years
Risk-free interest rate		6.58	%			6.12	%			6.16	%
Expected dividends		0.68	%			0.63	%			0.69	%
Grant date share price	Rs.	1,182.80			Rs.	1,279.90			Rs.	1,155.90

Share-based payment expense

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
Equity settled share-based payment expense(1)	Rs.	196		Rs.	212	Rs.	99	Rs.	100
Cash settled share-based payment expense(2)		149			203		45		(77)
	Rs.	345		Rs.	415	Rs.	144	Rs.	23

(1) As of September 30, 2026 and September 30, 2025, there was Rs. 640 and Rs.641, respectively, of total unrecognized compensation cost related to unvested stock options. This cost is expected to be recognized over a weighted-average period of 2.05 years and 2.04 years, respectively.

(2) Certain of the Company’s employees are eligible to receive share based payment awards that are settled in cash. These awards vest only upon satisfaction of certain service conditions which range from 1 to 4 years. A category of these awards are also linked to the overall performance of the Company. These awards entitle the employees to a cash payment on the vesting date. The amount of the cash payment is determined based on the share price of the Company at the time of vesting. As of September 30, 2026 and 2025, there was Rs.680 and Rs.691, respectively, of total unrecognized compensation cost related to unvested awards. This cost is expected to be recognized over a weighted-average period of 2.72 years and 2.06 years, respectively. This scheme does not involve dealing in or subscribing to or purchasing securities of the Company, directly or indirectly.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

22. Related parties

The Company has entered into transactions with the following related parties:

Enterprises over which key management personnel have control or significant influence

 Green Park Hotel and Resorts Limited for hotel services;

 Green Park Hospitality Services Private Limited for catering and other services availed;

 Dr. Reddy’s Foundation towards contributions for social development;

 Indus Projects Private Limited for engineering services relating to civil works;

 Dr. Reddy’s Institute of Life Sciences for research and development services availed;

 Stamlo Industries Limited for hotel services;

 Iosynth Labs Private Limited for research and development services; and

 Zenfold Sustainable Technology Private Limited for sale and purchase of goods.

Joint Venture and Associates

 Kunshan Rotam Reddy Pharmaceuticals Company Limited for sales of goods, for research and development services;

 Kunshan Rotam Reddy Medicine Company Limited (a subsidiary of Kunshan Rotam Reddy Pharmaceuticals Company Limited) for sale of goods;

 O2 Renewable Energy IX Private Limited for an investment and for purchase of solar power;

 Clean Renewable Energy KK2A Private Limited for purchase of solar power and for an investment; and

 DRES Energy Private Limited for purchase of solar power and lease rentals received.

“Key management personnel” (“KMP”) consists of the Company’s Directors and members of the Company’s Management Council. The Company has also entered into cancellable operating lease transactions with key management personnel and close members of their families.

Further, the Company contributes to the Dr. Reddy’s Laboratories Gratuity Fund, which maintains the plan assets of the Company’s Gratuity Plan for the benefit of its employees. See Note 20 of these interim financial statements for information on transactions between the Company and the Gratuity Fund.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

22. Related parties (continued)

The following is a summary of significant related party transactions:

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
Transactions with relatives of KMP or enterprises over which KMP have control or significant influence
Catering expenses	Rs.	288		Rs.	241	Rs.	167	Rs.	168
Civil works		42			135		15		54
Contributions towards social development		342			352		170		203
Research and development services		82			128		41		71
Hotel expenses		35			33		21		17
Facility management services		25			21		13		16
Lease rentals paid		20			20		10		10
Salaries to relatives of key management personnel		19			18		13		11
Purchase of goods		60			37		24		10
Sale of goods		4			3		2		2
Transactions with Joint Venture and Associates
Investment in O2 Renewable Energy IX Private Limited		-			51		-		-
Purchase of solar power		286			73		160		35
Sale of goods		70			14		59		-
Lease rentals received		1			1		-*		-*

* Rounded to the nearest million.

The Company had the following amounts due from related parties as of the following dates:

The Company had the following amounts due to related parties as of the following dates:

	As of
	September 30, 2026		March 31, 2026
Zenfold Sustainable Technology Private Limited	Rs.	23		Rs.	12
Indus Projects Private Limited		21			19
Green Park Hospitality Services Private Limited		8			-*
DRES Energy Private Limited		-			16
Stamlo Industries Limited		-*			-
Green Park Hotels and Resorts Limited		2			-*

* Rounded to the nearest million.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

22. Related parties (continued)

The following table describes the components of compensation paid or payable to key management personnel for the services rendered during the applicable period:

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
Salaries and other benefits	Rs.	504		Rs.	432	Rs.	229	Rs.	218
Contributions to defined contribution plans		20			25		10		16
Commission to directors		143			187		37		81
Share-based payments expense		90			90		46		45
	Rs.	757		Rs.	734	Rs.	322	Rs.	360

Some of the key management personnel of the Company are also covered under the Company’s Gratuity Plan along with the other employees of the Company. Proportionate amounts of gratuity accrued under the Company’s Gratuity Plan have not been separately computed or included in the above disclosure.

23. Financial instruments

Financial instruments by category

The carrying value and fair value of financial instruments as of September 30, 2026 and March 31, 2026 were as follows:

		As of September 30, 2026		As of March 31, 2026
	Category	Total carrying value		Total fair value		Total carrying value	Total fair value
Assets:
Cash and cash equivalents	Amortized cost	Rs.	13,294		Rs.	13,294	Rs.	15,368	Rs.	15,368
Other investments	Refer to Note 5		73,376			73,376		83,141		83,141
Trade and other receivables	Amortized cost		101,399			101,399		101,219		101,219
Derivative financial assets	FVTPL		287			287		155		155
Other assets(1)	Amortized cost		4,952			4,952		7,267		7,267
Total		Rs.	193,308		Rs.	193,308	Rs.	207,150	Rs.	207,150
Liabilities:
Trade and other payables	Amortized cost	Rs.	36,082		Rs.	36,082	Rs.	33,411	Rs.	33,411
Derivative financial liabilities	FVTPL		5,321			5,321		6,898		6,898
Long-term borrowings	Amortized cost		14,027			14,027		18,206		18,206
Short-term borrowings	Amortized cost		58,260			58,260		59,135		59,135
Other liabilities and provisions(2)	See below discussion in this Note 23		37,008			37,008		44,012		44,012
Total		Rs.	150,698		Rs.	150,698	Rs.	161,662	Rs.	161,662

(1) Other assets that are not financial assets (such as receivables from statutory authorities, government incentives receivable, prepaid expenses, advances paid and certain other receivables) of Rs.34,564 and Rs.30,215 as of September 30, 2026 and March 31, 2026, respectively, are not included.

(2) Other liabilities and provisions that are not financial liabilities (such as statutory dues payable, deferred revenue, advances from customers and certain other accruals) of Rs.15,421 and Rs.17,239 as of September 30, 2026 and March 31, 2026, respectively, are not included.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

23. Financial instruments (continued)

Other liabilities and provisions includes amounts measured at amortized cost of Rs. 37,011 and Rs.43,792 as of September 30, 2026 and March 31, 2026, respectively, and contingent consideration measured at FVTPL of Rs. 0 and Rs.220 as of September 30, 2026 and March 31, 2026, respectively.

For trade receivables, trade payables, other assets and other liabilities maturing within one year from the reporting date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of September 30, 2026:

Particulars	Level 1		Level 2		Level 3	Total
FVTPL - Financial asset - Investments in units of mutual funds	Rs.	28,397		Rs.	-	Rs.	-	Rs.	28,397
FVTPL - Financial asset - Investment in limited liability partnership firms(2)		-			-		1,540		1,540
FVTPL - Financial asset - Investments in equity securities		1,091			-		-		1,091
FVTPL – Financial asset – Investments in others		-			-		537		537
FVTOCI - Financial asset - Investments in equity securities		1			-		1		2
Derivative financial instruments – net (loss) on outstanding foreign exchange forward, option, swap contracts and interest rate swap contracts(1)		-			(5,034)		-		(5,034)

The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:

Particulars	Level 1		Level 2		Level 3	Total
FVTPL - Financial asset - Investments in units of mutual funds	Rs.	35,912		Rs.	-	Rs.	-	Rs.	35,912
FVTPL - Financial asset - Investment in limited liability partnership firm(2)		-			-		1,449		1,449
FVTPL - Financial asset - Investments in equity securities		816			-		-		816
FVTPL – Financial asset - Investments in others		-			-		472		472
FVTOCI - Financial asset - Investments in equity securities		14			-		1		15
Derivative financial instruments - net loss on outstanding foreign exchange forward, option, swap contracts and interest rate swap contracts(1)		-			(6,743)		-		(6,743)
FVTPL – Financial liability - Contingent consideration(3)		-			-		(220)		(220)

(1) The Company enters into derivative financial instruments with various counterparties, principally financial institutions and banks. Derivatives are valued using valuation techniques with market observable inputs are mainly interest rate swaps, foreign exchange forward option and swap contracts. The most frequently applied valuation techniques include forward pricing, swap models and Black-Scholes-Merton models (for option valuation), using present value calculations. The models incorporate various inputs including foreign exchange forward rates, interest rate curves and forward rate curves.

(2) Fair value of these instruments is determined based on an independent valuation report, which considers the net asset value method.

(3) Represents contingent consideration paid during the six months ended September 30, 2026 pursuant to acquisition of select divisions of branded generics business from Wockhardt Limited during the year ended March 31, 2021.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

23. Financial instruments (continued)

As of September 30, 2026 and March 31, 2026, the changes in counterparty credit risk had no material effect on the hedge effectiveness assessment for derivatives designated in hedge relationships and other financial instruments recognized at fair value.

Hedges of foreign currency exchange rate risks

The Company is exposed to exchange rate risk which arises from its foreign exchange revenues and expenses (primarily in U.S. dollars, U.K. pounds sterling, Russian roubles, Brazilian reals, Swiss francs, Euros, and Mexican pesos, and foreign currency debt (in Mexican pesos, U.S. dollars and Brazilian reals).

The Company uses foreign exchange forward contracts, option contracts and swap contracts (derivative financial instruments) to mitigate its risk of changes in foreign currency exchange rates. The Company also uses non-derivative financial instruments such as borrowings as part of its foreign currency exposure risk mitigation strategy.

Hedges of changes in the interest rates

Consistent with its risk management policy, the Company uses interest rate swaps (including cross currency interest rate swaps) to mitigate the risk of changes in interest rates. The Company does not use them for trading or speculative purposes. The Company does not have any long term borrowings.

Details of gain/(loss) recognized in respect of derivative contracts

The following table presents details in respect of the gain/(loss) recognized in respect of derivative contracts to hedge highly probable forecast transactions during the applicable period ended:

	For the six months ended September 30,		For the three months ended September 30,
	2026		2025		2026	2025
Net (loss)/gain recognized in finance costs in respect of foreign exchange derivative contracts	Rs.	(40)		Rs.	(53)	Rs.	(19)	Rs.	(35)
Net gain/(loss) recognized in OCI in respect of hedges of highly probable forecast transactions.		1,115			(939)		(209)		(1,068)
Net (loss)/gain reclassified from OCI and recognized as component of revenue upon occurrence of forecasted transaction		(788)			(921)		(60)		(555)

The net carrying amount of the Company’s “hedging reserve” as a component of equity before adjusting for tax impact was a loss of Rs.441 as of September 30, 2026, as compared to a loss of Rs.1,555 as of March 31, 2026.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

24. Contingencies

The Company is involved in disputes, lawsuits, claims, governmental and/or regulatory inspections, inquiries, investigations and proceedings (collectively, “Legal Proceedings”), including patent and commercial matters that arise from time to time in the ordinary course of business. Most of the claims involve complex issues. Often, these issues are subject to uncertainties and therefore the probability of a loss, if any, being sustained and an estimate of the amount of any loss is often difficult to ascertain. Consequently, for a majority of these claims, it is not possible to make a reasonable estimate of the expected financial effect, if any, that will result from ultimate resolution of the proceedings. This is due to a number of factors, including: the stage of the proceedings (in many cases trial dates have not been set) and the overall length and extent of pre-trial discovery; the entitlement of the parties to an action to appeal a decision; clarity as to theories of liability; damages and governing law; uncertainties in timing of litigation; and the possible need for further legal proceedings to establish the appropriate amount of damages, if any. In these cases, the Company, based on internal and external legal advice, assesses the need to make a provision or discloses information with respect to the nature and facts of the case.

The Company also believes that disclosure of the amount sought by plaintiffs, if that is known, would not be meaningful with respect to those legal proceedings.

Although there can be no assurance regarding the outcome of any of the Legal Proceedings referred to in this Note, the Company does not expect them to have a materially adverse effect on its financial position, results of operations or cash flows, as it believes that the likelihood of loss in excess of amounts accrued (if any) is not probable. However, if one or more of such Legal Proceedings were to result in judgments against the Company, such judgments could be material to its results of operations or cash flows in a given period.

Note 31 to the Consolidated Financial Statements in the Company’s Annual Report on Form 20-F for the year ended March 31, 2026 contains a summary of significant Legal Proceedings. The following is a summary, as of the date of the authorization of the interim financial statements (i.e., October 23, 2026), of significant developments in those proceedings as well as any new significant proceedings commenced since the date such Annual Report on Form 20-F was filed.

Fuel Surcharge Adjustments

The Andhra Pradesh Electricity Regulatory Commission (the “APERC”) passed various orders approving the levy of Fuel Surcharge Adjustment (“FSA”) charges for the period from April 1, 2008 to March 31, 2013 by power distribution companies upon all the consumers of electricity in the then existing undivided state of Andhra Pradesh, India, which is where the Company’s headquarters and principal manufacturing facilities are located. Separate writ petitions filed by the Company for various periods, challenging and questioning the validity and legality of this levy of FSA charges by the APERC, are pending before the High Court of Andhra Pradesh and the Supreme Court of India.

The total amount approved by APERC for collection by the power distribution companies from the Company in respect of FSA charges for the period from April 1, 2008 to March 31, 2013 is Rs.482. After taking into account all of the available information and legal provisions, the Company has recorded Rs.219 as the potential liability towards FSA charges.

However, the Company has paid, under protest, an amount of Rs.354 as demanded by the power distribution companies as part of monthly electricity bills. The Company remains exposed to additional financial liability should the orders passed by the APERC be upheld by the Courts.

During the three months ended June 30, 2016, the Supreme Court of India dismissed the Special Leave Petition filed by the Company in this regard for the period from April 1, 2012 to March 31, 2013. As a result, for the quarter ended June 30, 2016, the Company recognized an expenditure of Rs.55 (by de-recognizing the payments under protest) representing the FSA charges for the period from April 1, 2012 to March 31, 2013.

The Hon’ble High Court of Telangana through its Order dated August 3, 2026 dismissed the Writ Petition with a direction that FSA for the first quarter of the fiscal year ended March 31, 2011 shall not be enforced on any of the consumers of the four power distribution companies, until disposal of the special leave petitions pending before the Supreme Court and, for the rest of the quarters of the fiscal years ended March 31, 2011 and 2012, the power distribution companies are free to collect the FSA, if not already collected.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

24. Contingencies (continued)

United States Antitrust Multi-District Litigations

Since November 2016, the Generic Drug Price Fixing Antitrust Multi-District Litigation, MDL 2724 (the “MDL 2724”) has been pending in the United States District Court in Philadelphia, Pennsylvania. A multi-district litigation or MDL is a U.S. legal proceeding in which all cases relating to the same subject and claims filed anywhere in the United States are sent and consolidated into one legal proceeding in a single U.S. court for purposes of all pretrial activities, such as discovery (including document production and depositions), motions and other legal proceedings. These legal proceedings are administered on a joint or consolidated basis up until trial and then, when all pretrial proceedings have been concluded, cases are sent back to the courts where they were originally filed (if not originally filed in the MDL District) for trial purposes.

All cases filed in the MDL 2724 encompass claims that certain generic drug manufacturers/sellers in the United States (and certain named individual defendants) engaged in a conspiracy, beginning approximately in the year 2009, to agree on the prices at which each generic drug would be sold, and also on the market shares and customers that each manufacturer would have for a generic drug. They include alleged violations of federal antitrust laws and of state consumer protection and antitrust laws of numerous jurisdictions, as well as claims of unjust enrichment.

As of the date of this report, there are approximately 250 plaintiffs having filed a total of 206 cases. The claims in all the cases encompass a total of 404 generic drugs sold during a period beginning approximately in the year 2009. The Company (through its U.S. subsidiary, Dr. Reddy’s Laboratories, Inc.) is named specifically as a defendant with respect to 23 generic drugs that it sold during this period of time.

In addition, even though each defendant (including the Company) did not sell all the drugs encompassed by the claims, the plaintiffs assert that there was an “overarching conspiracy” among the generic manufacturers which encompassed an agreement and understanding throughout the industry that generic manufacturers would cooperate with each other on prices, customers and market shares on all generic drugs sold in the United States, and that each manufacturer would cooperate on the “fair share” conspiracy whenever it entered or sold a drug in a specific generic drug market. As a result of this alleged “overarching conspiracy” claim, the plaintiffs claim that each defendant (including the Company) is liable for not only the damages suffered with respect to the specific drugs that a defendant sold, but is also liable for all of the damages with respect to all of the drugs alleged in a case whether a manufacturer defendant sold that drug or not.

The plaintiffs seek “treble” damages (i.e., three times the actual damages sustained) of the claimed anticompetitive “overcharge” during the period 2009-2020 on the drugs at issue allegedly caused by the alleged conspiracies plus injunctive relief, and attorney’s fees and costs in the litigation. The plaintiffs also allege claims for disgorgement of alleged unjust enrichment of profits earned by each defendant, including the Company, and punitive damages as a result of the alleged violations. The plaintiffs in the cases fall into the following categories:

 The Attorneys General of 49 U.S. States, the District of Columbia and the U.S. territories of Puerto Rico, Virgin Islands and Guam, which all allege that they were injured by the price fixing, customer allocation and bid rigging conspiracy in their general economies and that there were injuries suffered by consumers in their jurisdictions, seeking the disgorgement of improper profits on the generic drugs, and damages suffered by governmental agencies (such as government hospitals, agencies and prisons) that purchased generic drugs, encompassing a total of 129 generic drugs. The Company is named as to seven drugs. In addition, each of the plaintiffs seek to enforce their own state antitrust laws, which enable them to impose fines on a defendant in addition to seeking treble damages and disgorgement of alleged unjust enrichment from each defendant;

 Class actions on behalf of all companies that directly purchased generic drugs from one or more of the defendants during a period beginning approximately in the year 2009 (the “Direct Purchaser Plaintiff” Class or “DPP” Class). This class action consists of all wholesaler/distributors, group purchasing organizations, and large pharmacies and retailers who purchased directly from one or more defendants. These claims encompass 148 drugs, of which the Company sold 11 drugs;

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

24. Contingencies (continued)

United States Antitrust Multi-District Litigations (continued)

 Class actions on behalf of all companies that indirectly purchased generic drug and resold them during a period beginning approximately in the year 2009 (the “Indirect Reseller Plaintiff” Class or “IRP” Class). This class consists of all pharmacies and retailers that purchased generic drugs from a wholesaler/distributor and resold the drugs. These claims encompass 179 generic drugs, of which the Company sold 20 drugs;

 Class actions on behalf of all companies and consumers that were end payers for the purchase of generic drugs by consumers (the “End Payer Plaintiff Class” or “EPP” Class). This class consists of all health care plans, insurance companies and union welfare funds that paid for generic drugs purchased by their members (consumers). These claims encompass 152 generic drugs, of which the Company sold 12 drugs; and

 Approximately 200 individual companies (which have opted out of the class actions), consisting of pharmacy retailers, health insurers, self-insured health plan employers, hospitals, counties and other local governmental agencies, (the “Direct Action Plaintiffs” or “DAPs”) have individually filed complaints and alleged claims. These claims encompass a total of more than 400 drugs, of which the Company sold 23 drugs.

All complaints in the MDL 2724 are being simultaneously litigated together, on a consolidated basis, for all discovery and pre-trial purposes, except the Attorneys General Cases which were remanded back to the District of Connecticut and will no longer be included in the MDL 2724 in the Eastern District of Pennsylvania. Discovery is still proceeding. The first three cases that have been designated for the first trials in the MDL 2724 (the so-called “bellwether” cases) do not involve the Company’s U.S. subsidiary as a defendant. These bellwether cases encompass claims by the DPPs and EPPs as to two specific drugs that were not sold by the Company’s U.S. subsidiary and claims by the Attorney Generals as to approximately 80 topical drugs and creams that were not sold by the Company’s U.S. subsidiary. The trials in these bellwether cases are anticipated to occur in 2027.

A second round of six bellwether cases have been selected which are expected to be tried in late 2026, 2027, or 2028. They include: (i) three cases encompassing a single drug that does not involve the Company’s U.S. subsidiary as a defendant; (ii) a case by the Attorneys General encompassing 15 drugs in which the Company’s U.S. subsidiary is named as to two drugs (meprobamate and zoledronic acid) which will likely be scheduled for trial for late 2027 or 2028; (iii) a case brought by Humana, Inc., encompassing 15 drugs in which the Company’s U.S. subsidiary is named as to one drug (divalproex), which was settled in August 2026 without any admission of liability or wrongdoing, and the settlement amount has been recognized in these interim financial statements; and (iv) a case brought by CVS Pharmacy, Inc., for which the specific drugs and defendants to be included has not yet been determined by the Court, but which may include the Company’s U.S. subsidiary, and which is scheduled for trial in late 2028. In all of the cases, the plaintiffs seek joint and several liability for the claimed damages (including claimed treble damages) and state civil penalties encompassing the drugs that the Company’s U.S. subsidiary sold, plus joint and several liability for the claimed damages (including claimed treble damages) and state civil penalties suffered on all of the drugs in the cases based on the allegation of participation in an industry-wide “overarching conspiracy.”

In addition to the cases filed in the MDL 2724, approximately 150 companies (consisting primarily of health insurers, and health plans) have filed three praecipe of actions in the Pennsylvania Court of Common Pleas in Philadelphia, Pennsylvania, against 52 generic drug companies, including the Company’s U.S. subsidiary, giving notice of potential, unspecified antitrust claims against the named defendants. These praecipes of actions have been stayed pending the developments and potential completion of the cases in the MDL 2724.

The Company believes that all of the aforesaid complaints and asserted claims are without merit and it denies any wrongdoing and intends to vigorously defend itself against the allegations. Any liability that may arise on account of these claims is unascertainable at this time. Accordingly, no provision was made in these interim financial statements.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

24. Contingencies (continued)

Revlimid® Antitrust Litigation

In 2023 and 2024, three lawsuits were filed against Dr. Reddy’s Laboratories, Inc. (“DRL Inc.”) and/or Dr. Reddy’s Laboratories Ltd. (“DRL Ltd.” and together with DRL Inc., “DRL”), and three additional groups of plaintiffs sought to add DRL to their pending actions and/or through additional lawsuits, in federal court in New Jersey concerning the drug product Revlimid® and generic equivalents. Litigation has been pending in that court since at least 2019 by various plaintiffs asserting antitrust claims and similar claims against Celgene Corporation (“Celgene”) and Bristol-Myers Squibb Company (“BMS”) related to Revlimid®, In re Revlimid & Thalomid Purchaser Antitrust Litigation, C.A. No. 19-cv-07532 (D.N.J.) (“In re Revlimid action”). Starting in 2022, certain plaintiffs also filed lawsuits in this litigation against Teva Pharmaceuticals USA Inc. (“Teva”) and Natco Pharma Limited (“Natco”) as well. Then, in 2023, plaintiffs Mayo Clinic and LifePoint Corporate Services, General Partnership filed a complaint against DRL Inc. as well as defendants Celgene, BMS, Natco, and Teva (C.A. No. 23-cv-22321 (D.N.J.)). In a second lawsuit in 2023 (C.A. No. 23-cv-22117 (D.N.J.)), plaintiff Intermountain Health, Inc. filed a complaint against DRL Inc. and the same group of defendants Celgene, BMS, Natco, and Teva (Mayo Clinic, LifePoint Corporate Services, General Partnership, and Intermountain Health, Inc., together, the “Hospital Plaintiffs”). The Hospital Plaintiffs have subsequently added DRL Ltd. as a defendant to their lawsuits. In a third lawsuit, filed in 2024 (C.A. No. 24-cv-00379 (D.N.J.)), plaintiffs Walgreen Co., Kroger Specialty Pharmacy, Inc., and CVS Pharmacy Inc. (together, the “Retailer Plaintiffs”), who previously had sued Celgene, BMS, Natco, and Teva, filed an additional complaint against DRL Inc. and DRL Ltd. The Hospital Plaintiffs’ and Retailer Plaintiffs’ actions against DRL have been consolidated with the In re Revlimid action. Subsequently, through amended complaints, three additional groups of plaintiffs have sought to add DRL as a defendant in their already pending lawsuits previously consolidated into the In re Revlimid action. The first such plaintiff is United Healthcare Services, Inc. (“United”) (C.A. No. 20-cv-18531 (D.N.J.)).

The second such group of plaintiffs is composed of Cigna Corp., Humana Inc., Blue Cross Blue Shield Association, Health Care Service Corporation, Blue Cross and Blue Shield of Florida, Inc., and Molina Healthcare, Inc. (C.A. Nos. 19-cv-07532 (D.N.J.), 21-cv-11686 (D.N.J.), 21-cv-10187 (D.N.J.), 21-cv-06668 (D.N.J.), and 22-cv-04561(D.N.J.)) (together, the “Insurer Plaintiffs”). The third such group of plaintiffs is composed of Jacksonville Police Officers and Fire Fighters Health Insurance Trust, Carpenters and Joiners Welfare Fund, Teamsters Local 237 Welfare Fund and Teamsters Local 237 Retirees’ Benefit Fund, and Teamsters Western Region and New Jersey Health Care Fund, who bring their claims on behalf of a purported class of end-payors of Revlimid® and generic equivalents (C.A. No. 22-cv-06694 (D.N.J.)) (the “EPP Plaintiffs”).

The allegations brought by the Hospital Plaintiffs, the Retailer Plaintiffs, United, the Insurer Plaintiffs, and the EPP Plaintiffs (collectively, “Plaintiffs”) against DRL in these cases are similar: they allege that the patent settlement agreement among DRL, Celgene and BMS concerning Revlimid® violated federal and state antitrust laws and state consumer protection laws by improperly delaying generic entry of Revlimid® through 2022 and then limiting generic competition of Revlimid® through 2026. The Plaintiffs’ claims against DRL are also substantially similar to the claims these plaintiffs have brought against defendants Celgene, BMS, Natco, and Teva.

Each of these lawsuits naming DRL as a defendant have been consolidated with the ongoing In re Revlimid action. On June 6, 2024, the court issued an order on the pending motions to dismiss filed by other defendants, in which the court dismissed all claims at issue in that motion, including claims challenging the patent settlement agreements. The order allowed plaintiffs to file amended complaints. On August 5, 2024, all Plaintiffs filed amended complaints, including the amended complaints filed by United, Insurer Plaintiffs, and EPP Plaintiffs, described above, which sought to add DRL as a defendant in those actions for the first time. On October 7, 2024, DRL and all other defendants to the In re Revlimid action filed motions to dismiss each of Plaintiffs’ lawsuits in their entirety. On September 29, 2026, the Court issued a partial ruling on the motions to dismiss. The Court denied the motions as they relate to the settlement agreement between Celgene and Natco. The Court’s ruling did not address the claims against any other defendants, including the Company, but the Court did indicate that the remaining arguments in the motions would be addressed at a future date. For now, discovery remains stayed.

On December 16, 2024, several of the Insurer Plaintiffs also filed substantially similar complaints to those already pending in the In re Revlimid action against DRL, Natco, Teva, and AbbVie Inc. (C.A. Nos. 24-cv-11168 (D.N.J.); 24-cv-11169 (D.N.J.); 24-cv-11176 (D.N.J.); 24-cv-1121 (D.N.J.); 24-cv-11230 (D.N.J.)) (the “Standalone Actions”). On January 13, 2025, DRL and all other defendants to the Standalone Actions filed a letter requesting the court that they be allowed to brief a motion to dismiss the Standalone Actions, including for substantially the same reasons already briefed in the motion to dismiss the claims raised in the In re Revlimid action.

On May 5, 2025, the cases were reassigned from Judge Esther Salas to Judge Michael Farbiarz, also of the District of New Jersey. A trial date has not been set.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

24. Contingencies (continued)

The Company intends to vigorously defend its positions. Any liability that may arise on account of this litigation is unascertainable. Accordingly, no provision has been made in these consolidated financial statements of the Company

Indirect taxes related matters

Field tax audit:

During the year ended March 31, 2026, based on a final order received from the Federal Tax Service authority in respect of one of its foreign subsidiaries, the Company had recorded a VAT provision of Rs. 1,836 (including provision of Rs.1,141 recorded during the three months ended March 31, 2026) under “Selling, general and administrative expenses” including applicable interest and penalties and covering the periods both under audit as well as subsequent period up to March 31, 2026.

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

Goods and Services Tax matters:

a. In January 2020, the Commissioner of Goods and Services Tax, India issued notices alleging that the Company has improperly claimed an input tax credit of Rs.307. The Company then received an order from the Additional Commissioner of Goods and Services Tax in favor of the Company’s right to claim such input tax credit. Subsequently the tax authorities filed an appeal against the favorable order with the Commissioner of Goods and Services Tax (Appeals). The Commissioner of Goods and Service Tax (Appeals) passed an order rejecting the Company’s right to claim such input tax credit. The Company filed an appeal against such order before the Hon’ble High Court of Telangana.

Pursuant to the constitution of the Goods and Services Tax Appellate Tribunal (“GSTAT”), which is the designated appellate authority under the GST law, the Company has withdrawn the appeal pending before the Hon’ble High Court of Telangana and has filed an appeal before GSTAT.

The Company believes that it has correctly distributed and claimed the input tax credit within the provisions of applicable laws and hence no additional liability will accrue in this regard.

b. In February 2022, the Company paid under protest an amount of Rs.123 towards a GST reverse charge. In January 2025, the Additional Commissioner of GST passed an order confirming the demand as per the show-cause notice dated July 5, 2024. Aggrieved by the order, the Company filed an appeal before the first appellate authority. The appellate authority passed an order on February 27, 2026 sustaining the demand confirmed by the Additional Commissioner of GST.

The Company has filed the appeal in this regard before the GSTAT and believes the demand in such order is not enforceable and the likelihood of any liability is not probable.

Additionally, the Company is in receipt of various demand notices from the Indian Sales and Service Tax authorities. The total disputed amount is Rs.451. The Company has responded to such demand notices and believes that the chances of any liability arising from such notices are not probable. Accordingly, no provision is made in these interim financial statements as of September 30, 2026.

Others

Additionally, the Company is involved in other disputes, lawsuits, claims, governmental and/or regulatory inspections, inquiries, investigations and proceedings, including patent and commercial matters that arise from time to time in the ordinary course of business. Except as discussed above, the Company does not believe that there are any such contingent liabilities that are expected to have any material adverse effect on its interim financial statements.

DR. REDDY’S LABORATORIES LIMITED AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in millions, except share and per share data and where otherwise stated)

25. Geopolitical Conflicts

The Company considered the uncertainties relating to ongoing geopolitical instability and armed conflicts and hostilities (including in Russia and Ukraine and the Middle East) in assessing the recoverability of receivables, goodwill, intangible assets, investments and other assets. The outcome of these conflicts is difficult to predict, and any of them could have an adverse impact on the macroeconomic environment. Management has considered all potential impacts of these conflicts, including adherence to global sanctions and other restrictive measures against Russia and any retaliatory actions taken by Russia as well as disruptions in global trade routes and transportation infrastructure arising from ongoing conflicts in the Middle East. For this purpose, the Company considered internal and external sources of information up to the date of authorization of these interim financial statements (i.e., October 23, 2026).

Based on its judgments, estimates and assumptions expects to fully recover the carrying amount of receivables, inventory, goodwill, intangible assets, investments and other assets. Accordingly, during the three months ended September 30, 2026, the impact of such instability, conflicts and disruptions on the Company’s operations and financial condition was not material. The Company will continue to closely monitor any material changes to future geopolitical and economic conditions.

26. Regulatory Inspection of facilities

Tabulated below are the details of the U.S. FDA inspections of facilities of the Company which were carried out or remained open, up to the date of authorization of these interim financial statements (i.e., October 23, 2026)Click or tap here to enter text.:

Month/Year	Unit	Details of observations
June 2026	Biologics, Hyderabad, India	Seven observations were noted in the inspection conducted by the U.S. FDA between June 16-25, 2026, to which the Company has responded within the stipulated timelines. This is in continuation of the earlier inspections conducted by the U.S.FDA in October 2023 and September 2025.
September 2025	API Mirfield, Yorkshire, UK	Seven observations were noted in the U.S. FDA inspection conducted from September 1-5, 2025. The Company has responded to all related communications within the stipulated timelines. The Company received an Establishment Inspection Report (“EIR”), from the U.S. FDA on August 17, 2026 and the facility was classified as Voluntary Action Indicated.
July 2026	FTO SEZ Process Unit 2, Srikakulam, Andhra Pradesh, India	Three observations were noted in the U.S. FDA inspection conducted from July 20-29, 2026, to which the Company has responded within the stipulated timelines.
August 2026	FTO 3, Bachupally, Telangana, India	Four observations were noted in the U.S. FDA inspection conducted from August 6-14, 2026, to which the Company has responded within the stipulated timelines.
September 2026	API Cuernavaca Plant, Mexico	Two observations were noted in the records assessment conducted by the U.S. FDA from July 17 to September 8, 2026, to which the Company has responded within the stipulated timelines.
October 2026	Sterile FTO 11, Pydibhimavaram, Andhra Pradesh, India	Two observations were noted in the Pre-Approval Inspection (“PAI”) conducted by the U.S. FDA from October 5-7, 2026, to which the Company shall respond within the stipulated timelines.
October 2026	Sterile FTO 9, Visakhapatnam, Andhra Pradesh, India	Three observations were noted in the PAI conducted by the U.S. FDA from October 8-9, 2026, to which the Company shall respond within the stipulated timelines.

27. Subsequent events

Please refer to Notes 24 and 26 of these interim financial statements for the details of subsequent events relating to contingencies and regulatory inspections of facilities, respectively.

ITEM 2. OPERATING AND FINANCIAL REVIEW, TREND INFORMATION

The following discussion and analysis should be read in conjunction with the audited consolidated financial statements, the related notes and the “Operating and Financial Review and Prospects” section included in our Annual Report on Form 20-F for the fiscal year ended March 31, 2026, and the interim financial statements included in our reports on Form 6-K for the three months ended June 30, 2026, all of which are on file with the SEC, as well as the unaudited condensed consolidated interim financial statements and related notes contained in this report on Form 6-K.

This discussion contains forward-looking statements that involve risks and uncertainties. When used in this discussion, the words “anticipate”, “believe”, “estimate”, “intend”, “will” and “expect” and other similar expressions as they relate to us or our business are intended to identify such forward-looking statements. Actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. Factors that could cause or contribute to such differences include those described under the heading “Risk Factors” in our Annual Report on Form 20-F. Readers are cautioned not to place reliance on these forward-looking statements which reflect management’s analysis and assumptions only as of the date hereof. We undertake no obligation to publicly update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise.

Three months ended September 30, 2026 compared to the three months ended September 30, 2025

The following table sets forth, for the periods indicated, financial data along with respective percentages to total revenues and the increase (or decrease) by item as a percentage of the amount over the comparable period in the previous year.

Revenues

	For the three months ended September 30,
	2026			2025
	Rs. in		% of			Rs. in		% of		Increase/
	millions		Revenues			millions		Revenues		(Decrease)
Revenues	Rs.	86,708		100.0	%		Rs.	88,051	100.0	%	(2)	%
Gross profit		45,204		52.1	%			48,140	54.7	%	(6)	%
Selling, general and administrative expenses		28,075		32.4	%			26,436	30.0	%	6	%
Research and development expenses		5,235		6.0	%			6,202	7.0	%	(16)	%
Impairment of non-current assets		123		0.1	%			662	0.8	%	(81)	%
Other income, net		(912)		(1.1)	%			(2,673)	(3.0)	%	(66)	%
Results from operating activities		12,683		14.6	%			17,513	19.9	%	(28)	%
Finance income, net		(329)		(0.4)	%			774	0.9	%	(143)	%
Share of profit of equity accounted investees, net of tax		(77)		(0.1)	%			63	0.1	%	(222)	%
Profit before tax		12,277		14.2	%			18,350	20.8	%	(33)	%
Tax expense, net		3,143		3.6	%			4,082	4.6	%	(23)	%
Profit for the period	Rs.	9,134		10.5	%		Rs.	14,268	16.2	%	(36)	%

Attributable to:
Equity holders of the parent company		9,250		10.7	%			14,372	16.3	%	(36)	%
Non-controlling interests		(116)		(0.1)	%			(104)	(0.1)	%	12	%

Our overall consolidated revenues were Rs.86,708 million for the three months ended September 30, 2026, a decrease of 2% as compared to Rs.88,051 million for the three months ended September 30, 2025.

The following table sets forth, for the periods indicated, our consolidated revenues by segment:

	For the three months ended September 30,
	2026			2025
	Rs. in millions		Revenues % of Total			Rs. in millions		Revenues % of Total		Increase/ (Decrease)
Global Generics	Rs.	77,927		90.0	%		Rs.	78,498	89.0	%	(1)	%
Pharmaceutical Services and Active Ingredients (“PSAI”)		8,310		9.5	%			9,450	10.9	%	(12)	%
Others		471		0.5	%			103	0.1	%	357	%
Total	Rs.	86,708		100.0	%		Rs.	88,051	100.0	%	(2)	%

Segment Analysis

Global Generics

Revenues from our Global Generics segment were Rs.77,927 million for the three months ended September 30, 2026, a decrease of 1% as compared to Rs.78,498 million for the three months ended September 30, 2025. The decrease was primarily on account of a decline in revenues from North America (the United States and Canada), which was partially offset by an increase in three of four business geographies of this segment: “Emerging Markets” (which is comprised of Russia, other countries of the former Soviet Union, Romania and certain other countries from our “Rest of the World” markets, including Brazil, South Africa, Colombia, Vietnam and China), India and Europe (which also includes the global portfolio outside of the United States of consumer brands in the Nicotine Replacement Therapy category acquired from Haleon UK (the “NRT business”).

Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, the decrease was primarily attributable to the following factors:

 a decrease of approximately 12% resulting from the net impact of changes in sales prices of certain of our existing products in this segment;

 a decrease of approximately 6% resulting from the net impact of changes in sales volumes of certain of our existing products in this segment; and

the foregoing was largely offset by

 an increase of approximately 10% resulting from additional revenues from new products launched between October 1, 2025 and September 30, 2026; and

 an increase of approximately 1% resulting from additional revenues from acquisitions between October 1, 2025 and September 30, 2026.

North America (the United States and Canada): Our Global Generics segment’s revenues from North America were Rs.24,890 million for the three months ended September 30, 2026, a decrease of 23% as compared to Rs.32,408 million for the three months ended September 30, 2025. In U.S. dollar absolute currency terms (i.e., U.S. dollars without taking into account the effect of currency exchange rates), such revenues decreased by 29% in the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily on account of a net decrease in sales prices and volumes of certain existing products.

During the three months ended September 30, 2026, we launched six new products in North America, all of which were launched in the United States.

During the three months ended September 30, 2026, five new ANDAs and no new NDAs were filed with the U.S. FDA. As of September 30, 2026, we had 80 filings pending approval with the U.S. FDA, which includes 77 ANDAs and 3 NDAs filed under section 505(b)(2). Out of these 77 ANDA filings, 46 are Paragraph IV filings and we believe we are the first to file with respect to 27 of these filings.

Europe: Our Global Generics segment’s revenues from Europe were primarily derived from Germany, the United Kingdom, Spain, France, and Italy as well as the NRT business. Such revenues from Europe were Rs.13,935 million for the three months ended September 30, 2026, an increase of 1% as compared to Rs.13,761 million for the three months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, the revenues from Europe for the three months ended September 30, 2026 decreased as compared to the revenues for the three months ended September 30, 2025. The decrease is primarily on account of a net decrease in sales prices of certain of our existing products. During the three months ended September 30, 2026, we launched six new generic products in Europe.

India: Our Global Generics segment’s revenues from India for the three months ended September 30, 2026 were Rs. 18,508 million, an increase of 17% as compared to Rs.15,780 million for the three months ended September 30, 2025. This increase was largely attributable to increases in sales prices and volumes of certain of our existing products and additional revenues from new products launched and acquisitions between October 1, 2025 and September 30, 2026. During the three months ended September 30, 2026, we launched four new brands in India.

According to IQVIA, in its report for the three months ended September 30, 2026, our secondary sales in India grew by 21.0% during such period, as compared to the India pharmaceutical market’s growth of 14.7%.

Emerging Markets: Our Global Generics segment’s revenues from “Emerging Markets” (which is comprised of Russia, other countries of the former Soviet Union, Romania, and certain other countries from our “Rest of the World” markets, including Brazil, South Africa, Colombia, Vietnam and China) for the three months ended September 30, 2026 were Rs. 20,595 million, an increase of 24% as compared to Rs.16,548 million for the three months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, this increase was primarily attributable to additional revenues from new products launched between October 1, 2025 and September 30, 2026. During the three months ended September 30, 2026, we launched 27 new products across geographies in Emerging Markets.

Russia: Our Global Generics segment’s revenues from Russia for the three months ended September 30, 2026 were Rs.10,084 million, an increase of 15% as compared to Rs.8,747 million for the three months ended September 30, 2025. In Russian rouble absolute currency terms (i.e., Russian roubles without taking into account the effect of currency exchange rates), such revenues increased by 3%. The increase in revenues was primarily on account of a net increase in sales prices of certain of our existing products and additional revenues from acquisitions between October 1, 2025 and September 30, 2026, partially offset by a net decrease in sales prices of certain of our existing products. Our over-the-counter (“OTC”) division’s revenues from Russia for the three months ended September 30, 2026 were 53% of our total revenues from Russia.

According to IQVIA, as per its report for the three months ended August 31, 2026, our sales value (in Russian roubles) growth and volume growth from Russia, as compared to the Russian pharmaceutical market sales value (in Russian roubles) growth and volume growth was as follows:

	Three Months Ended August 31, 2026
	Dr. Reddy's Laboratories Ltd.		Russian pharmaceutical market
	Sales value		Volume		Sales value		Volume
Prescription (Rx)	20.0	%	1.8	%	27.5	%	8.0	%
Over-the-counter (OTC)	18.5	%	6.3	%	13.5	%	0.3	%
Total (Rx + OTC)	19.3	%	4.4	%	21.3	%	2.8	%

Other countries of the former Soviet Union and Romania: Our Global Generics segment’s revenues from other countries of the former Soviet Union and Romania were Rs.2,640 million for the three months ended September 30, 2026, an increase of 13% as compared to Rs.2,342 million for the three months ended September 30, 2025. This increase was largely attributable to favorable currency exchange rate fluctuations.

“Rest of the World” Markets: We refer to all markets of this segment other than North America (the United States and Canada), Europe, Russia, and other countries of the former Soviet Union, Romania, and India as our “Rest of the World” markets. Our Global Generics segment’s revenues from our “Rest of the World” markets were Rs.7,871 million for the three months ended September 30, 2026, an increase of 44% as compared to Rs.5,460 million for the three months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, the increase was largely attributable to additional revenues from new products launched between October 1, 2025 and September 30, 2026.

Pharmaceutical Services and Active Ingredients (“PSAI”)

Our PSAI segment’s revenues for the three months ended September 30, 2026 were Rs.8,310 million, a decrease of 12% as compared to Rs.9,450 million for the three months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, the revenues for the three months ended September 30, 2026 declined primarily on account of a net decrease in sales volumes of certain of our existing products.

During the three months ended September 30, 2026, two new U.S. Drug Master Files (“DMFs”) were filed.

Gross Profit

Our total gross profit was Rs.45,204 million for the three months ended September 30, 2026, representing 52.1% of our revenues for that period, as compared to Rs.48,140 million for the three months ended September 30, 2025, representing 54.7% of our revenues for that period.

The following table sets forth, for the period indicated, our gross profits by segment:

	For the three months ended September 30,
	2026			2025
	(Rs. in millions)
	Gross Profit		% of Segment Revenue			Gross Profit		% of Segment Revenue
Global Generics	Rs.	43,833		56.2	%		Rs.	46,428	59.1	%
PSAI		980		11.8	%			1,700	18.0	%
Others		391		83.0	%			12	11.6	%
Total	Rs.	45,204		52.1	%		Rs.	48,140	54.7	%

The gross profit margin from our Global Generics segment decreased to 56.2% of this segment’s revenues for the three months ended September 30, 2026, from 59.1% for the three months ended September 30, 2025. This decrease was primarily on account of price erosion in certain existing products and unfavorable changes in our product mix (i.e., a decrease in the proportion of profits from products with higher profit margins and an increase in the proportion from products with lower profit margins during the three months ended September 30, 2026).

The gross profit margin from our PSAI segment decreased to 11.8% of this segment’s revenues for the three months ended September 30, 2026, from 18.0% for the three months ended September 30, 2025. This decrease was primarily on account of higher manufacturing overheads.

Selling, general and administrative expenses

Our selling, general and administrative expenses were Rs.28,075 million for the three months ended September 30, 2026, an increase of 6% as compared to Rs.26,436 million for the three months ended September 30, 2025. This increase was largely attributable to the following:

 a 4% increase due to higher personnel costs, primarily on account of annual raises and new hires;

 a 4% increase due to higher freight outwards expenses, primarily on account of an impact arising from geo-political disruptions;

the foregoing was partially offset by

 a 2% decrease due to lower spending on sales and marketing, legal and professional and other costs.

As a proportion of our total revenues, our selling, general and administrative expenses increased to 32.4% for the three months ended September 30, 2026 from 30.0% for the three months ended September 30, 2025.

Research and development expenses

Our research and development expenses were Rs.5,235 million for the three months ended September 30, 2026, a decrease of 16% as compared to Rs.6,202 million for the three months ended September 30, 2025. This decrease was primarily on account of lower developmental expenditures on certain projects for our generics businesses.

As a proportion of our total revenues, our research and development expenses decreased to 6.0% for the three months ended September 30, 2026, as compared to 7.0% for the three months ended September 30, 2025.

Impairment of non-current assets

Our impairment of non-current assets was a charge of Rs.123 million for the three months ended September 30, 2026, as compared to Rs.662 million for the three months ended September 30, 2025.

Other income, net

Our net other income was Rs.912 million for the three months ended September 30, 2026, as compared to Rs.2,673 million for the three months ended September 30, 2025.

Finance income, net

Our net finance expense was Rs.329 million for the three months ended September 30, 2026, as compared to net finance income of Rs.774 million for the three months ended September 30, 2025. This decrease in net finance income was due to the following:

 a decrease in fair value changes and profit on sale of units of mutual funds and other investments to Rs.128 million for the three months ended September 30, 2026, as compared to Rs.547 million for the three months ended September 30, 2025;

 net foreign exchange loss of Rs.170 million for the three months ended September 30, 2026, as compared to net foreign exchange gain of Rs.222 million for the three months ended September 30, 2025; and

 net interest expense of Rs.287 million for the three months ended September 30, 2026, as compared to net interest income of Rs.5 million for the three months ended September 30, 2025.

Profit before tax

As a result of the above, our profit before tax was Rs.12,277 million for the three months ended September 30, 2026, as compared to Rs.18,350 million for the three months ended September 30, 2025.

Tax expense

Our consolidated effective tax rate was 25.60% for the three months ended September 30, 2026, as compared to 22.2% for the three months ended September 30, 2025. (Refer to Note 18 of the interim financial statements in this report for further details).

Our tax expense was Rs.3,143 million for the three months ended September 30, 2026, as compared to Rs.4,082 million for the three months ended September 30, 2025.

Profit for the period

As a result of the above, our profit for the three months ended September 30, 2026 was Rs.9,134 million, representing 10.5% of our total revenues for such period, as compared to Rs.14,268 million for the three months ended September 30, 2025, representing 16.2% of our total revenues for such period.

Profit after tax attributable to the equity holders of the parent company was Rs.9,250 million for the three months ended September 30, 2026, representing 10.7% of our total revenues for such period, as compared to Rs.14,372 million for the three months ended September 30, 2025, representing 16.3% of our total revenues for such period.

Section B:

Six months ended September 30, 2026, compared to the six months ended September 30, 2025

	For the six months ended September 30,
	2026			2025
	Rs. in		% of			Rs. in		% of		Increase/
	millions		Revenues			millions		Revenues		(Decrease)
Revenues	Rs.	167,413		100.0	%		Rs.	173,503	100.0	%	(4)	%
Gross profit		82,744		49.4	%			96,767	55.8	%	(14)	%
Selling, general and administrative expenses		56,895		34.0	%			52,083	30.0	%	9	%
Research and development expenses		11,001		6.6	%			12,446	7.2	%	(12)	%
Impairment of non-current assets		138		0.1	%			662	0.4	%	(79)	%
Other income, net		(1,757)		(1.0)	%			(3,412)	(2.0)	%	(49)	%
Results from operating activities		16,467		9.8	%			34,988	20.2	%	(53)	%
Finance income, net		1,405		0.8	%			2,344	1.4	%	(40)	%
Share of profit of equity accounted investees, net of tax		(69)		(0.0)	%			65	0.0	%	(206)	%
Profit before tax		17,803		10.6	%			37,397	21.6	%	(52)	%
Tax expense, net		4,321		2.6	%			9,033	5.2	%	(52)	%
Profit for the period	Rs.	13,482		8.1	%		Rs.	28,364	16.3	%	(52)	%

Attributable to:
Equity holders of the parent company		13,685		8.2	%			28,549	16.5	%	(52)	%
Non-controlling interests		(203)		(0.1)	%			(185)	(0.1)	%	10	%

Revenues

Our overall consolidated revenues were Rs.167,413 million for the six months ended September 30, 2026, a decrease of 4% as compared to Rs.173,503 million for the six months ended September 30, 2025.

The following table sets forth, for the periods indicated, our consolidated revenues by segment:

	For the six months ended September 30,
	2026			2025
	Rs. in millions		Revenues % of Total			Rs. in millions		Revenues % of Total		Increase/ (Decrease)
Global Generics	Rs.	149,920		89.6	%		Rs.	154,118	89.0	%	(3)	%
Pharmaceutical Services and Active Ingredients (“PSAI”)		16,829		10.1	%			17,631	10.0	%	(5)	%
Others		664		0.3	%			1,754	1.0	%	(62)	%
Total	Rs.	167,413		100.0	%		Rs.	173,503	100.0	%	(4)	%

Segment Analysis

Global Generics

Revenues from our Global Generics segment were Rs.149,920 million for the six months ended September 30, 2026, a decrease of 3% as compared to Rs.154,118 million for the six months ended September 30, 2025. The decrease was primarily on account of a decline in revenues from North America (the United States and Canada), which was partially offset by an increase in three of four business geographies of this segment: “Emerging Markets” (which is comprised of Russia, other countries of the former Soviet Union, Romania and certain other countries from our “Rest of the World” markets, including Brazil, South Africa, Colombia, Vietnam and China), India and Europe (which also includes the global portfolio outside of the United States of consumer brands in the Nicotine Replacement Therapy category acquired from Haleon UK (the “NRT business”).

Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, the foregoing decrease in revenues of this segment was attributable to the following factors:

 a decrease of approximately 14% resulting from the net impact of changes in sales prices of certain of our existing products in this segment; and

 a decrease of approximately 7% resulting from the net impact of changes in sales volumes of certain of our existing products;

the foregoing was partially offset by

 an increase of approximately 9% resulting from additional revenues from new products launched between July 1, 2025 and September 30, 2026; and

 an increase of approximately 1% resulting from acquisitions between October 1, 2025 and September 30, 2026.

North America (the United States and Canada): Our Global Generics segment’s revenues from North America (the United States and Canada) were Rs.46,938 million for the six months ended September 30, 2026, a decrease of 29% as compared to Rs.66,531 million for the six months ended September 30, 2025. In U.S. dollar absolute currency terms (i.e., U.S. dollars without taking into account the effect of currency exchange rates), such revenues decreased by 35% in the six months ended September 30, 2026 as compared to the six months ended September 30, 2025. This decrease in revenues was largely attributable to a decrease in sales prices and volumes of certain of our existing products, partially offset by additional revenues from new products launched between July 1, 2025 and September 30, 2026.

During the six months ended September 30, 2026, we launched 12 new products in North America (the United States and Canada), of which nine were launched in the United States.

Europe: Our Global Generics segment’s revenues from Europe were Rs.28,375 million for the six months ended September 30, 2026, an increase of 7% as compared to Rs.26,505 million for the six months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against the currencies in the markets in which we operate, the revenues from Europe for the six months ended September 30, 2026 decreased as compared to the revenues for the six months ended September 30, 2025. This decrease was largely attributable to the decrease in the sales prices of certain of our existing products.

During the six months ended September 30, 2026, we launched 30 new generic products in Europe.

India: Our Global Generics segment’s revenues from India were Rs.35,684 million for the six months ended September 30, 2026, an increase of 17% as compared to Rs.30,491 million for the six months ended September 30, 2025. This increase was largely attributable to increases in sales prices and volumes of certain of our existing products and additional revenues from new products launched and acquisitions between July 1, 2025 and September 30, 2026. During the six months ended September 30, 2026, we launched 11 new brands in India.

According to IQVIA in its Moving Annual Total report for the twelve months ended September 30, 2026, our secondary sales in India grew by 19.4% during such period, as compared to the India pharmaceutical market’s growth of 13.2%.

Emerging Markets: Our Global Generics segment’s revenues from “Emerging Markets” (which is comprised of Russia, other countries of the former Soviet Union, Romania and certain other countries which we refer to as our “Rest of the World” markets, including Brazil, South Africa, Colombia, Vietnam and China) for the six months ended September 30, 2026 were Rs.38,923 million, an increase of 27% as compared to Rs.30,590 million for the six months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, this increase was primarily attributable to additional revenues from new products launched between July 1, 2025 and September 30, 2026.

Russia: Our Global Generics segment’s revenues from Russia for the six months ended September 30, 2026 were Rs.19,117 million, an increase of 21% as compared to Rs.15,828 million for the six months ended September 30, 2025. In Russian rouble absolute currency terms (i.e., Russian roubles without taking into account the effect of currency exchange rates), such revenues increased by 2%. The increase in revenues was primarily on account of a net increase in sales prices of certain of our existing products. Our OTC division’s revenues from Russia for the six months ended September 30, 2026 were 47% of our total revenues from Russia.

According to IQVIA, as per its report for the five months ended August 31, 2026, our sales value growth (in Russian roubles) and volume growth from Russia, as compared to the Russian pharmaceutical market, was as follows:

	For the five months ended August 31, 2026
	Dr. Reddy's Laboratories Ltd.		Russian pharmaceutical market
	Sales value		Volume		Sales value		Volume
Prescription (Rx)	14.7	%	(1.8)	%	24.7	%	6.8	%
Over-the-counter (OTC)	11.1	%	1.2	%	12.3	%	0.5	%
Total (Rx + OTC)	12.9	%	(0.0)	%	19.2	%	2.5	%

Other Countries of former Soviet Union and Romania: Our Global Generics segment’s revenues from other countries of the former Soviet Union and Romania were Rs.4,830 million for the six months ended September 30, 2026, an increase of 12% as compared to Rs.4,294 million for the six months ended September 30, 2025. This increase was largely attributable to favorable currency exchange rate fluctuations.

“Rest of the World” Markets: We refer to all markets of this segment other than North America (the United States and Canada), Europe, Russia, and other countries of the former Soviet Union, Romania, and India, as our “Rest of the World” markets. Our Global Generics segment’s revenues from our “Rest of the World” markets were Rs.14,975 million for the six months ended September 30, 2026, an increase of 43% as compared to Rs.10,467 million for the six months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, the increase was largely attributable to additional revenues from new products launched between July 1, 2025 and September 30, 2026.

Pharmaceutical Services and Active Ingredients (“PSAI”)

Our PSAI segment’s revenues for the six months ended September 30, 2026 were Rs.16,829 million, a decrease of 5% as compared to Rs.17,631 million for the six months ended September 30, 2025. Excluding the impact of exchange rate fluctuations of the Indian rupee against multiple currencies in the markets in which we operate, this decrease was largely attributable to the net decreases in sales volumes of certain of our existing products.

Gross Profit

Our total gross profit was Rs.82,744 million for the six months ended September 30, 2026, representing 49.4% of our revenues for that period, as compared to Rs.96,767 million for the six months ended September 30, 2025, representing 55.8% of our revenues for that period.

The following table sets forth, for the period indicated, our gross profits by segment:

	For the six months ended September 30,
	2026			2025
	(Rs. in millions)
	Gross Profit		% of Segment Revenue			Gross Profit		% of Segment Revenue
Global Generics	Rs.	80,956		54.0	%		Rs.	92,514	60.0	%
PSAI		1,361		8.1	%			2,782	15.8	%
Others		427		64.3	%			1,471	83.8	%
Total	Rs.	82,744		49.4	%		Rs.	96,767	55.8	%

The gross profit margin from our Global Generics segment decreased to 54.0% of this segment’s revenues for the six months ended September 30, 2026, from 60.0% of this segment’s revenues for the six months ended September 30, 2025. This decrease was mainly on account of price erosion in certain existing products and unfavorable changes in our product mix (i.e., a decrease in the proportion of profits from products with higher profit margins and an increase in the proportion from products with lower profit margins). The margin for the six months ended September 30, 2026 was further impacted by a provision towards inventory and other associated costs related to semaglutide (as described in Note 7 of these interim financial statements).

The gross profit margin from our PSAI segment decreased to 8.1% of this segment’s revenues for the six months ended September 30, 2026, from 15.8% for the six months ended September 30, 2025. This decrease was primarily on account of higher manufacturing overheads. The margin for the six months ended September 30, 2026 was impacted by a provision towards inventory and other associated costs related to semaglutide (as described in Note 7 of these interim financial statements).

Selling, general and administrative expenses

Our selling, general and administrative expenses were Rs.56,895 million for the six months ended September 30, 2026, an increase of 9% as compared to Rs.52,083 million for the six months ended September 30, 2025. This increase was largely attributable to the following:

 a 5% increase due to higher personnel costs, primarily on account of annual raises;

 a 3% increase due to higher freight outwards expenses; and

 a 1% increase due to higher other cost, including depreciation and amortization expenses.

As a proportion of our total revenues, our selling, general and administrative expenses were 34.0% for the six months ended September 30, 2026, as compared to 30.0% for the six months ended September 30, 2025.

Research and development expenses

Our research and development expenses were Rs.11,001 million for the six months ended September 30, 2026, a decrease of 12% as compared to Rs.12,446 million for the six months ended September 30, 2025. This decrease was primarily on account of lower developmental expenditure on certain projects for our generic business.

Impairment of non-current assets

Our impairment of non-current assets charge was Rs.138 million for the six months ended September 30, 2026, as compared to Rs.662 million for the six months ended September 30, 2025. (Refer to Note 9 and Note 11 of the interim financial statements in this report for further details).

Other income, net

Our net other income was Rs.1,757 million for the six months ended September 30, 2026, as compared to Rs.3,412 million for the six months ended September 30, 2025. (Refer to Note 16 of the interim financial statements in this report for further details).

Finance income, net

Our net finance income was Rs.1,405 million for the six months ended September 30, 2026, as compared to Rs.2,344 million for the six months ended September 30, 2025. This decrease in net finance income was due to the following:

 net interest expense of Rs.543 million for the six months ended September 30, 2026, as compared to net interest income Rs.303 million for the six months ended September 30, 2025;

 a decrease in fair value changes and profit on sale of units of mutual funds and other investments to Rs.1,209 million for the six months ended September 30, 2026, as compared to Rs.1,277 million for the six months ended September 30, 2025; and

 a decrease in net foreign exchange gains of Rs.739 million for the six months ended September 30, 2026, as compared to Rs.764 million for the six months ended September 30, 2025

Profit before tax

As a result of the above, our profit before tax was Rs.17,803 million for the six months ended September 30, 2026, as compared to Rs.37,397 million for the six months ended September 30, 2025.

Tax expense

Our effective tax rate was 24.3% for the six months ended September 30, 2026, as compared to 24.2% for the six months ended September 30, 2025. (Refer to Note 18 of the interim financial statements in this report for further details).

Our tax expense was Rs.4,321 million for the six months ended September 30, 2026, as compared to Rs.9,033 million for the six months ended September 30, 2025.

Profit for the period

As a result of the above, our profit for the six months ended September 30, 2026 was Rs.13,482 million, representing 8.1% of our total revenues for such period, as compared to Rs.28,364 million for the six months ended September 30, 2025, representing 16.3% of our total revenues for such period.

Profit after tax attributable to the equity holders of the parent company was Rs.13,685 million for the six months ended September 30, 2026, representing 8.2% of our total revenues for such period, as compared to Rs.28,549 million for the six months ended September 30, 2025, representing 16.5% of our total revenues for such period.

We have primarily financed our operations through cash flows generated from operations and a mix of long-term and short-term borrowings. Our principal liquidity and capital needs are for the purchase of property, plant and equipment, regular business operations and research and development. Our principal sources of short-term liquidity are internally generated funds and short-term borrowings, which we believe are sufficient to meet our working capital requirements, in both the short term (i.e., the 12 months following the period ended September 30, 2026) and the long term (i.e., beyond such 12-month period).

As of September 30, 2026, we had working capital of Rs.143,084 million, including cash and cash equivalents of Rs.13,294 million, investments in term deposits with banks, bonds and commercial papers of Rs.34,551 million and investments in units of mutual funds of Rs.28,397 million. As of March 31, 2026, we had working capital of Rs.134,409 million, including cash and cash equivalents of Rs.15,368 million, investments in term deposits with banks, bonds and commercial papers of Rs.36,534 million and investments in units of mutual funds of Rs.35,912 million.

Principal Debt Obligations

As of September 30, 2026, the principal debt obligations in the form of short-term borrowings comprised of pre-shipment credit of Rs.42,600 million, working capital borrowings of Rs.15,556 million and bank overdraft of Rs.104 million.

The interest rate profile for short-term borrowings is given below:

September 30, 2026
Currency(1)		Interest Rate(2)
MXN		TIIE + 1.48%
BRL		CDI+1.48%
U.S.$		SOFR+170 bps
INR		T-bill + 35 bps to 175 bps
		REPO + 125 bps

(1) “BRL” means Brazilian reals, “INR” means Indian rupees, “MXN” means Mexican pesos, “U.S.$” means U.S. dollars.

(2) “CDI” means the Brazilian interbank deposit rate (Certificado de Depósito Interbancário), “T-bill” means the India Treasury bill interest rate, “SOFR” means Secured Overnight Financing Rate, “TIIE” means the Equilibrium Inter-banking Interest Rate (Tasa de Interés Interbancaria de Equilibrio) and “REPO” means the “Repurchasing option” rate published by the Reserve Bank of India.

Summary of statements of cash flows

The following table summarizes our statements of cash flows for the periods presented:

	For the six months ended September 30,
	2026		2025
	(Rs. in millions)
Net cash from/(used in):
Operating activities.	Rs.	4,357		Rs.	30,202
Investing activities		8,115			(28,735)
Financing activities		(14,686)			(6,526)
Net decrease in cash and cash equivalents	Rs.	(2,214)		Rs.	(5,059)

In addition to cash, inventory and accounts receivable, our uncommitted lines of credit included Rs.56,122 million available in credit under revolving credit facilities with banks as of September 30, 2026.

Cash Flows from Operating Activities

The net result of our operating activities was a net cash inflow of Rs.4,357 million for the six months ended September 30, 2026, as compared to a net cash inflow of Rs.30,202 million for the six months ended September 30, 2025. Accordingly, our net cash inflow decreased by Rs.25,845 million during the six months ended September 30, 2026, as compared to the six months ended September 30, 2025, primarily due to a decrease in our profit after tax and an increase in our working capital requirements as described below.

The increase in our working capital requirements was due to an increase in other assets and other liabilities, net by Rs.13,741 million for the six months ended September 30, 2026, as compared to an increase in other assets and other liabilities, net of Rs.3,718 million for the six months ended September 30, 2025. Such difference in the increase was primarily on account of a payment towards a shelf stock adjustment claim, other liabilities linked to volume-based arrangements, the payment of amounts due to government authorities and an increase in balances with statutory authorities.

For the six months ended September 30, 2026, and 2025, our profit after tax was Rs.13,482 million and Rs.28,364 million, respectively.

Further, our average days’ sales outstanding (“DSO”) as of September 30, 2026 and September 30, 2025 were 104 days and 100 days, respectively.

Cash Flows used in Investing Activities

Our investing activities resulted in net cash inflow of Rs.8,115 million for the six months ended September 30, 2026, as compared to a net cash outflow of Rs.28,735 million for the six months ended September 30, 2025. This change of Rs.36,850 million was primarily on account of the following:

 proceeds from sale of other investments, net of purchases, of Rs.11,134 million for the six months ended September 30, 2026, as compared to net purchase of other investments of Rs.9,542 million for the six months ended September 30, 2025; and

 the acquisition of property, plant and equipment, and other intangible assets, net of dispositions, of Rs.4,810 million for the six months ended September 30, 2026, as compared to Rs. 19,901 million for the six months ended September 30, 2025.

Cash Flows used in Financing Activities

Our financing activities resulted in net cash outflows of Rs.14,686 million and Rs.6,526 million for the six months ended September 30, 2026, and 2025, respectively. This change was primarily on account of the following:

 repayment of long-term borrowings of Rs.3,799 million for the six months ended September 30, 2026, as compared to Rs.0 for the six months ended September 30, 2025; and

 net repayment of short-term borrowings of Rs.1,043 million for the six months ended September 30, 2026, as compared to net proceeds of Rs.2,675 million for the six months ended September 30, 2025.

Exhibit Number		Description of Exhibits
99.1		Review report of Independent Registered Public Accounting Firm

September 30, 2026

March 31, 2026

Kunshan Rotam Reddy Pharmaceuticals Company Limited

Kunshan Rotam Reddy Medicine Company Limited

Key management personnel and close members of their families

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: October 23, 2026	By:	/s/ Kumar Randhir Singh
		Name:	Kumar Randhir Singh
		Title:	Company Secretary

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