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 December 31, 2022,
the related condensed consolidated interim income statements and statements of comprehensive income for the three and nine -month periods
ended December 31, 2022 and 2021, the statements of changes in equity and cash flows for the nine-month periods ended December 31, 2022
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 U.S Securities and
Exchange Commission ("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
/s/ Ernst & Young Associates LLP