Exhibit 99.2

Unaudited consolidated financial results of Dr. Reddy's Laboratories Limited and its subsidiaries for the quarter ended 30 June 2020 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	30.06.2020			31.03.2020			30.06.2019			31.03.2020
		(Unaudited)			(Audited)			(Unaudited)			(Audited)
1	Revenues		44,175			44,318			38,435			174,600
2	Cost of revenues		19,420			21,510			18,576			80,591
3	Gross profit (1 - 2)		24,755			22,808			19,859			94,009
4	Selling, general and administrative expenses		12,786			12,177			12,065			50,129
5	Research and development expenses		3,980			4,190			3,609			15,410
6	Impairment of non current assets		-			7			-			16,767
7	Other income, net		(118	)		(168	)		(3,759	)		(4,290	)
	Total operating expenses		16,648			16,206			11,915			78,016
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		8,107			6,602			7,944			15,993
	Finance income		838			665			690			2,461
	Finance expense		(233	)		(230	)		(297	)		(983	)
9	Finance income, net		605			435			393			1,478
10	Share of profit of equity accounted investees, net of tax		77			105			163			561
11	Profit before tax (8 + 9 + 10)		8,789			7,142			8,500			18,032
12	Tax expense/(benefit), net		2,996			(500	)		1,872			(1,466	)
13	Profit for the period / year (11 -12)		5,793			7,642			6,628			19,498
14	Earnings per share:
	Basic earnings per share of Rs.5/- each		34.94			46.10			39.98			117.63
	Diluted earnings per share of Rs.5/- each		34.86			46.01			39.91			117.40
			(Not annualised)			(Not annualised)			(Not annualised)

Segment reporting (consolidated)

All amounts in Indian Rupees millions

		Quarter ended							Year ended
Sl. No.	Particulars	30.06.2020		31.03.2020			30.06.2019		31.03.2020
		(Unaudited)		(Audited)			(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue:
	a) Pharmaceutical Services and Active Ingredients		10,090		8,673			5,933		31,657
	b) Global Generics		35,075		36,398			32,982		138,123
	c) Proprietary Products		56		2			281		7,949
	d) Others		491		723			633		2,781
	Total		45,712		45,796			39,829		180,510
	Less: Inter-segment revenues		1,537		1,478			1,394		5,910
	Net revenue from operations		44,175		44,318			38,435		174,600
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		2,856		2,043			325		6,190
	b) Global Generics		21,526		20,332			19,007		78,449
	c) Proprietary Products		56		(7	)		207		7,744
	d) Others		317		440			320		1,626
	Total		24,755		22,808			19,859		94,009
	Less: Selling and other un-allocable expenditure, net of other income		15,966		15,666			11,359		75,977
	Total profit before tax		8,789		7,142			8,500		18,032

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 on 29 July 2020 and approved by the Board of Directors of the Company at their meeting held on 29 July 2020. The above financial results have been prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), as issued by the International Accounting Standards Board (IASB).

2 On 10 June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited’s branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dermatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. The Company is in the process of determination of the fair value of consideration transferred, assets acquired and liabilities assumed. As at 30 June 2020, the Company, on a provisional basis, recognised Rs. 373 million and Rs. 14,141 million towards property, plant and equipment and intangible assets, respectively. The acquisition pertains to the Company's Global Generics segment.

3 "Other income, net" for the quarter ended 30 June 2019 and year ended 31 March 2020 includes an amount of Rs. 3,457 million received from Celgene, pursuant to a settlement agreement entered in April 2019. The agreement effectively settles any claim the Company or its affiliates may have had for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of REVLIMID brand capsules, (Lenalidomide) pending before Health Canada.

4 Total impairment charge for the year ended 31 March 2020 is Rs. 16,767 million, of which Rs. 11,137 million was towards impairment of gNuvaring, Rs. 4,385 million was towards ramelteon, tobramycin and imiquimod, and the balance is towards other product related intangibles forming part of Company’s Global generics and Proprietary Products segments.

5 Tax benefit for the year ended 31 March 2020 was primarily due to recognition of deferred tax asset of:
- Rs. 4,989 million towards MAT recoverable pursuant to enactment of Taxation Laws (Amendment) Act, 2019;
- Rs. 1,264 million pursuant to a planned restructuring activity between the group Companies.

6 "Revenues" for the year ended 31 March 2020 includes an amount of Rs. 7,486 million (U.S.$108.7 million) towards license fee for selling US and select territory rights for ZEMBRACE^® SYMTOUCH^® (sumatriptan injection) 3 mg and TOSYMRA^® (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”) to Upsher-Smith Laboratories, LLC. The costs associated with this transaction are Rs. 328 million.

7 The Company continues to consider the impact of COVID-19 pandemic in assessing the recoverability of receivables, goodwill, intangible assets, and certain investments. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. The Company based on its judgements, estimates and assumptions including sensitivity analysis expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets.The Company will continue to closely monitor any material changes to future economic conditions.

8 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 29 July 2020.

9 The figures of the quarter ended 31 March 2020 are the balancing number between audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the relevant financial year, which are subject to limited review.

10 The results for the quarter ended 30 June 2020 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:  29 July 2020	Co-Chairman & Managing Director