Reckoner

Q1FY10

July 21, 2009

Dr. Reddy’s Laboratories Ltd.
www.drreddys.com
Q1 FY10

Business Highlights
Overall revenues at Rs. 18.2 billion ($381 million) in Q1 FY10 as against Rs. 15.0 billion ($315 million) in Q1 FY09,
representing a growth of 21%.
The growth was largely driven by sumatriptan.
Excluding revenues from sumatriptan, the YoY growth is at 7%, driven by the key markets of North America
and India.
Operating income is at Rs. 3.3 billion ($69 million) in Q1 FY10 as against Rs. 1.1 billion ($23 million) in Q1 FY09.
EBITDA at Rs. 4.4 billion ($91 million) in Q1 FY10 as against Rs. 2.3 billion ($48 million) in Q1 FY09, representing a
growth of 90%.
During the quarter, the company launched 24 new generic products, filed 22 new generic product registrations and
filed 4 DMFs globally.

Global Generics
Revenues from Global Generics business at Rs. 13.0 bn ($273 mn) in Q1 FY10 as against Rs. 10.3 bn ($215 mn) in Q1 FY09. YoY
growth of 27% driven by sumatriptan and key markets of North America and India.
Revenues from North America at Rs. 6.0 bn ($126 mn) in Q1 FY10 as against Rs. 2.8 bn ($59 mn) in Q1 FY09.
Excluding revenues from Sumatriptan, growth of 42% in North America driven by high volume growth across existing products.
Revenues from Europe at Rs. 2.1 bn ($44 mn) in Q1 FY10 as against Rs. 3.0 bn ($63 mn) in Q1 FY09, representing a degrowth of 30%.
Revenues from betapharm decrease by 36% to Rs. 1.6 billion ($34 mn) in Q1 FY10 from Rs. 2.5 bn ($53 mn) in Q1FY09.
This decrease was on account of the effect of destocking in the market.
Supplies for AOK tender have commenced, with AOK products witnessing significant increase in volumes,
while the volumes for non-AOK product have fallen.
Revenues from Rest of Europe grew by 6% to Rs. 503 mn ($11 mn) in Q1 FY10. The growth is largely contributed by
UK with sales of Rs. 362 mn ($8 mn) representing a growth of 23%.
Revenues from Russia & Other CIS markets at Rs. 1.9 bn ($39 mn) in Q1 FY10 as against Rs. 1.9 bn ($40 mn) in Q1 FY09, rep-
resenting a degrowth of 3%.
Revenues in Russia remain at Rs. 1.5 bn ($32 mn) in Q1 FY10 as against Rs. 1.5 bn ($31 mn) in Q1 FY09; YoY growth
of 2%. However in rouble terms, the growth is at 18% YoY and 5% sequentially.
Despite a degrowth in volumes, the secondary sales trend for April & May indicates a rouble growth of 46%
vis-à-vis industry’s growth of 34%.
Revenues in Other CIS markets decrease to Rs. 342 mn ($7 mn) in Q1 FY10 as against Rs. 429 mn ($9 mn) in Q1 FY09.
YoY degrowth of 20%.
Revenues in India increase to Rs. 2.4 bn ($50 mn) in Q1 FY10 from Rs. 2.2 bn ($46 mn), representing a growth of 9% largely on
account of key brands of Omez, Nise, Omez-DSR and Razo.
Sequential growth of 15% largely contributed by volume growth of 14%.
14 new products launched during the quarter.
Pharmaceutical Services & Active Ingredients (PSAI)
Revenues from PSAI increase by 6% to Rs. 4.9 bn ($102 mn) in Q1 FY10 as against Rs. 4.6 bn ($97 mn) in Q1 FY09; YoY growth of 6%
driven by the regions of Europe and RoW as well as the benefit of rupee depreciation against the dollar.
Growth was driven by products of Gemcitabine, Montelukast, Sumatriptan and Levetiracetam.
The order book status of active ingredients as of June 2009 is up by 27% from March 2009.
During the quarter, 4 DMFs were filed globally, with 3 in Canada and 1 in RoW. The cumulative DMF filings till date are 355.

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Financial Updates
All figures in millions, except EPS
All dollar figures based on convenience translation rate of 1USD = Rs 47.74

Dr. Reddy’s Laboratories Ltd. and Subsidiaries

Unaudited Condensed Consolitated Income Statement
Q1 FY10 Q1 FY09
Particulars ($) (Rs.) % ($) (Rs.) % Growth%
Revenue 381 18,189 100 315 15,039 100 21
Cost of Revenues 168 8,017 44 158 7,543 50 6
Gross Profit 213 10,172 56 157 7,496 50 36
Operating Expenses
Selling, general & administrative expenses(a) 124 5,927 33 107 5,086 34 17
Reserach and development expenses, net 21 985 5 22 1,050 7 (6)
Write down of intangible assets - - - - - - -
Write down of goodwill - - - - - - -
Other (income)/expenses, net (1) (35) (0) 5 242 2 -
Total Operating Expenses 144 6,877 38 134 6,378 42 8
Results from operating activities 69 3,295 18 23 1,118 7 195
Finance income(b) (2) (88) (0) (7) (320) (2) (73)
Finance expenses(c) 5 223 1 5 243 2 (8)
Finance expenses, net 3 135 1 (2) (77) (1) (275)
Share of profit/ (loss) of equity accounted 0 11 0 - - - -
investees
Profit before income tax 66 3,171 17 25 1,195 8 165
Income tax expense (15) (726) (4) (2) (84) (1) 764
Profit for the period 51 2,445 13 23 1,111 7 120
Attributable to:
Equity holders of the company 51 2,445 13 23 1,111 7 120
Minority interest - - - - - - -
Profit for the period 51 2,445 13 23 1,111 7 120

Weighted average no. of shares o/s 168.9 168.9

Diluted EPS 0.3 14.5 0.1 6.6

(a) Includes amortization charges of Rs. 507 million in Q1 FY10 and Rs. 377 million in Q1 FY09.
(b) Includes forex gain of Rs. 176 million in Q1 FY09.
(c) Includes forex loss of Rs. 84 million in Q1 FY10.

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Financial Updates
Key Balance Sheet Items (in millions)
As on 30th June 09 As on 31st Mar 09
Particulars
($) (Rs.) ($) (Rs.)

Cash and cash equivalents 130 6,184 117 5,596

Trade and other receivables 280 13,374 306 14,592
Inventories 292 13,933 277 13,226
Property, plant and equipment 439 20,970 437 20,882
Goodwill and Other intangible assets 456 21,768 465 22,179
Loans and borrowings (current & non-current) 337 16,108 413 19,701
Trade accounts payable 144 6,873 125 5,987
Equity (including reserves) 939 44,832 881 42,045

Income Statement Highlights

Gross profit increase by 36% to Rs. 10.2 bn ($213 mn) in Q1 FY10 as against Rs. 7.5 bn ($157 mn) in Q1 FY09. Gross profit
margins on total revenues at 56% as against 50% in Q1 FY09, largely driven by higher margins on sumatriptan and currency
benefit.
Selling, General & Administration (SG&A) expenses increase to Rs. 5.9 bn ($124 mn) in Q1 FY10 from Rs. 5.1 bn ($107 mn) in Q1
FY09; YoY growth of 17%.
However excluding the exit costs of sales force at betapharm amounting to Euros 7.2 mn and the costs related to
closure of the Atlanta research facility amounting to $1.5 million, the SG&A expenses grew by 6%.
Other operating income of Rs. 35 million in Q1 FY10 as against other operating expenses of Rs. 242 mn in Q1 FY09. The change
is on account of :
Provision for damages of Rs. 515 mn in Q1 FY09 on account of the German court upholding the validity of the
olanzapine patent in Germany.
Benefit of negative goodwill of Rs. 150 mn in Q1 FY09, relating to the acquisition of facilities from Dow Pharma.
R&D expenses are at Rs. 985 mn in Q1 FY10.
Finance costs (net) are at Rs. 135 mn in Q1 FY10 as against Finance income (net) at Rs. 77 mn in Q1 FY09. The change is mainly
on account of :
Net forex loss of Rs. 84 mn in Q1 FY10 as against net forex gain of Rs. 176 mn in Q1 FY09.
Net interest expense of Rs. 59 mn in Q1 FY10 as against net interest expense of Rs. 174 mn in Q1 FY09.
PAT at Rs. 2.5 billion ($51 mn) in Q1 FY10 as against Rs. 1.1 bn ($23 mn), representing a growth of 120%.
PAT adjusted for exceptions is at Rs. 2.8 bn ($60 mn) as against Rs. 1.3 bn ($28 mn) in Q1 FY09, representing a growth of 116%.
EPS of Rs. 14.4 ($0.3) in Q1 FY10 as against Rs. 6.6 ($0.1) in Q1 FY09.
Capital expenditure for Q1 FY10 is at Rs. 692 mn ($14 mn).

Revenue Mix by Geography (in millions)

Q1 FY10 Q1 FY10 as a Q1 FY09 Q1 FY09 as a Growth

$ INR % $ INR % %

North America 150 7,182 39 83 3,957 26 82

Europe 76 3,619 20 87 4,147 28 (13)
India 63 3,021 17 61 2,924 19 3
Russia & other CIS 39 1,871 10 40 1,928 13 (3)
Others 52 2,496 14 44 2,082 14 20
TOTAL 381 18,189 100 315 15,038 100 21

Dr. Reddy’s Laboratories Ltd.

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Q1 FY10

Financial Update
Revenue Mix by Segment (in millions)

Q1 FY10 Q1 FY10 as a Q1 FY09 Q1 FY09 as a Growth

$ INR % $ INR % %

Global Generics 273 13,020 72 215 10,287 68 27

North America 126 6,026 46 59 2,808 27 115
Europe 44 2,109 16 63 2,994 29 (30)
India 50 2,393 18 46 2,202 21 9
Russia & other CIS 39 1,871 14 40 1,928 19 (3)
Others 13 621 5 7 355 3 75
PSAI (Pharmaceutical Services & Active Ingredients) 102 4,870 27 97 4,613 31 6
North America 21 995 20 23 1,085 24 (8)
Europe 29 1,371 28 23 1,080 23 27
India 13 629 13 15 722 16 (13)
Others 39 1,875 39 36 1,726 37 9
Proprietary Products 6 300 2 3 138 1 118
Others 0 0 0 0 0 0 (100)
Total 381 18,189 100 315 15,038 100 21

Rs. Crs
Consolidated Revenue g=Growth
RoW Rs. 1,819 Crs.
g=75% g --> 21% Rs. Crs
62
Russia & CIS g=-3% Global Generics Row=188
187 Rs. 1,302 Crs.
g=9% g=9%
India g-->27%
239 India=63
g=-30% Others g=-13%
Europe Rs. 30 Crs.
211 Europe=137
g=27%
PSAI
North America Rs. 487 Crs.
603 g=115% g-->6%
g=-8% North America=100
Global Generics PSAI

Key P&L Items for FY10

Revenue Gross Margins

Rs. 1,819 Crs Rs. 1,017 Crs

YoY growth --> 21% 56% to sales
YoY growth--> 36%

EBITDA PAT

Rs. 436 Crs Rs. 245 Crs

24% to sales 13% to sales
YoY growth --> 90% YoY growth --> 120%

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Driving Sustainable Long-term growth

Outlook and Strategic Initiatives
FY10 Guidance on track
- Risks to Guidance --> “Headwinds” in Russia & Germany
- H2 Sales higher than H1
Rollout of excellence in supply chain model across our businesses and geographies --> Good progress
SEZs investment; Land acquisition completed
Launch of two biosimilars in India and one specialty product in Promius

The Last Decade: Consistent Growth momentum

Achieved scale & Global presence

1,510 1,250
Revenue USD Million
1,365
546
447
463
%
380
R --> 25
338 CAG
234
183

FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09

Global Launches & Filings in Q1 FY10

Filings ANDAs ANDS Dossiers Dossiers DMFs New North

= Europe India RoW Specialty
26 0 + 0 + (Europe) + (RoW) + 4 Launches = America +
3 + 14 + 7 + 0
2 20 24 0

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Quick Facts - FY09

Global Generics - Key Markets
North America
Rs. Cr 603 $ growth of 21% excluding Sumatriptan
Volume growth of 14% across existing products
115% 205
Sumatriptan Sumatriptan --> continue to hold ~ 50% market share
Received USFDA approval for Omeprazole Mg OTC. Expected launch by mid Q2 FY10
ANDAs: Total Filed: 139
397 Pending approvals --> 67 addressing innovator sales of $68 bn out of which
281 Base Business
28 are Para IVs and 16 FTFs

Q1 FY09 Q1 FY10
Germany
Rs. Cr
YoY degrowth of 38% in Euro terms on account of destocking in the market (36%)
Commencement of supplies to AOK tender
Reduction of sales force from 110 in March 09 to 50 in June 09
One time severance costs --> Euros 7.2 mn
Market trend --> Increasing tender activities by other insurance companies 252 161

Q1 FY09 Q1 FY10
India
Rs. Cr 9%
Growth driven by major brands --> Omez, Nise, Omez DSR & Razo
Sequential growth -->15%, Volume growth -->14%
220 239
Secondary sales trend --> April & May
Dr. Reddy’s growth --> 11.4%, Industry growth --> 10.4%
14 new product launches
Rollout of excellence in supply chain model progressing well
Q1 FY09 Q1 FY10
Russia
Rs. Cr
Growth driven by Nise brand 2%
Rouble growth :
YoY --> 18%, QoQ --> 5%
Volumes have degrown
150 153
Secondary sales trend --> April & May (in Rouble terms)
Dr. Reddy’s growth --> 46%, Industry’s growth --> 34%
Ongoing financial crisis has impacted liquidity in the market
Q1 FY09 Q1 FY10

Pharmaceutical Services & Active Ingredients

Rs. Cr 6% Growth driven by products of Gemcitabine, Montelukast, Sumatriptan
& Levetiracetam
Improvement in order books --> 27%
461 487
Cumulative DMFs: 355
US --> 148
Europe --> 83
Canada --> 57
Q1 FY09 Q1 FY10 RoW --> 67

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Key Company Updates

Dr. Reddy’s announced strategic alliance with GSK for Emerging Markets
We entered into a partnership with GlaxoSmith-
Kline (GSK) to develop and market select products
across emerging markets outside India. Under the
agreement, GSK will gain access to our
portfolio and future pipeline of over 100
branded pharmaceuticals in fast growing thera-
peutic segments such as cardiovascular, diabetes,
oncology, gastroenterology and pain management.

The products will be manufactured by

Dr. Reddy’s and will be licensed and supplied to GSK in
various emerging markets such as Africa, the Middle
East, Latin America and Asia Pacific excluding India.
Revenues will be reported by GSK and will be shared
with Dr. Reddy’s as per agreed terms. In certain markets
products will be co-marketed by Dr. Reddy’s and GSK. GV Prasad, Vice-Chairman & CEO, Dr. Reddy’s and Abbas Hussain, President
Emerging Markets, GSK during the signing of the deal.

Dr. Reddy’s realigned its Global Generics geography portfolio

We realigned our Global Generics finished dosages strategy to focus on certain key geographies and gradually exit some of the
very small distributor driven markets. This move represents an important new focus to consolidate and grow the Company’s pres-
ence in the key geographies where it already had a considerable presence. The exercise would result in reduction of complexity
of operations on one hand and help in significantly enhanced customer service and market share on the other. The markets being
exited had an overall contribution of less than 1% to the topline. In addition to the US, India, Russia & CIS and Germany where the
operations are already very large, the company will continue operations in 10-15 markets where sales are growing significantly.

Dr. Reddy’s announced reorganization of its Drug Discovery Operations

Effective July 1, 2009 the company’s Drug Discovery operations at Hyderabad have been absorbed into Aurigene, a wholly owned
independent subsidiary of the company. Aurigene is a partnership based Drug Discovery biotech headquartered in Bangalore. The
Discovery Research resources - employees, facility and infrastructure are now resources of Aurigene, which will operate out of two
sites - Bangalore and Hyderabad.

A new group has been created to focus on Proprietary Products development, which will be responsible for building the propri-
etary, branded R&D portfolio in collaboration with various partners and service providers. This organization will work with Auri-
gene and other Discovery Biotech’s to ensure effective management of the ongoing and future drug discovery programs. All the
existing Intellectual Property will be owned and managed by this new unit. This group also has responsibility for the development
portfolio and the company’s differentiated formulations efforts. As part of the reorganization, the company closed the Atlanta
Research facility in the US.

Announced ANDA approval of Omeprazole Mg OTC

Dr. Reddy’s announced the USFDA approval of the company’s Abbreviated New Drug Application (ANDA) for Omeprazole Mg
OTC. Shipment of the product will be phased over the remainder of the fiscal year 2010 with the first shipment likely to commence
in the middle of Q2 FY10. Omeprazole Mg is indicated for the treatment of heartburn. Dr. Reddy’s formulation contains 20.6mg
Omeprazole Mg and is available in a capsule form.

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Recognitions

Dr. Reddy’s was for the second consecutive year ranked the
“Best Workplace” in the biotech/ pharmaceutical industry in In-
dia in a survey conducted by The Economic Times and the Great
Place to Work Institute. The industry-wise best employers list
was drawn from the Top 50 in the Best Workplaces list.

Chairman Dr. K Anji Reddy receiving the award from Victor Menezes,
Co-Chair AIF

The American India Foundation (AIF) honored our Chairman, Dr.

K Anji Reddy with the prestigious AIF – Annual Spring award.
This award was conferred on Dr. Reddy as a Salute to his vision-
ary leadership in business and philanthropy through Dr. Reddy’s
Foundation and Naandi Foundation.

Elixir, the house magazine of Dr. Reddy’s won the award for
‘Best Imperative Content’ at the inaugural edition of In-house
Communications Excellence (ICE) Awards instituted by the
Shailaja Nair Foundation.

Dr. Reddy’s won five awards at the annual Public Relations

Council of India (PRCI) Corporate Collateral Awards competition
along with the Overall Excellence Award for Communications
Collaterals.

Dr. Reddy’s Laboratories Ltd.

www.drreddys.com
Q1 FY10

Social Initiatives
Dr. Reddy’s Foundation for Health Education

Graduating to better patient care

Dr. Reddy’s Foundation for Health Education (DRFHE) was created with
a vision to develop professionally qualified Patient Educators. The pro-
grams offered by the foundation are aimed towards creating professionals
(health educators) who would work with the medical fraternity to offer an
integrated, multi-disciplinary approach to good health.

The programs also aim at building necessary soft skills capabilities among
the existing nurses, doctor’s assistants and doctors with the objective of
strengthening the healthcare delivery system for better patient care.

The activities of DRFHE are classified under three broad categories:

Education Initiatives Training Initiatives Patient Initiatives

PGCHM (Post Graduate Cer- Sarathi - Assistants Life at Your Doorstep

tificate in Healthcare Man- Abhilasha - Nurses Living Well
agement) Inner Circle - Doctors
CPCC (Certificate Program in Sanjeevani - Chemists
Cancer Counseling)

DRFHE endeavors to go beyond the traditional ‘charity-centric’ definition of CSR by adding value to both the healthcare system
and society as a whole.

Education Initiatives
PGCHM (Post Graduate Certificate in Healthcare Management)

The one year Post Graduate Certificate in Healthcare Management (PGCHM) was launched in 2003
with an endeavor to bridge the requirement of Patient Education in the healthcare services sector.
The Program is targeted towards dieticians, graduates in nutrition, pharmacy and biosciences.
A PGCHM-certified patient educator would be a combination of Physician’s Assistant, Patient
Counselor and Health Educator.

CPCC (Certificate Program in Cancer Counseling)

CPCC is a month long training program which enables participants from Bioscience background to
emerge as a knowledgeable, skilled and competent individuals specialized in cancer counseling.
Candidates are trained in various areas like Medicine, Nutrition, Psychology, Sociology, Physio-
therapy and Soft Skills. They also undergo training from doctors at cancer hospitals besides the
opportunity to counsel patients directly. The program started in Dec 2007.
FHREDDY - The DRFHE Mascot

Dr. Reddy’s Laboratories Ltd.

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Q1 FY10

Social Initiatives
Training Initiatives
Sarathi
Introduced in year 2006, ‘Sarathi’ is a two day comprehen-
sive training program that enables a doctor’s assistant to
emerge as a sharper, smarter and a motivated individual.

Abhilasha
‘Abhilasha’ is a two-day contact program aimed at helping
nurses understand the true importance of their work, show-
ing them how they can perform their work more effectively
while boosting their self-confidence and motivation.

Inner Circle
Initiated in the year 2007, ‘Inner Circle’ is a program aimed at young doctors who are in the early stages
of their careers. The main objective of this program is to give these young doctors the skills necessary for a
successful career. While these doctors, having completed their medical studies fairly recently, have a good
grasp of the medical knowledge required, ‘The Inner Circle’ aims to augment this medical knowledge with
soft skills that will enable them to plan and build their careers appropriately.
Sanjeevani
‘Sanjeevani’ is a one day training program for the pharmacists to make them realize the impor-
tance of their job and understand how they can add more value responsibly. The objective of the
program is to ensure that the pharmacists develop self-confidence and empathy towards their
customers and improve various skills required in effective prescription dispensation.
Patient Initiatives
Life At Your Doorstep
DRFHE launched ‘Life At Your Doorstep’ in January 2008. Based on
the principle of ‘Home Care’ aspect of palliative care, it attempts to
improve the quality of life of terminally ill patients with provision
of access to physical, psychological, emotional, social and spiritual
support in a culturally appropriate manner. A well-equipped medi-
cal van with a team consisting of a doctor, nurse and patient coun-
selor reach the patient’s doorstep to provide home care service.

Living Well
‘Living Well’ attempts to help the patients ensure compliance with
therapy, addresses social and psychological challenges faced by
them while providing hope. DRFHE conducts this program in part-
nership with ‘Art Of Living’ with an aim for helping people reduce
risk factors, increase their protective factors through awareness
and lifestyle modification, and to manage their chronic condition
through a self management support system.

Dr. Reddy’s Foundation for Health Education

6-3-864/5, RPAS Chambers, Opp. Green Park Hotel, Ameerpet, Hyderabad 500 016.
Phone: 040 66511584/88; e-mail: drfhe@drreddys.com, website: www.drfhe.com.

Dr. Reddy’s Laboratories Ltd.

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Q1 FY10

Manufacturing Bandwidth and R&D Capabilities

Pharmaceutical Services & Active Ingredients

Manufacturing Bandwidth
Product Development
6 FDA-approved plants in INDIA Integrated Product development Capa-
1 Cytotoxic facility bilities that includes API development,
1 FDA-approved plant in Mexico Formulations development and analytical
1 FDA-approved plant in Mirfield, UK development skills.
3 Technology development centers One Integrated Product development
(2 in Hyderabad, INDIA; 1 in Cambridge, UK) facility in Hyderbad, INDIA.

Global Generics
6 Formulation plants in INDIA
(1 USFDA inspected)
1 USFDA inspected plant in USA
R&D Capabilities
New Chemical Entities (NCEs)
Research in the areas of metabolic,
cardiovascular, anti-bacterials, and
pain & inflammation.

Biologics
Biologics development center
GMP production
E coli and mammalian cell platforms

Dr. Reddy’s Laboratories Ltd.

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Q1 FY10

General Information
About Dr. Reddy’s
Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical company.
As a fully integrated pharmaceutical company, our purpose is to provide affordable and innovative medicines through our three core busi-
nesses of:
- Pharmaceutical Services and Active Ingredients: comprising of Active Pharmaceutical Ingredients and Custom Pharmaceutical Services
- Global Generics, which includes branded and unbranded generics
- Proprietary Products, which includes New Chemical Entities (NCEs), Differentiated Formulations, and Generic Biopharmaceuticals.

Our products are marketed globally, with a focus on India, US, Europe and Russia. Dr. Reddy’s conducts NCE research in the areas of meta-
bolic disorders, cardiovascular indications, anti-infectives and inflammation.

Safe Harbor
This presentation contains forward-looking statements and information that involve risks, uncertainties and assumptions. Forward-
looking statements are all statements that concern plans, objectives, goals, strategies, future events or performance and underlying as-
sumptions and other statements that are other than statements of historical fact, including, but not limited to, those that are identified
by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects” and similar
expressions. Risks and uncertainties that could affect us include, without limitation:

General economic and business conditions in India

The ability to successfully implement our strategy, our research and development efforts, growth and expansion plans and techn
logical changes
Changes in the value of the Rupee and other currency changes
Changes in the Indian and international interest rates
Allocations of funds by the Government
Changes in laws and regulations that apply to our customers, suppliers, and the pharmaceutical industry
Increasing competition in and the conditions of our customers, suppliers and the pharmaceutical industry
Changes in political conditions in India

Should one or more of such risks and uncertainties materialize, or should any underlying assumption prove incorrect, actual outcomes
may vary materially from those indicated in the applicable forward-looking statements. Any forward-looking statement or information
contained in this presentation speaks only as of the date of the statement.

We are not required to update any such statement or information to either reflect events or circumstances that occur after the date the
statement or information is made or to account for unanticipated events.

Contact Information
Media Relations Investor Relations
Mythili Mamidanna Kedar Upadhyay
Ph: +91-40-66511620 Ph: +91-40-66834297
Fax: +91-40-23731955 Fax: +91-40-23731955
Email: mythilim@drreddys.com Email: kedaru@drreddys.com

Rajan S Raghavender R
Ph: +91-40-66511725 Ph: +91-40-66511529
Email: rajans@drreddys.com Email: raghavenderr@drreddys.com
Milan Kalawadia
Ph: +1 - 9082034931
Email: mkalawadia@drreddys.com

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