6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

July 2018

Commission File Number 1-15182

DR. REDDY’S LABORATORIES LIMITED

(Translation of registrant’s name into English)

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

Hyderabad, Telangana 500 034, India

+91-40-49002900

(Address of principal executive office)

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

Form 20-F x               Form 40-F ¨

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

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

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

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

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

Yes ¨               No x

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

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information about our public disclosures regarding our results of operations and financial condition for the quarter ended June 30, 2018.

On July 26, 2018, we announced our results of operations for the quarter ended June 30, 2018. We issued a press release announcing our results under International Financial Reporting Standards (“IFRS”), IFRS Unaudited Consolidated Financial Results with review report, Ind AS Unaudited Consolidated Financial Results with review report and Ind AS Unaudited Standalone Financial Results with review report for the quarter ended June 30, 2018, a copy of which is attached to this Form 6-K as Exhibit 99.1 , 99.2 , 99.3 and 99.4 respectively. 

We have also made available to the public on our web site, www.drreddys.com, the following: IFRS Unaudited Consolidated Financial Results, Ind AS Unaudited Consolidated Financial Results and Ind AS Unaudited Standalone Financial Results for the quarter ended June 30, 2018.

Exhibits

Exhibit Number	Description of Exhibits
99.1	Press Release, “Dr. Reddy’s Q1 FY19 Financial Results”, July 26, 2018
99.2	IFRS Unaudited Consolidated Financial Results for the quarter ended June 30, 2018
99.3	Ind AS Unaudited Consolidated Financial Results for the quarter ended June 30, 2018
99.4	Ind AS Unaudited Standalone Financial Results for the quarter ended June 30, 2018

SIGNATURES

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

	DR. REDDY’S LABORATORIES LIMITED (Registrant)
Date: July 26, 2018	By:	/s/ Sandeep Poddar
		Name:	Sandeep Poddar
		Title:	Company Secretary

EX-99.1

Exhibit 99.1

DR. REDDY'S LABORATORIES LTD.	CONTACT
8-2-337, Road No. 3, Banjara Hills,	Investor relationS	Media relationS
Hyderabad - 500034. Telangana, India.	Saunak Savla	Calvin Printer
	saunaks@drreddys.com	calvinprinter@drreddys.com
	(Ph: +91-40-4900 2135)	(Ph: +91-40-4900 2121)

Dr. Reddy’s Q1 FY19 Financial Results

Hyderabad, India, July 26, 2018: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY) today announced its consolidated financial results for the quarter ended June 30, 2018 under International Financial Reporting Standards (IFRS).

Revenues	Rs. 3,721 Cr
	[YoY: 12% Up, QoQ: 5% Up]
Gross Margin	55.7%
	[Q1 FY18: 51.6%; Q4 FY18: 53.5%]
SG&A expenses	Rs. 1,211 Cr
	[YoY: 3% Up, QoQ: Flat]
R&D expenses	Rs. 416 Cr
	[11.2% of Revenues]
Profit before Tax	Rs. 501 Cr
	[13.5% of Revenues]
Profit after Tax	Rs. 456 Cr
	[12.3% of Revenues]

Commenting on the results, Co-chairman and CEO, GV Prasad said “I am pleased with our first quarter results, aided by the launch of gSuboxone. Our focus on operational efficiencies has helped in significantly improving our margin profile. Looking ahead, while we may continue to experience price erosion in the North America Generics market, we will also continue to drive growth and cost efficiencies, at the same time, enhancing our quality management systems and building healthy portfolios across the markets we serve”.

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs.68.46

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

	Q1 FY19						Q1 FY18						YoY			Q4 FY18						QoQ
Particulars	($)			(Rs.)			($)			(Rs.)			Gr %			($)			(Rs.)			Gr%
Revenues		543			37,207			484			33,159			12			516			35,349			5
Cost of Revenues		241			16,479			235			16,062			3			240			16,454			0
Gross Profit		303			20,728			250			17,097			21			276			18,895			10
Operating Expenses
Selling, General & Administrative expenses		177			12,106			172			11,763			3			176			12,067			0.3
Research and Development expenses		61			4,157			74			5,075			(18	)		63			4,348			(4	)
Other operating (income) / expense		(4	)		(303	)		(3	)		(194	)		56			(2	)		(167	)		80
Results from operating activities		70			4,768			7			453			952			39			2,647			80
Net finance (income) / expense		(2	)		(156	)		(3	)		(221	)		(30	)		(15	)		(1,032	)		(85	)
Share of (profit) / loss of equity accounted investees		(1	)		(83	)		(1	)		(98	)		(15	)		(1	)		(69	)		20
Profit before income tax		73			5,007			11			772			548			55			3,748			34
Income tax expense		7			446			3			181			146			11			726			(39	)
Profit for the period		67			4,561			9			591			672			44			3,022			51
Diluted Earnings Per Share (EPS)		0.40			27.45			0.05			3.56			672			0.27			18.18			51

As % to Revenues	Q1 FY19		Q1 FY18		Q4 FY18
Gross Profit		55.7		51.6		53.5
SG&A		32.5		35.5		34.1
R&D		11.2		15.3		12.3
PBT		13.5		2.3		10.6
PAT		12.3		1.8		8.5

EBITDA Computation

	Q1 FY19						Q1 FY18						Q4 FY18
Particulars	($)			(Rs.)			($)			(Rs.)			($)			(Rs.)
Profit before Income Tax		73			5,007			11			772			55			3,748
Interest (income) net*		(1	)		(46	)		(3	)		(211	)		(15	)		(1,001	)
Depreciation#		32			2,214			29			2,008			31			2,109
Amortization#		13			896			12			791			13			921
EBITDA		118			8,071			49			3,360			84			5,777

* Includes income from Investments       # includes impairment charge

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of I USD = Rs.68.46

Key Balance Sheet Items

	As on 30th June, 2018				As on 31st March 2018				As on 30th June 2017
Particulars	($)		(Rs.)		($)		(Rs.)		($)		(Rs.)
Cash and cash equivalents and other investments		249		17,047		344		23,517		213		14,572
Trade receivables (current & non-current)		703		48,095		596		40,786		601		41,140
Inventories		460		31,498		425		29,089		410		28,095
Property, plant and equipment		833		57,020		845		57,869		842		57,611
Goodwill and Other Intangible assets		720		49,289		710		48,610		709		48,564
Loans and borrowings (current & non-current)		793		54,273		741		50,714		737		50,462
Trade payables		216		14,816		234		16,052		193		13,225
Equity		1,905		1,30,430		1,847		1,26,460		1,803		1,23,423

Revenue Mix by Segment

	Q1 FY19		Q1 FY18		YoY			Q4 FY18		QoQ
Particulars	(Rs.)		(Rs.)		Growth %			(Rs.)		Growth %
Global Generics		30,636		27,455		12			27,836		10
North America		15,903		14,946		6			14,487		10
Europe		2,016		2,075		(3	)		1,711		18
India		6,074		4,687		30			6,138		(1	)
Emerging Markets		6,643		5,747		16			5,500		21
Pharmaceutical Services and Active Ingredients (PSAI)		5,409		4,651		16			6,251		(13	)
Proprietary Products & Others		1,162		1,053		10			1,262		(8	)
Total		37,207		33,159		12			35,349		5

Segmental Analysis

Global Generics (GG)

Revenues from GG segment at Rs.30.6 billion. Year-on-year growth of 12%, primarily driven by contributions from Emerging Markets, India and launch of gSuboxone in the US. Sequential growth is 10%.

· Revenues from North America at Rs.15.9 billion. Year-on-year growth is 6%. Sequential growth of 10%, driven by contribution from new products, primarily gSuboxone, and partly offset by competitive pressures on some of the key molecules.

As of 30^th June 2018, cumulatively 112 generic filings are pending for approval with the USFDA (109 ANDAs and 3 NDAs under 505(b)(2) route). Of these 109 ANDAs, 61 are Para IVs out of which we believe 30 have ‘First to File’ status.

· Revenues from Emerging Markets at Rs.6.6 billion. Year-on-year growth is 16%. Sequential growth is 21%.

- Revenues from Russia at Rs.3.8 billion. Year-on-year growth of 9%. Constant currency growth is 14%. Growth primarily driven by new launches and volume traction in some of the key molecules.

- Revenues from other CIS countries and Romania market at Rs.1.2 billion. Year-on-year growth of 37%, primarily driven by new launches across markets.

- Revenues from Rest of World (RoW) territories at Rs.1.7 billion. Year-on-year growth of 17%, primarily driven by new markets and volume traction in base business.

· Revenues from India at Rs.6.1 billion. Year-on-year growth of 30%. Q1FY18 was impacted due to GST transition.

· Revenues from Europe at Rs.2.0 billion. Year-on-year decline of 3%, primarily on account of higher price erosion in some of the key molecules.

Pharmaceutical Services and Active Ingredients (PSAI)

· Revenues from PSAI at Rs.5.4 billion. Year-on-year growth of 16%. Sequential decline is 13%

· During the quarter, we filed two DMFs with the USFDA.

Proprietary Products (PP)

· Revenues from PP at Rs.726 million. Year-on-year growth of 42%, majorly driven by volume traction coupled with better realizations in some of the key molecules. Sequential decline is 14%. Q4FY18 had a one-time out licensing income of Rs.160 million, received from Encore Dermatology Inc.

Income Statement Highlights:

· Gross profit margin at 55.7%.

- Improved by ~230 bps sequentially and ~410 bps over that of previous year

- Improvement primarily aided by contribution from new launches including gSuboxone, leverage benefit, better product mix coupled with favorable foreign exchange. This was partially offset by higher price erosions due to channel consolidation and increased competitive intensity in some of our key molecules in the US.

- Gross profit margin for GG and PSAI business segments are at 61.2% and 21.9% respectively.

· SG&A expenses at Rs.12.1 billion, marginal increase of 3% on a year-on-year basis and remained flat sequentially.

· R&D expenses at Rs.4.2 billion. As % to Revenues- Q1 FY19: 11.2% | Q4 FY 18: 12.3% | Q1 FY18: 15.3%. Decrease is primarily on account of quarterly variation in the milestone related payments and other spend activities. Focus continues on building complex generics, biosimilars and differentiated products pipeline.

· Net Finance income at Rs.156 million compared to Rs.221 million in Q1FY18.

· Profit after Tax at Rs.4.6 billion. The effective tax rate is 8.9% for the quarter. This is lower primarily on account of profit mix and favourable resolutions of certain tax related litigations pertaining to earlier years. The effective tax rate in Q1FY18 was 23.5%

· Diluted earnings per share is at Rs.27.45

· Capital expenditure is at Rs.2.3 billion.

Earnings Call Details (06:30 pm IST, 09:00 am EDT, July 26, 2018)

The Company will host an earnings call to discuss the performance and answer any questions from participants.

Audio conference Participants can dial-in on the numbers below

Primary number:	91 22 6280 1219
Secondary number:	91 22 7115 8120

The numbers listed above are universally accessible from all networks and all countries.

Local Access number (India): 91 70456 71221

International Toll Free Number	USA	18667462133
	UK	08081011573
	Singapore	8001012045
	Hong Kong	800964448

Playback of call:	91 22 7194 5757, 91 22 6663 5757
Conference ID:	375#

Transcript of the event will be available at www.drreddys.com. Playback will be available for a few days.

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. For more information, log on to: www.drreddys.com

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganisation , including related integration issues.

The company assumes no obligation to update any information contained herein.

EX-99.2

Exhibit 99.2

Ernst & Young Associates LLP Oval Office, 18, iLabs Centre Hitech City, Madhapur Hyderabad-500 081 India Tel : +91 40 6736 2000 Fax: +91 40 6736 2200 ey.com

Report on Review of Interim Financial Information

To

The Board of Directors

Dr. Reddy’s Laboratories Limited

Introduction

We have reviewed the accompanying condensed consolidated interim balance sheet of Dr. Reddy’s Laboratories Limited as of June 30, 2018 and the related condensed consolidated interim income statements, the statements of comprehensive income, changes in equity and cash flows for the three-month period then ended (“interim financial information”).

Management is responsible for the preparation and presentation of this interim financial information in accordance with IAS 34, ‘Interim Financial Reporting’. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.”

A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34, Interim Financial Reporting.

Other matters

The condensed consolidated interim financial statements of the Company as of June 30, 2017, and for the three-month period then ended, were reviewed by other auditors whose report dated July 27, 2017 stated that based on their review they were not aware of any material modifications that should be made to those statements for them to be in conformity with IAS 34, Interim Financial Reporting. The consolidated balance sheet of the Company as of March 31, 2018, the related consolidated statements of income, statements of comprehensive income, shareholders' equity and cash flows for the year then ended, and the related notes and schedules (not presented herein) were audited by other auditors whose report dated May 22, 2018 expressed an unqualified opinion on those statements prepared in accordance with International Financial Reporting Standards.

/s/ Ernst & Young Associates LLP

Ernst & Young Associates LLP

Hyderabad, India

July 26, 2018

Ernst & Young Associates LLP (a limited liability partnership) LLP - Identity No., AAB - 4321

Regd. Office : 6th Floor, Worldmark-1, Asset Area 11, Hospitality District, Indira Gandhi International Airport, New Delhi-110037, India.

Unaudited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter ended 30 June 2018 prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)

All amounts in Indian Rupees millions

		Quarter ended									Year ended
Sl. No.	Particulars	30.06.2018			31.03.2018			30.06.2017			31.03.2018
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenues		37,207			35,349			33,159			142,028
2	Cost of revenues		16,479			16,454			16,062			65,724
3	Gross profit (1 - 2)		20,728			18,895			17,097			76,304
4	Selling, general and administrative expenses		12,106			12,067			11,763			46,910
5	Research and development expenses		4,157			4,348			5,075			18,265
6	Other (income)/expense, net		(303	)		(167	)		(194	)		(788	)
	Total operating expenses		15,960			16,248			16,644			64,387
7	Operating profit [(3) - (4 + 5 + 6)]		4,768			2,647			453			11,917
	Finance income		351			1,209			436			2,897
	Finance expense		(195	)		(177	)		(215	)		(817	)
8	Finance (expense)/income, net		156			1,032			221			2,080
9	Share of profit of equity accounted investees, net of tax		83			69			98			344
10	Profit before tax (7 + 8 + 9)		5,007			3,748			772			14,341
11	Tax expense		446			726			181			4,535
12	Profit for the period / year		4,561			3,022			591			9,806
	Attributable to :
	- Equity holders of the Company		4,561			3,022			591			9,806
	- Non-controlling interest		-			-			-			-
13	Earnings per share:
	Basic earnings per share of Rs.5/- each		27.48			18.21			3.57			59.13
	Diluted earnings per share of Rs.5/- each		27.45			18.18			3.56			59.00
			(Not annualised)			(Not annualised)			(Not annualised)

Segment reporting (consolidated)

All amounts in Indian Rupees millions

		Quarter ended						Year ended
Sl. No.	Particulars	30.06.2018		31.03.2018		30.06.2017		31.03.2018
		(Unaudited)		(Audited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue:
	a) Pharmaceutical Services and Active Ingredients		6,895		7,699		5,890		27,484
	b) Global Generics		30,636		27,836		27,455		114,014
	c) Proprietary Products		726		848		512		4,245
	d) Others		436		414		541		1,777
	Total		38,693		36,797		34,398		147,520
	Less: Inter-segment revenues		1,486		1,448		1,239		5,492
	Net revenue from operations		37,207		35,349		33,159		142,028
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		1,185		1,510		533		4,446
	b) Global Generics		18,756		16,506		15,836		67,190
	c) Proprietary Products		594		726		418		3,799
	d) Others		193		153		310		869
	Total		20,728		18,895		17,097		76,304
	Less: Selling and other un-allocable expenditure, net of other income		15,721		15,147		16,325		61,963
	Total profit before tax		5,007		3,748		772		14,341

Global Generics segment includes operations of Biologics business. Inter-segment revenues represent sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.

Notes:

1 The unaudited results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 26 July 2018. The above financial results have been prepared from the consolidated financial statements, which are prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), as issued by the International Accounting Standards Board (IASB).

2 Post implementation of Goods and Services Tax (“GST”) in India with effect from 1 July 2017, revenues are disclosed net of GST. Revenues for the period prior to 1 July 2017 included excise duty which is now subsumed in the GST. Accordingly, revenues for the quarter ended 30 June 2018 is not comparable with those of the previous periods presented.

3 The Company received a warning letter, dated 5 November 2015 from the U.S. FDA, regarding deviations with current Good Manufacturing Practices at its API manufacturing facilities in Srikakulam, Andhra Pradesh and Miryalaguda, Telangana, as well as regarding violations at its oncology formulation manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh. The Company submitted its response to the warning letter on 7 December 2015. The Company has provided an update to the U.S. FDA on the progress of remediation in January 2016, March 2016, May 2016 and August 2016. The U.S. FDA completed the reinspection of the aforementioned facilities in March and April 2017. The Company has responded to the observations identified by the U.S. FDA. The Company received Establishment Inspection report ("EIR") from the U.S. FDA for API manufacturing facility at Miryalaguda in June 2017 which indicates that the audit is closed.With regard to the Oncology manufacturing facility at Duvvada and API manufacturing facility at Srikakulam, the Company received EIRs from the U.S. FDA in November 2017 and February 2018, respectively, which indicates that the status remains unchanged. In June 2018, the Company has requested U.S. FDA to schedule an inspection of the oncology formulation manufacturing facility at Duvvada.

4 IFRS 15, Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 1 April 2018, replaces existing revenue recognition requirements. Under the modified retrospective approach, there were no significant adjustments required to the retained earnings as at 1 April 2018. Also, the application of IFRS 15 did not have any significant impact on recognition and measurement of revenue and related items in the financial results of the Company.

5 Effective 1 April 2018, the Company adopted IFRS 9, Financial instruments,using modified retrospective approach. IFRS 9 significantly differs from IAS 39, Financial Instruments: Recognition and Measurement, and includes a logical model for classification and measurement, a single, forward looking “expected loss” impairment model and a substantially-reformed approach to hedge accounting. As a result of the aforesaid changes, the overall impact of adoption of the new accounting standard on the retained earnings as on 1 April 2018 is Rs. 12 million.

6 In the United States of America, The Tax Cuts and Jobs Act of 2017 was approved and enacted into law on 22 December 2017. The law includes significant changes to the U.S. corporate income tax system, including a reduction in Federal corporate tax rate from 35% to 21%.
Consequent to this enactment, the Company had re-measured its U.S. deferred tax assets and liabilities based on the new tax law and this resulted in a charge of Rs.374 million and Rs.1,304 million for the quarter and year ended 31 March 2018 respectively.

7 The results for the quarter and year ended 31 March 2018, and the quarter ended 30 June 2017 were audited / reviewed respectively, by other auditors. An unqualified report was issued by them thereon.

8 The results for the quarter ended 30 June 2018 were subjected to a "Limited Review". An unqualified report was issued thereon.

By order of the Board

For Dr. Reddy's Laboratories Limited

Place: Hyderabad	G V Prasad
Date:  26 July 2018	Co-Chairman and Chief Executive Officer

EX-99.3

Exhibit 99.3

S.r. Batliboi & Associates llp Chartered Accountants Oval Office, 18, iLabs Centre
Hitech City, Madhapur
Hyderabad - 500 081, India Tel : +91 40 6736 2000
Fax : +91 40 6736 2200

Limited Review Report – Consolidated Financial Results

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

We have reviewed the accompanying statement of unaudited consolidated Ind AS financial results of Dr. Reddy’s Laboratories Limited Group comprising Dr. Reddy’s Laboratories Limited (the ‘Company’) comprising its subsidiaries (together referred to as ‘the Group’), and its joint ventures, for the quarter ended June 30, 2018 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Regulation’), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 (‘the Circular’).

The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited consolidated Ind AS financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

/s/  S Balasubrahmanyam

per S Balasubrahmanyam

Partner

Membership No.: 053315

Place: Hyderabad

Date:  July 26, 2018

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

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2018

All amounts in Indian Rupees millions

		Quarter ended									Year ended
Sl. No.	Particulars	30.06.2018			31.03.2018			30.06.2017			31.03.2018
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Net sales / income from operations		36,507			34,464			32,489			138,022
	b) License fees and service income		700			885			670			4,006
	c) Other operating income		158			190			173			782
	Total revenue from operations		37,365			35,539			33,332			142,810
2	Other income		504			449			380			1,552
3	Total income (1 + 2)		37,869			35,988			33,712			144,362
4	Expenses
	a) Cost of materials consumed		7,394			7,305			6,548			26,309
	b) Purchase of stock-in-trade		4,430			4,488			2,799			14,501
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(1,775	)		(1,726	)		245			(415	)
	d) Employee benefits expense		8,371			8,005			8,073			32,149
	e) Depreciation and amortisation expense		2,787			2,763			2,592			10,772
	f) Finance costs		195			178			215			788
	g) Selling and other expenses		11,257			11,831			12,435			46,754
	Total expenses		32,659			32,844			32,907			130,858
5	Profit before tax (3 - 4)		5,210			3,144			805			13,504
6	Tax expense:
	a) Current tax		1,396			184			301			1,753
	b) Deferred tax		(864	)		308			(64	)		2,627
7	Net profit for the period before share of profit of equity accounted investees (5 - 6)		4,678			2,652			568			9,124
8	Share of profit of equity accounted investees, net of tax		83			69			98			344
9	Net profit after taxes and share of profit of associates (7 + 8)		4,761			2,721			666			9,468
10	Other comprehensive income
	a) (i) Items that will not be reclassified subsequently to profit or loss		(515	)		(6	)		(1,594	)		(3,710	)
	(ii) Income tax relating to items that will not be reclassified subsequently to profit or loss		140			(1	)		379			874
	b) (i) Items that will be reclassified subsequently to profit or loss		(346	)		186			20			(23	)
	(ii) Income tax relating to items that will be reclassified subsequently to profit or loss		118			19			(58	)		23
	Total other comprehensive income		(603	)		198			(1,253	)		(2,836	)
11	Total comprehensive income (9 + 10)		4,158			2,919			(587	)		6,632
12	Paid-up equity share capital (face value Rs. 5/- each)		830			830			829			830
13	Other equity											124,886
14	Earnings per equity share (face value Rs.5/- each)
	Basic		28.69			16.39			4.02			57.08
	Diluted		28.66			16.36			4.01			56.96
			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results

Segment Information All amounts in Indian Rupees millions

		Quarter ended						Year ended
Sl. No.	Particulars	30.06.2018		31.03.2018		30.06.2017		31.03.2018
		(Unaudited)		(Audited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Pharmaceutical Services and Active Ingredients		7,020		7,853		5,972		27,930
	b) Global Generics		30,663		27,858		27,482		114,282
	c) Proprietary Products		730		847		539		4,250
	d) Others		438		429		578		1,840
	Total		38,851		36,987		34,571		148,302
	Less: Inter-segment revenue		1,486		1,448		1,239		5,492
	Total revenue from operations		37,365		35,539		33,332		142,810
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		1,192		1,517		533		4,477
	b) Global Generics		18,756		16,506		15,836		67,190
	c) Proprietary Products		594		726		418		3,799
	d) Others		193		153		310		869
	Total		20,735		18,902		17,097		76,335
	Less: Selling and other un-allocable expenditure / (income), net		15,525		15,758		16,292		62,831
	Total profit before tax		5,210		3,144		805		13,504

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

Segmental Capital employed

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

Notes:

1 These results have been prepared in accordance with the Ind AS notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended.

2 Post implementation of Goods and Services Tax (“GST”) with effect from 1 July 2017, revenue from operations is disclosed net of GST. Revenue from operations for the period prior to 1 July 2017 included excise duty which is now subsumed in the GST. Accordingly, revenue from operations for the quarter ended 30 June 2018 is not comparable with those of the previous periods presented.

3 The Company received a warning letter, dated 5 November 2015 from the U.S. FDA, regarding deviations with current Good Manufacturing Practices at its API manufacturing facilities in Srikakulam, Andhra Pradesh and Miryalaguda, Telangana, as well as regarding violations at its oncology formulation manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh. The Company submitted its response to the warning letter on 7 December 2015. The Company has provided an update to the U.S. FDA on the progress of remediation in January 2016, March 2016, May 2016 and August 2016. The U.S. FDA completed the reinspection of the aforementioned facilities in March and April 2017. The Company has responded to the observations identified by the U.S. FDA. The Company received Establishment Inspection report ("EIR") from the U.S. FDA for API manufacturing facility at Miryalaguda in June 2017 which indicates that the audit is closed.With regard to the Oncology manufacturing facility at Duvvada and API manufacturing facility at Srikakulam, the Company received EIRs from the U.S. FDA in November 2017 and February 2018, respectively, which indicates that the status remains unchanged. In June 2018, the Company has requested U.S. FDA to schedule an inspection of the oncology formulation manufacturing facility at Duvvada.

4 Ind AS 115, Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 1 April 2018, replaces existing revenue recognition requirements. Under the modified retrospective approach, there were no significant adjustments required to the retained earnings as at 1 April 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results of the Company.

5 In the United States of America, The Tax Cuts and Jobs Act of 2017 was approved and enacted into law on 22 December 2017. The law includes significant changes to the U.S. corporate income tax system, including a reduction in Federal corporate tax rate from 35% to 21%.
Consequent to this enactment, the Company had re-measured its U.S. deferred tax assets and liabilities based on the new tax law and this resulted in a charge of Rs.396 million and Rs.1,269 million for the quarter and year ended 31 March 2018 respectively.

6 The unaudited results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 26 July 2018.

7 The results for the quarter ended 30 June 2018 were subject to a "Limited Review" by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon.

By order of the Board

For Dr. Reddy's Laboratories Limited

Place: Hyderabad	G V Prasad
Date:  26 July 2018	Co-Chairman & Chief Executive Officer

EX-99.4

Exhibit 99.4

S.r. Batliboi & Associates llp Chartered Accountants Oval Office, 18, iLabs Centre
Hitech City, Madhapur
Hyderabad - 500 081, India Tel : +91 40 6736 2000
Fax : +91 40 6736 2200

Limited Review Report – Standalone Financial Results

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

We have reviewed the accompanying statement of unaudited standalone Ind AS financial results of Dr. Reddy’s Laboratories Limited (the ‘Company’) for the quarter ended June 30, 2018 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Regulation’), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 (‘the Circular’).

The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS) 34 “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to express a conclusion on the Statement based on our review.

We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (‘Ind AS’) specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

/s/  S Balasubrahmanyam

per S Balasubrahmanyam

Partner

Membership No.: 053315

Place: Hyderabad

Date: July 26, 2018

   

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

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2018

All amounts in Indian Rupees millions

		Quarter ended									Year ended
Sl. No.	Particulars	30.06.2018			31.03.2018			30.06.2017			31.03.2018
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Net sales / income from operations		25,821			24,494			20,721			92,468
	b) License fees and service income		218			272			64			558
	c) Other operating income		137			157			112			567
	Total revenue from operations		26,176			24,923			20,897			93,593
2	Other income		349			731			488			2,040
	Total income (1 + 2)		26,525			25,654			21,385			95,633
3	Expenses
	a) Cost of materials consumed		5,539			5,740			4,931			20,110
	b) Purchase of stock-in-trade		1,811			2,146			1,188			6,716
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(479	)		(389	)		(392	)		(516	)
	d) Employee benefits expense		4,670			4,633			4,505			18,430
	e) Depreciation and amortisation expense		1,921			1,900			1,910			7,741
	f) Finance costs		165			140			164			628
	g) Selling and other expenses		8,887			9,529			9,181			35,554
	Total expenses		22,514			23,699			21,487			88,663
4	Profit / (loss) before tax (1 + 2 - 3)		4,011			1,955			(102	)		6,970
5	Tax expense
	a) Current tax		785			457			-			1,381
	b) Deferred tax		(63	)		(269	)		(29	)		(80	)
6	Net profit / (loss) for the period / year (4 - 5)		3,289			1,767			(73	)		5,669
7	Other comprehensive income
	a)     (i) Items that will not be reclassified to profit or loss		1			41			(2	)		43
	(ii) Income tax relating to items that will not be reclassified to profit or loss		-			(16	)		-			(16	)
	b)     (i) Items that will be reclassified to profit or loss		(302	)		(209	)		110			(133	)
	(ii) Income tax relating to items that will be reclassified to profit or loss		106			72			(38	)		46
	Total other comprehensive income		(195	)		(112	)		70			(60	)
8	Total comprehensive income (6 + 7)		3,094			1,655			(3	)		5,609
9	Paid-up equity share capital (face value Rs. 5/- each)		830			830			829			830
10	Other equity											117,248
11	Earnings per equity share (face value Rs. 5/- each)
	Basic		19.82			10.65			(0.44	)		34.19
	Diluted		19.80			10.63			(0.44	)		34.12
			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results.

Segment information All amounts in Indian Rupees millions

		Quarter ended									Year ended
Sl. No.	Particulars	30.06.2018			31.03.2018			30.06.2017			31.03.2018
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Pharmaceutical Services and Active Ingredients		5,652			6,268			4,679			22,741
	b) Global Generics		21,979			20,068			17,379			76,150
	c) Proprietary Products		31			27			27			109
	Total		27,662			26,363			22,085			99,000
	Less: Inter-segment revenue		1,486			1,440			1,188			5,407
	Total revenue from operations		26,176			24,923			20,897			93,593
2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients		(74	)		383			(651	)		(3	)
	b) Global Generics		6,683			3,482			1,600			11,956
	c) Proprietary Products		(629	)		(841	)		(1,046	)		(3,464	)
	Total		5,980			3,024			(97	)		8,489
	Less: (i) Finance costs		165			140			164			628
	(ii) Other un-allocable expenditure / (income), net		1,804			929			(159	)		891
	Total profit before tax		4,011			1,955			(102	)		6,970

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

Segmental capital employed

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

Notes:

1 These results have been prepared in accordance with the Ind AS notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended.

2 Post implementation of Goods and Services Tax (“GST”) with effect from 1 July 2017, revenue from operations is disclosed net of GST. Revenue from operations for the period prior to 1 July 2017 included excise duty which is now subsumed in the GST. Accordingly, revenue from operations for the quarter ended 30 June 2018 is not comparable with those of the previous periods presented.

3 The Company received a warning letter, dated 5 November 2015 from the U.S. FDA, regarding deviations with current Good Manufacturing Practices at its API manufacturing facilities in Srikakulam, Andhra Pradesh and Miryalaguda, Telangana, as well as regarding violations at its oncology formulation manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh. The Company submitted its response to the warning letter on 7 December 2015. The Company has provided an update to the U.S. FDA on the progress of remediation in January 2016, March 2016, May 2016 and August 2016. The U.S. FDA completed the reinspection of the aforementioned facilities in March and April 2017. The Company has responded to the observations identified by the U.S. FDA. The Company received Establishment Inspection report (EIR) from the U.S. FDA for API manufacturing facility at Miryalaguda in June 2017 which indicates that the audit is closed. With regard to the Oncology manufacturing facility at Duvvada and API manufacturing facility at Srikakulam, the Company received EIRs from the U.S. FDA in November 2017 and February 2018, respectively, which indicates that the status remains unchanged. In June 2018, the Company has requested U.S. FDA to schedule an inspection of the oncology formulation manufacturing facility at Duvvada.

4 Ind AS 115, Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 1 April 2018, replaces existing revenue recognition requirements. Under the modified retrospective approach, there were no significant adjustments required to the retained earnings as at 1 April 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results of the Company.

5 The unaudited results were reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 26 July 2018.

6 The results for the quarter ended 30 June 2018 presented were subjected to a “Limited review” by the Statutory Auditors of the Company. An unqualified report was issued by them thereon.

By order of the Board

For Dr. Reddy's Laboratories Limited

Place: Hyderabad	G V Prasad
Date:  26 July 2018	Co-Chairman & Chief Executive Officer