On consolidated basis
Quarter ended September 2025 compared with Quarter ended September 2024.
Net sales (including other operating income) of Dr Reddys Laboratories has increased 9.83% to Rs 8828.3 crore. Sales of Pharmaceutical Services segment has gone up 7.94% to Rs 1,207.90 crore (accounting for 13.36% of total sales). Sales of Global Generics segment has gone up 9.21% to Rs 7,823.50 crore (accounting for 86.53% of total sales). Sales of Others segment has gone down 42.46% to Rs 10.30 crore (accounting for 0.11% of total sales). Inter-segment sales came down from Rs 262.30 crore to Rs 213.40 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 0.77% to Rs 4,814.20 crore. PBIT of Pharmaceutical Services segment fell 32.33% to Rs 170.60 crore (accounting for 3.54% of total PBIT). PBIT of Global Generics segment rose 2.81% to Rs 4,643.10 crore (accounting for 96.45% of total PBIT). PBIT of Others segment fell 94.38% to Rs 0.50 crore (accounting for 0.01% of total PBIT). PBIT margin of Pharmaceutical Services segment fell from 22.53% to 14.12%. PBIT margin of Global Generics segment fell from 63.04% to 59.35%. PBIT margin of Others segment fell from 49.72% to 4.85%. Overall PBIT margin fell from 57.55% to 53.24%. Operating profit margin has declined from 25.83% to 22.77%, leading to 3.21% decline in operating profit to Rs 2,009.90 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 15.62% to 16.21%. Purchase of finished goods cost rose from 15.57% to 19.63%. Employee cost decreased from 16.98% to 16.33%. Other expenses fell from 26.64% to 25.22%. Provisions writeoffs cost fell from 1.12% to 0.76%. Other provisions fell from 1.12% to 0.76%. Other income rose 5.33% to Rs 323.9 crore. PBIDT fell 2.11% to Rs 2333.8 crore. Provision for interest rose 19.82% to Rs 90.7 crore. Loan funds rose to Rs 5,854.00 crore as of 30 September 2025 from Rs 4,854.10 crore as of 30 September 2024. Inventories rose to Rs 7,582.20 crore as of 30 September 2025 from Rs 7,203.90 crore as of 30 September 2024. Sundry debtors were higher at Rs 9,775.40 crore as of 30 September 2025 compared to Rs 8,439.80 crore as of 30 September 2024. Cash and bank balance rose to Rs 2,046.40 crore as of 30 September 2025 from Rs 2,028.40 crore as of 30 September 2024. Investments rose to Rs 4,701.30 crore as of 30 September 2025 from Rs 3,662.60 crore as of 30 September 2024 . PBDT fell 2.82% to Rs 2243.1 crore. Provision for depreciation rose 27.10% to Rs 504.6 crore. Fixed assets increased to Rs 21,210.20 crore as of 30 September 2025 from Rs 8,578.40 crore as of 30 September 2024. Intangible assets declined from Rs 10,527.80 crore to Rs 1,403.90 crore. Profit before tax down 9.04% to Rs 1,738.50 crore. Share of profit/loss was 3.28% higher at Rs 6.3 crore. Provision for tax was expense of Rs 408 crore, compared to Rs 575.5 crore. Effective tax rate was 23.38% compared to 30.01%. Net profit attributable to owners of the company increased 7.28% to Rs 1,347.10 crore. Equity capital increased from Rs 83.40 crore as of 30 September 2024 to Rs 83.50 crore as of 30 September 2025. Per share face Value remained same at Rs 1.00. Promoters’ stake was 26.64% as of 30 September 2025 ,compared to 26.64% as of 30 September 2024 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Dr Reddys Laboratories has increased 10.59% to Rs 17400.4 crore. Sales of Pharmaceutical Services segment has gone up 1.34% to Rs 2,195.30 crore (accounting for 12.36% of total sales). Sales of Global Generics segment has gone up 9.53% to Rs 15,396.70 crore (accounting for 86.66% of total sales). Sales of Others segment has gone up 346.55% to Rs 174.60 crore (accounting for 0.98% of total sales). Inter-segment sales came down from Rs 527.50 crore to Rs 366.20 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 2.82% to Rs 9,677.40 crore. PBIT of Pharmaceutical Services segment fell 34.94% to Rs 279.30 crore (accounting for 2.89% of total PBIT). PBIT of Global Generics segment rose 3.16% to Rs 9,251.70 crore (accounting for 95.60% of total PBIT). PBIT of Others segment rose 895.92% to Rs 146.40 crore (accounting for 1.51% of total PBIT). PBIT margin of Pharmaceutical Services segment fell from 19.82% to 12.72%. PBIT margin of Global Generics segment fell from 63.80% to 60.09%. PBIT margin of Others segment rose from 37.60% to 83.85%. Overall PBIT margin fell from 57.88% to 54.47%. Operating profit margin has declined from 26.86% to 24.04%, leading to 1.02% decline in operating profit to Rs 4,183.50 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 15.37% to 19.42%. Purchase of finished goods cost rose from 16.27% to 16.54%. Employee cost decreased from 17.19% to 16.50%. Other expenses fell from 25.34% to 24.18%. Provisions writeoffs cost fell from 0.57% to 0.38%. Other provisions fell from 0.57% to 0.38%. Other income rose 29.39% to Rs 614.2 crore. PBIDT rose 2.05% to Rs 4797.7 crore. Provision for interest rose 28.19% to Rs 173.7 crore. Loan funds rose to Rs 5,854.00 crore as of 30 September 2025 from Rs 4,854.10 crore as of 30 September 2024. Inventories rose to Rs 7,582.20 crore as of 30 September 2025 from Rs 7,203.90 crore as of 30 September 2024. Sundry debtors were higher at Rs 9,775.40 crore as of 30 September 2025 compared to Rs 8,439.80 crore as of 30 September 2024. Cash and bank balance rose to Rs 2,046.40 crore as of 30 September 2025 from Rs 2,028.40 crore as of 30 September 2024. Investments rose to Rs 4,701.30 crore as of 30 September 2025 from Rs 3,662.60 crore as of 30 September 2024 . PBDT rose 1.28% to Rs 4624 crore. Provision for depreciation rose 26.12% to Rs 980.7 crore. Fixed assets increased to Rs 21,210.20 crore as of 30 September 2025 from Rs 8,578.40 crore as of 30 September 2024. Intangible assets declined from Rs 10,527.80 crore to Rs 1,403.90 crore. Profit before tax down 3.82% to Rs 3,643.30 crore. Share of profit/loss was 45.83% lower at Rs 6.5 crore. Provision for tax was expense of Rs 903.1 crore, compared to Rs 1065.7 crore. Effective tax rate was 24.74% compared to 28.04%.Net profit attributable to owners of the company increased 4.42% to Rs 2,765.20 crore. Equity capital increased from Rs 83.40 crore as of 30 September 2024 to Rs 83.50 crore as of 30 September 2025. Per share face Value remained same at Rs 1.00. Promoters’ stake was 26.64% as of 30 September 2025 ,compared to 26.64% as of 30 September 2024 . Cash flow from operating activities increased to Rs 3,020.20 crore for YTD ended September 2025 from Rs 1,781.20 crore for YTD ended September 2024. Cash flow used in acquiring fixed assets during the YTD ended September 2025 stood at Rs 2,028.20 crore, compared to Rs 1,433.30 crore during the YTD ended September 2024.
Full year results analysis.
Net sales (including other operating income) of Dr Reddys Laboratories has increased 16.54% to Rs 32643.9 crore. Sales of Pharmaceutical Services segment has gone up 6.54% to Rs 4,323.50 crore (accounting for 12.91% of total sales). Sales of Global Generics segment has gone up 17.97% to Rs 28,955.20 crore (accounting for 86.45% of total sales). Sales of Others segment has gone down 45.35% to Rs 213.70 crore (accounting for 0.64% of total sales). Inter-segment sales came down from Rs 1,077.90 crore to Rs 938.90 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 16.39% to Rs 19,042.80 crore. PBIT of Pharmaceutical Services segment rose 32.35% to Rs 915.70 crore (accounting for 4.81% of total PBIT). PBIT of Global Generics segment rose 16.42% to Rs 17,960.60 crore (accounting for 94.32% of total PBIT). PBIT of Others segment fell 31.20% to Rs 166.50 crore (accounting for 0.87% of total PBIT). PBIT margin of Pharmaceutical Services segment rose from 17.05% to 21.18%. PBIT margin of Global Generics segment fell from 62.85% to 62.03%. PBIT margin of Others segment rose from 61.89% to 77.91%. Overall PBIT margin rose from 56.43% to 56.86%. Operating profit margin has declined from 28.32% to 26.18%, leading to 7.74% rise in operating profit to Rs 8,547.10 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 15.65% to 17.12%. Purchase of finished goods cost fell from 15.33% to 14.59%. Employee cost decreased from 17.53% to 16.81%. Other expenses rose from 23.84% to 25.72%. Other income rose 22.70% to Rs 1097.3 crore. PBIDT rose 9.26% to Rs 9644.4 crore. Provision for interest rose 65.34% to Rs 282.9 crore. Loan funds rose to Rs 4,676.60 crore as of 31 March 2025 from Rs 2,002.00 crore as of 31 March 2024. Inventories rose to Rs 7,108.50 crore as of 31 March 2025 from Rs 6,355.20 crore as of 31 March 2024. Sundry debtors were higher at Rs 9,042.00 crore as of 31 March 2025 compared to Rs 8,029.80 crore as of 31 March 2024. Cash and bank balance rose to Rs 2,460.20 crore as of 31 March 2025 from Rs 1,727.70 crore as of 31 March 2024. Investments declined from Rs 4,930.50 crore as of 31 March 2024 to Rs 4,051.10 crore as of 31 March 2025. PBDT rose 8.15% to Rs 9361.5 crore. Provision for depreciation rose 15.90% to Rs 1703.7 crore. Fixed assets increased to Rs 19,378.10 crore as of 31 March 2025 from Rs 11,294.80 crore as of 31 March 2024. Intangible assets increased from Rs 550.10 crore to Rs 1,313.90 crore. Profit before tax grew 6.56% to Rs 7,657.80 crore. Share of profit/loss was 47.62% higher at Rs 21.7 crore. Provision for tax was expense of Rs 1954.3 crore, compared to Rs 1623.1 crore. Effective tax rate was 25.45% compared to 22.54%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 1.38% to Rs 5,655.10 crore. Equity capital stood at Rs 83.40 crore as of 31 March 2025 to Rs 83.40 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 26.64% as of 31 March 2025 ,compared to 26.65% as of 31 March 2024 . Cash flow from operating activities increased to Rs 4,642.80 crore for year ended March 2025 from Rs 4,543.30 crore for year ended March 2024. Cash flow used in acquiring fixed assets during the year ended March 2025 stood at Rs 3,439.80 crore, compared to Rs 2,743.50 crore during the year ended March 2024. Other Highlights
In
Q2 FY26, Global generics segment grew 10% YoY, North America de-grew 13% YoY,
Europe up 138% YoY, India up 13% YoY, Emerging markets up 14% YoY, PSAI up 12% YoY
and others down 42% YoY.
In
H1 FY26, Global generics segment grew 10% YoY, North America de-grew 12% YoY,
Europe up 140% YoY, India up 12% YoY, Emerging markets up 16% YoY, PSAI up 10%
YoY and others up 349% YoY.
In
Q2 FY26, North America contributed 37% of total revenue, Europe 15%, India 18%,
emerging markets 19%, PSAI 10.9%, and others 0.1%.
In Q2 FY26, Growth was broad-based across
key markets, except for North America Generics, which witnessed higher price
erosion in select products and lower lenalidomide sales.
In
Q2 FY26, R&D expenses represented 7% of revenue. In
H1 FY26, R&D expenses represented 7.2% of revenue.
Management Comments :
Co-Chairman & MD, G V Prasad said: "Growth
in Q2 was driven by momentum in branded markets and steady contributions from
the Nicotine Replacement Therapy (NRTJ portfolio, which helped offset the
decline in U.S. Lenalidomide sales. We remain focused on strengthening our core
business, advancing key pipeline assets, driving productivity and Pursuing
business development initiatives."
| Dr Reddys Laboratories : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202509 | 202409 | Var.(%) | 202509 | 202409 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 8,828.30 | 8,038.20 | 9.83 | 17,400.40 | 15,734.30 | 10.59 | 32,643.90 | 28,011.10 | 16.54 | | OPM (%) | 22.77 | 25.83 | -307 bps | 24.04 | 26.86 | -282 bps | 26.18 | 28.32 | -214 bps | | OP | 2,009.90 | 2,076.50 | -3.21 | 4,183.50 | 4,226.40 | -1.02 | 8,547.10 | 7,933.10 | 7.74 | | Other Inc. | 323.90 | 307.50 | 5.33 | 614.20 | 474.70 | 29.39 | 1,097.30 | 894.30 | 22.70 | | PBIDT | 2,333.80 | 2,384.00 | -2.11 | 4,797.70 | 4,701.10 | 2.05 | 9,644.40 | 8,827.40 | 9.26 | | Interest | 90.70 | 75.70 | 19.82 | 173.70 | 135.50 | 28.19 | 282.90 | 171.10 | 65.34 | | PBDT | 2,243.10 | 2,308.30 | -2.82 | 4,624.00 | 4,565.60 | 1.28 | 9,361.50 | 8,656.30 | 8.15 | | Depreciation | 504.6 | 397 | 27.10 | 980.7 | 777.6 | 26.12 | 1703.7 | 1470 | 15.90 | | PBT | 1,738.50 | 1,911.30 | -9.04 | 3643.3 | 3788 | -3.82 | 7657.8 | 7186.3 | 6.56 | | Share of Profit/(Loss) from Associates | 6.3 | 6.1 | 3.28 | 6.5 | 12 | -45.83 | 21.7 | 14.7 | 47.62 | | PBT before EO | 1744.8 | 1917.4 | -9.00 | 3649.8 | 3800 | -3.95 | 7679.5 | 7201 | 6.64 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 1744.8 | 1917.4 | -9.00 | 3649.8 | 3800 | -3.95 | 7679.5 | 7201 | 6.64 | | Taxation | 408 | 575.5 | -29.11 | 903.1 | 1065.7 | -15.26 | 1954.3 | 1623.1 | 20.41 | | PAT | 1336.8 | 1341.9 | -0.38 | 2746.7 | 2734.3 | 0.45 | 5725.2 | 5577.9 | 2.64 | | Minority Interest (MI) | -10.3 | 86.2 | LP | -18.5 | 86.2 | LP | 70.1 | 0 | - | | Net profit | 1347.1 | 1255.7 | 7.28 | 2765.2 | 2648.1 | 4.42 | 5655.1 | 5577.9 | 1.38 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1347.1 | 1255.7 | 7.28 | 2765.2 | 2648.1 | 4.42 | 5655.1 | 5577.9 | 1.38 | | EPS (Rs)* | 16.14 | 15.05 | 7.28 | 33.13 | 31.73 | 4.42 | 67.76 | 66.83 | 1.38 | | | * EPS is on current equity of Rs 83.46 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Dr Reddys Laboratories : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202509 | 202409 | Var.(%) | % of (Total) | 202509 | 202409 | Var.(%) | % of (Total) | 202503 | 202403 | Var.(%) |
|---|
| Sales | | Pharmaceutical Services | 13.36 | 1,207.90 | 1,119.00 | 7.94 | 12.36 | 2,195.30 | 2,166.20 | 1.34 | 12.91 | 4,323.50 | 4,058.00 | 6.54 | | Global Generics | 86.53 | 7,823.50 | 7,163.60 | 9.21 | 86.66 | 15,396.70 | 14,056.50 | 9.53 | 86.45 | 28,955.20 | 24,545.30 | 17.97 | | Proprietary Products | 0.00 | 0.00 | 0.00 | - | | Others | 0.11 | 10.30 | 17.90 | -42.46 | 0.98 | 174.60 | 39.10 | 346.55 | 0.64 | 213.70 | 391.00 | -45.35 | | Total Reported Sales | 100.00 | 9,041.70 | 8,300.50 | 8.93 | 100.00 | 17,766.60 | 16,261.80 | 9.25 | 100.00 | 33,492.40 | 28,994.30 | 15.51 | | Less: Inter segment revenues | | 213.40 | 262.30 | -18.64 | | 366.20 | 527.50 | -30.58 | | 938.90 | 1,077.90 | -12.90 | | Net Sales | 100.00 | 8,828.30 | 8,038.20 | 9.83 | 100.00 | 17,400.40 | 15,734.30 | 10.59 | 100.00 | 32,553.50 | 27,916.40 | 16.61 | | PBIT | | Pharmaceutical Services | 3.54 | 170.60 | 252.10 | -32.33 | 2.89 | 279.30 | 429.30 | -34.94 | 4.81 | 915.70 | 691.90 | 32.35 | | Global Generics | 96.45 | 4,643.10 | 4,516.20 | 2.81 | 95.60 | 9,251.70 | 8,968.00 | 3.16 | 94.32 | 17,960.60 | 15,426.80 | 16.42 | | Proprietary Products | 0.00 | 0.00 | 0.00 | - | | Others | 0.01 | 0.50 | 8.90 | -94.38 | 1.51 | 146.40 | 14.70 | 895.92 | 0.87 | 166.50 | 242.00 | -31.20 | | Total PBIT | 100.00 | 4,814.20 | 4,777.20 | 0.77 | 100.00 | 9,677.40 | 9,412.00 | 2.82 | 100.00 | 19,042.80 | 16,360.70 | 16.39 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -3,069.40 | -2,859.80 | -7.33 | | -6,027.60 | -5,612.00 | -7.41 | | -11,364.40 | -9,173.70 | -23.88 | | PBIT Margin(%) | | Pharmaceutical Services | | 14.12 | 22.53 | -840.54 | | 12.72 | 19.82 | -709.55 | | 21.18 | 17.05 | 412.93 | | Global Generics | | 59.35 | 63.04 | -369.56 | | 60.09 | 63.80 | -371.08 | | 62.03 | 62.85 | -82.14 | | Proprietary Products | | 0.00 | 0.00 | 0.00 | | Others | | 4.85 | 49.72 | -4,486.63 | | 83.85 | 37.60 | 4,625.29 | | 77.91 | 61.89 | 1,602.04 | | PBT | 100.00 | 1,744.80 | 1,917.40 | -9.00 | 100.00 | 3,649.80 | 3,800.00 | -3.95 | 100.00 | 7,678.40 | 7,187.00 | 6.84 |
|
|