Full Press Release Details
Report of Independent Registered Public Accounting
To the Shareholders and Board
of Directors of Dr. Reddy's Laboratories Limited
Results of Review of Interim
Financial Statements
We have reviewed the accompanying
condensed consolidated interim statement of financial position of Dr. Reddy's Laboratories Limited and subsidiaries (the Company)
as of June 30, 2022, the related condensed consolidated interim income statements and statements of comprehensive income, changes in equity
and cash flows for the three-month periods ended June 30, 2022 and 2021, and the related notes (collectively referred to as the "condensed
consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be
made to the condensed consolidated interim financial statements for them to be in conformity with International Accounting Standard (IAS)
34, Interim Financial Reporting as issued by the International Accounting Standards Board.
We have previously audited, in
accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statement of
financial position of the Company as of March 31, 2022, the related consolidated income statements, statements of comprehensive income,
changes in equity and cash flows for the year then ended, and the related notes and schedules (not presented herein); and in our report
dated June 27, 2022, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information
set forth in the accompanying condensed consolidated statement of financial position as of March 31, 2022, is fairly stated, in all material
respects, in relation to the consolidated statement of financial position from which it has been derived.
Basis for Review Results
These financial statements are
the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be
independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of
the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements
consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters.
It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the
expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.
/s/ Ernst & Young Associates