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HYDERABAD, India

Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter ended Sep 30, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

Revenues		Rs. 68,802 Mn [Up: 9% YoY; Up: 2% QoQ]
Gross Margin		58.7% [Q2 FY23: 59.1%; Q1 FY24: 58.7%]
SG&A Expenses		Rs. 18,795 Mn [Up: 13% YoY; 6% QoQ]
R&D Expenses		Rs. 5,447 Mn [7.9% of Revenues]
EBITDA		Rs. 21,813 Mn [31.7% of Revenues]
Profit before Tax		Rs. 19,134 Mn [Up: 19% YoY; Up: 4% QoQ]
Profit after Tax		Rs. 14,800 Mn [Up: 33% YoY; Up: 6% QoQ]

Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered another quarter of strong results with highest ever sales and profits, driven by market share gains & momentum in our US generics business and robust growth in Europe. We are continuing to strengthen our pipeline both organically and through business development to drive growth and create differentiation.”

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08

Dr. Reddy’s Laboratories Limited and Subsidiaries
Consolidated Income Statement
Particulars	Q2 FY24		Q2 FY23		YoY Gr %	Q1 FY24		QoQ Gr%
	($)	(Rs.)	($)	(Rs.)		($)	(Rs.)
Revenues	828	68,802	759	63,057	9	811	67,384	2
Cost of Revenues	342	28,434	311	25,810	10	335	27,831	2
Gross Profit	486	40,368	448	37,247	8	476	39,553	2
Operating Expenses
Selling, General & Administrative expenses	226	18,795	199	16,560	13	213	17,702	6.2
Research and Development expenses	66	5,447	59	4,869	12	60	4,984	9
Impairment of non-current assets	1	55	0	25	120	0	11	400
Other operating (income)/expense	(22)	(1796)	(4)	(334)	438	(9)	(780)	130
Results from operating activities	215	17,867	194	16,127	11	212	17,636	1
Net finance (income)/expense	(15)	(1225)	2	156	(885)	(9)	(784)	56
Share of profit of equity accounted investees	(1)	(42)	(2)	(140)	(70)	(1)	(43)	(2)
Profit before income tax	230	19,134	194	16,111	19	222	18,463	4
Income tax expense	52	4,334	60	4983	(13)	53	4,438	(2)
Profit for the period	178	14,800	134	11,128	33	169	14,025	6
Diluted Earnings Per Share (EPS)	1.07	88.78	0.81	66.89	33	1.01	84.22	5

As % to revenues		Q2 FY24		Q2 FY23			Q1 FY24
Gross Profit		58.7		59.1			58.7
SG&A		27.3		26.3			26.3
R&D		7.9		7.7			7.4
EBITDA		31.7		30.6			31.7
PBT		27.8		25.5			27.4
PAT		21.5		17.6			20.8

EBITDA Computation
Particulars	Q2 FY24			Q2 FY23			Q1 FY24
	($)	(Rs.)		($)	(Rs.)		($)	(Rs.)
Profit before Income Tax	230	19,134		194	16,111		222	18,463
Interest (income) / expense – Net*	(14)	(1,166)		1	61		(8)	(685)
Depreciation	29	2,437		25	2,107		27	2,281
Amortization	16	1,353		12	1,018		16	1,302
Impairment	0	55		0	25		0	11
EBITDA	262	21,813		233	19,322		257	21,372
* Includes income from Investments

All amounts in millions, except EPS

All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.08

Key Balance Sheet Items
Particulars	As on 30th Sep 2023		As on 30th Jun 2023		As on 30th Sep 2022
	($)	(Rs.)	($)	(Rs.)	($)	(Rs.)
Cash and cash equivalents and other investments	840	69,784	736	61,162	353	29,306
Trade receivables	839	69,722	928	77,095	927	76,987
Inventories	681	56,592	631	52,398	590	49,042
Property, plant, and equipment	848	70,478	809	67,207	768	63,817
Goodwill and Other Intangible assets	497	41,278	509	42,306	434	36,084
Loans and borrowings (current & non-current)	159	13,230	151	12,520	208	17,289
Trade payables	367	30,485	333	27,682	274	22,778
Equity	3,046	2,53,086	2,952	2,45,259	2,482	2,06,225

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Revenue Mix by Segment
Segment	Q2 FY24	Q2 FY23	YoY Gr %	Q1 FY24	QoQ Gr %