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