Dr. Reddy’s Q3 & 9M FY24 Financial Results

HYDERABAD, India--(BUSINESS WIRE)-- Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and nine months ended December 31, 2023. The information mentioned in this release is based on consolidated financial statements under International Financial Reporting Standards (IFRS).

    Q3FY24   9MFY24
         
Revenues   Rs. 72,148 Mn
[Up: 7% YoY; Up: 5% QoQ]
  Rs. 208,334 Mn
[Up: 14% YoY; Up]
         
Gross Margin   58.5%
[Q3FY23: 59.2%; Q2FY24: 58.7%]
  58.6%
[9M FY23: 56.5%]
         
SG&A Expenses   Rs. 20,228 Mn
[Up: 12% YoY; 8% QoQ]
  Rs. 56,725 Mn
[Up: 13% YoY]
         
R&D Expenses   Rs. 5,565 Mn
[7.7% of Revenues]
  Rs. 15,996 Mn
[7.7% of Revenues]
         
EBITDA   Rs. 21,107 Mn
[29.3% of Revenues]
  Rs. 64,278 Mn
[30.9% of Revenues]
         
Profit before Tax   Rs. 18,257 Mn
[Up: 12% YoY; Down: 5% QoQ]
  Rs. 55,854 Mn
[Up: 19% YoY]
         
Profit after Tax   Rs. 13,789 Mn
[Up: 11% YoY; Down: 7% QoQ]
  Rs. 42,614 Mn
[Up: 20% YoY]

Commenting on the results, Co-Chairman & MD, G V Prasad said: We delivered another quarter of highest-ever sales and robust financial performance aided by new products performance and base business market share gain in the U.S., new products launch momentum and strong performance in Europe. We continue to strengthen our core businesses and invest in innovative products including strategic collaborations for novel molecules to meet unmet needs of patients.

All amounts in millions, except EPS
All US dollar amounts based on convenience translation rate of 1 USD = Rs. 83.19

Dr. Reddy’s Laboratories Limited & Subsidiaries

Revenue Mix by Segment [Q3FY24]

Particulars  

Q3FY24

 

Q3FY23

 

YoY

 

Q2FY24

 

QoQ

 

(Rs.)

 

(Rs.)

 

Gr %

 

(Rs.)

 

Gr%

Global Generics

 

63,095

 

59,241

 

7%

 

61,084

 

3%

North America

 

33,492

 

30,567

 

9%

 

31,700

 

5%

Europe

 

4,970

 

4,303

 

15%

 

5,286

 

-6%

India

 

11,800

 

11,274

 

5%

 

11,860

 

-1%

Emerging Markets

 

12,833

 

13,097

 

-2%

 

12,163

 

6%

Pharmaceutical Services and Active Ingredients (PSAI)

 

7,839

 

7,758

 

1%

 

7,034

 

11%

Others

 

1,214

 

701

 

73%

 

684

 

78%

Total

 

72,148

 

67,700

 

7%

 

68,802

 

5%

Revenue Mix by Segment [9M FY24]

Particulars

 

9MFY24

 

9MFY23

 

YoY

 

(Rs.)

 

(Rs.)

 

Gr%

Global Generics

 

184,262

 

159,511

 

16%

North America

 

97,245

 

76,383

 

27%

Europe

 

15,326

 

12,644

 

21%

India

 

35,141

 

36,113^

 

-3%

Emerging Markets

 

36,550

 

34,371

 

6%

Pharmaceutical Services and Active Ingredients (PSAI)

 

21,582

 

21,282

 

1%

Others

 

2,490

 

2,119

 

18%

Total

 

208,334

 

182,911

 

14%

^ includes divestment income in India in Q1FY23, excluding which India YoY growth is at 4% and total company growth is at 15%

Consolidated Income Statement [Q3FY24]

Particulars

 

Q3FY24

 

Q3FY23

 

YoY

 

Q2FY24

 

QoQ

 

($)

 

(Rs.)

 

($)

 

(Rs.)

 

Gr %

 

($)

 

(Rs.)

 

Gr%

Revenues

 

867

 

72,148

 

814

 

67,700

 

7

 

827

 

68,802

 

5

Cost of Revenues

 

360

 

29,945

 

332

 

27,607

 

8

 

342

 

28,434

 

5

Gross Profit

 

507

 

42,203

 

482

 

40,093

 

5

 

485

 

40,368

 

5

% of revenues

     

58.5%

     

59.2%

         

58.7%

   

Operating Expenses

                               

Selling, General & Administrative expenses

 

243

 

20,228

 

216

 

17,981

 

12

 

226

 

18,795

 

8

% of revenues

     

28.0%

     

26.6%

         

27.3%

   

Research & Development expenses

 

67

 

5,565

 

58

 

4,821

 

15

 

65

 

5,447

 

2

% of revenues

     

7.7%

     

7.1%

         

7.9%

   

Impairment of non-current assets

 

1

 

110

 

2

 

134

 

(18)

 

1

 

55

 

100

Other operating (income)/expense

 

(12)

 

(967)

 

9

 

732

 

(232)

 

(22)

 

(1796)

 

(46)

Results from operating activities

 

208

 

17,267

 

197

 

16,425

 

5

 

215

 

17,867

 

(3)

Net finance (income)/expense

 

(12)

 

(963)

 

2

 

139

 

(793)

 

(15)

 

(1225)

 

(21)

Share of profit of equity accounted investees, net of tax

 

(0)

 

(27)

 

(1)

 

(60)

 

(55)

 

(1)

 

(42)

 

(36)

Profit before income tax

 

219

 

18,257

 

196

 

16,346

 

12

 

230

 

19,134

 

(5)

% of revenues

     

25.3%

     

24.1%

         

27.8%

   

Income tax expense

 

54

 

4,468

 

47

 

3875

 

15

 

52

 

4,334

 

3

Profit for the period

 

166

 

13,789

 

150

 

12,471

 

11

 

178

 

14,800

 

(7)

% of revenues

     

19.1%

     

18.4%

         

21.5%

   
 

Diluted Earnings Per Share (EPS)

 

0.99

 

82.68

 

0.90

 

74.95

 

10

 

1.07

 

88.78

 

(7)

EBITDA Computation [Q3FY24]

     

*Includes income from Investments

Particulars

 

Q3FY24

 

Q3FY23

 

Q2FY24

 

($)

 

(Rs.)

 

($)

 

(Rs.)

 

($)

 

(Rs.)

Profit before Income Tax

 

219

 

18,257

 

196

 

16,346

 

230

 

19,134

Interest (income) / expense - Net*

 

(12)

 

(1,030)

 

(1)

 

(93)

 

(14)

 

(1,166)

Depreciation

 

29

 

2,437

 

27

 

2,245

 

29

 

2,437

Amortization

 

16

 

1,333

 

12

 

1,026

 

16

 

1,353

Impairment

 

1

 

110

 

2

 

134

 

1

 

55

EBITDA

 

254

 

21,107

 

236

 

19,658

 

262

 

21,813

% of revenues

     

29.3%

     

29.0%

     

31.7%

Consolidated Income Statement [9MFY24]

Particulars

 

9MFY24

 

9MFY23

  YoY
 

($)

 

(Rs.)

 

($)

 

(Rs.)

  Gr %

Revenues

 

2,504

 

208,334

 

2,199

 

182,911

 

14

Cost of Revenues

 

1,036

 

86,210

 

956

 

79,565

 

8

Gross Profit

 

1,468

 

122,124

 

1,242

 

103,346

 

18

% of revenues

     

58.6%

     

56.5%

   

Operating Expenses

                   

Selling, General & Administrative expenses

 

682

 

56,725

 

601

 

50,034

 

13

% of revenues

     

27.2%

     

27.4%

   

Research & Development expenses

 

192

 

15,996

 

168

 

14,015

 

14

% of revenues

     

7.7%

     

7.7%

   

Impairment of non-current assets

 

2

 

176

 

2

 

159

 

11

Other operating (income)/expense

 

(43)

 

(3,543)

 

(68)

 

(5,626)

 

(37)

Results from operating activities

 

634

 

52,770

 

538

 

44,764

 

18

Net finance (income)/expense

 

(36)

 

(2,972)

 

(25)

 

(2,054)

 

45

Share of profit of equity accounted investees

 

(1)

 

(112)

 

(4)

 

(294)

 

(62)

Profit before income tax

 

671

 

55,854

 

566

 

47,112

 

19

% of revenues

     

26.8%

     

25.8%

   

Income tax expense

 

159

 

13,240

 

140

 

11,637

 

14

Profit for the period

 

512

 

42,614

 

426

 

35,475

 

20

% of revenues

     

20.5%

     

19.4%

   

Diluted Earnings Per Share (EPS)

 

3.07

 

255.68

 

2.56

 

213.24

 

20

EBITDA Computation [9MFY24]

 

*Includes income from Investments

Particulars

 

9MFY24

 

9MFY23

 

($)

 

(Rs.)

 

($)

 

(Rs.)

Profit before Income Tax

 

671

 

55,854

 

566

 

47,112

Interest (income) / expense - Net*

 

-35

 

-2,881

 

1

 

52

Depreciation

 

86

 

7,155

 

77

 

6,402

Amortization

 

48

 

3,974

 

37

 

3,045

Impairment

 

2

 

176

 

2

 

159

EBITDA

 

773

 

64,278

 

682

 

56,769

% of revenues

     

30.9%

     

31.0%

Key Balance Sheet Items

           

Particulars

 

As on 31st Dec 2023

 

As on 30th Sep 2023

 

As on 31st Dec 2022

 

($)

 

(Rs.)

 

($)

 

(Rs.)

 

($)

 

(Rs.)

Cash and cash equivalents and other investments

 

922

 

76,665

 

839

 

69,784

 

603

 

50,164

Trade receivables

 

943

 

78,417

 

838

 

69,722

 

902

 

75,046

Inventories

 

731

 

60,796

 

680

 

56,592

 

593

 

49,326

Property, plant, and equipment

 

875

 

72,795

 

847

 

70,478

 

781

 

64,996

Goodwill and Other Intangible assets

 

495

 

41,192

 

496

 

41,278

 

426

 

35,401

Loans and borrowings (current & non-current)

 

239

 

19,851

 

159

 

13,230

 

212

 

17,663

Trade payables

 

374

 

31,113

 

366

 

30,485

 

313

 

26,023

Equity

 

3,220

 

267,850

 

3,042

 

253,086

 

2,648

 

220,273

Key Business Highlights [Q3FY24]

  • Acquired the MenoLabs branded portfolio of women’s health focused supplements in the U.S.
  • Exclusive collaboration with Coya Therapeutics for development and commercialization of COYA 302, an Investigational Combination Therapy for treatment of Amyotrophic Lateral Sclerosis (ALS)
  • Inspections completed by U.S. FDA at Bachupally facility. The response to the observations were submitted within stipulated timelines.
    • Product specific Pre-Approval Inspection (PAI) at biologics manufacturing facility in October 2023, post which a Form 483 with 9 observations was issued,
    • Routine cGMP inspection at formulations manufacturing facility (FTO-3) in October 2023, post which a Form 483 with 10 observations was issued and
    • GMP and Pre-Approval Inspection (PAI) at R&D unit in December 2023, post which a Form 483 with 3 observations was issued.

ESG & other Highlights [Q3FY24]

  • 1st Indian pharma company to be featured in the Dow Jones Sustainability World Index for 2023 and retaining our place in the Emerging Markets Index for the 8th year in a row.
  • Awarded ‘Gold Medal’ status by EcoVadis.
  • MSCI ESG ratings upgraded from BB to BBB
  • Awarded Golden Peacock awards for Corporate Social Responsibility, 2023 and Excellence in Corporate Governance, 2023
  • Received ICSI Corporate Social Responsibility Excellence award - 2023, in recognition of our contribution to society through our CSR initiatives.
  • 1st Indian pharma company to pledge towards a plantation initiative covering 2,900 hectares by 2028 as part of the World Economic Forum’s 1t.org.

Revenue Analysis [Q3FY24]

  • Q3FY24 consolidated revenue at Rs. 72.1 billion, YoY growth of 7% and QoQ growth of 5%. The YoY growth was primarily driven by market share gains for our existing products in North America and continuation of our growth journey in Europe.

Global Generics (GG)

  • Q3FY24 revenue at Rs. 63.1 billion, YoY growth of 7% and QoQ growth of 3%. YoY growth was primarily driven by increase in volumes of our base business, new product launches, partially offset by price erosion in certain markets. Sequential growth was driven by increase in volumes of our base business, offset partially due to price erosion in certain markets.

North America

  • Q3FY24 revenue at Rs. 33.5 billion, YoY growth of 9% and QoQ growth of 5%. YoY growth was on account of market share expansion in certain existing key products and revenues from new product launches, partly offset by price erosion. Sequential growth was driven by net increase in volumes of our base business.
  • During the quarter, we launched 4 new products in the region, of which 2 were launched in the U.S.
  • During the quarter, we filed 2 new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA). As of 31st December 2023, cumulatively 79 generic filings are pending for approval with the USFDA (75 ANDAs and 4 NDAs under 505(b)(2) route). Out of the pending 79 generic filings, 41 are Para IVs, and we believe 21 have ‘First to File’ status.

Europe

  • Q3FY24 revenue at Rs. 5.0 billion, YoY growth of 15% and QoQ decline of 6%. YoY growth was primarily on account of contribution from new product launches, improvement in base business volumes and favourable currency exchange rate movements, partly offset by price erosion. QoQ decline was primarily on account of price erosion in certain countries, partly offset by increase in volumes of our base business.
    • Germany at Rs. 2.7 billion, YoY growth of 21% and QoQ growth of 0.1%.
    • UK/OL at Rs. 1.4 billion, YoY growth of 9% and QoQ decline of 22%.
    • Rest of Europe at Rs. 0.9 billion, YoY growth of 11% and QoQ growth of 7%.
  • During the quarter, we launched 6 new products in the region.

India

  • Q3FY24 revenue at Rs. 11.8 billion, YoY growth of 5% and QoQ decline of 1%. YoY growth was largely attributable to revenues from new products launches while QoQ decline was largely on lower volumes in base business.
  • During the quarter, we launched 3 new brands in the country.

Emerging Markets

  • Q3FY24 revenue at Rs. 12.8 billion, YoY decline of 2% and QoQ growth of 6%. YoY decline is attributable to unfavorable forex movement, while QoQ growth was driven by volume gains for few existing products and partially offset by unfavorable currency exchange rate movements.
    • Revenue from Russia at Rs. 5.9 billion, YoY decline of 14% and QoQ growth of 2%.
      YoY decline was majorly due to unfavorable currency exchange rate movements & high base business.
      QoQ growth was largely on account of improved volumes and increase in certain brand prices, partially offset by unfavorable currency exchange rate movements.
    • Revenue from other CIS countries and Romania at Rs. 2.3 billion, YoY growth of 4% and QoQ growth of 7%.
      YoY growth was primarily on account of increase in price of certain brands, new product launches and favorable forex.
      QoQ growth was driven by increase in base business volumes and new launches.
    • Revenue from Rest of World (RoW) territories at Rs. 4.6 billion, YoY growth of 16% and QoQ growth of 10%.
      YoY growth was largely attributable to contribution from new products.
      QoQ growth was primarily driven by increase in base business volumes and new product launches.

Pharmaceutical Services and Active Ingredients (PSAI)

  • Q3FY24 revenue at Rs. 7.8 billion, with a growth of 1% YoY and 11% QoQ. YoY growth was mainly driven by revenues from new products, favourable forex, partially offset by price decline and low business volumes. QoQ growth was driven by improved volumes in base business and contributions from new product launches. Excluding revenue in base period from COVID-19 products, PSAI business grew in double-digit.
  • During the quarter, we filed 38 Drug Master Files (DMFs) globally.

Income Statement Highlights:

  • Q3FY24 gross margin at 58.5% (GG: 61.9%, PSAI: 29.4%). Gross margin decreased by ~73 bps YoY and 18 bps sequentially. The decline in margin was primarily driven by lower prices for certain products in generic markets, partly offset by improvement in product mix and productivity.
  • Selling, general & administrative (SG&A) expenses for Q3FY24 at Rs. 20.2 billion, YoY increase of 12% and by 8% QoQ. The YoY SG&A spend increase is largely on account of investments in sales & marketing activities, digitalization capabilities, and new business initiatives.
  • Research & development (R&D) expenses in Q3FY24 at Rs. 5.6 billion. As % to Revenues – Q3FY24: 7.7% | Q2FY24: 7.9% | Q3FY23: 7.1%. R&D investments are driven by ongoing clinical trials on differentiated assets, as well as other developmental efforts to build a healthy pipeline of new products across our markets for both small molecules and biosimilars.
  • Other operating income for Q3FY24 at Rs. 0.9 billion compared to other operating expenses of Rs. 0.7 billion in Q3FY23. Other operating income was largely on account of sale of non-current assets.
  • Net Finance income for Q3FY24 at Rs.0.9 billion compared to net finance expense of Rs. 0.1 billion in Q3FY23. The higher income was primarily on account of profit on sale of units of mutual funds and other investments.
  • Profit before Tax for Q3FY24 at Rs. 18.3 billion, YoY growth of 12%. QoQ decline of 5%.
  • Profit after Tax for Q3FY24 at Rs. 13.8 billion, YoY growth of 11%. QoQ decline of 7%. The effective tax rate for the quarter has been 24.5% as compared to 23.7% in Q3FY23. The higher tax rate is mainly due to increase in the proportion of the Company's profits coming from higher tax jurisdictions, partly offset by adoption of corporate tax rate under section 115BAA of the Income Tax Act of India.
  • Diluted earnings per share for Q3FY24 is Rs. 82.68

Other Highlights:

  • EBITDA for Q3FY24 at Rs. 21.1 billion and the EBITDA margin is 29.3%.
  • Operating Working Capital at Rs. 108.1 billion.
  • Capital expenditure for Q3FY24 at Rs. 3.1 billion.
  • Free cash-flow for Q3FY24 at Rs. 0.2 billion.
  • Net cash surplus at Rs. 59.1 billion as on December 31, 2023.
  • Debt to Equity is (0.21).
  • ROCE for the company is 37% (annualized).

About key metrics and non-GAAP Financial Measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical performance, financial position or cash flows that are adjusted to exclude or include amounts from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS. Our non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please refer to "Reconciliation of GAAP to Non-GAAP Results" table in this press release.

All amounts in millions, except EPS

Reconciliation of GAAP measures to non-GAAP measures

Free Cash Flow

Particulars

 

Three months ended Dec. 31, 2023

 

(Rs.)

Net cash generated from operating activities

 

10,762

Less:

   

Taxes

 

6027

Investments in PPE and Intangibles

 

4518

Free Cash Flow

 

217

Operating working capital

   

Particulars

 

As on 31st Dec 2023

 

(Rs.)

Inventories

 

60,796

Trade Receivables

 

78,417

Less:

   

Trade Payables

 

31,113

Operating Working Capital

 

108,100

Net cash surplus

   

Particulars

 

As on 31st Dec 2023

 

(Rs.)

Cash and cash equivalents

 

7,535

Investments

 

69,130

Short-term borrowings

 

(12,343)

Long-term borrowings, non-current

 

(6,152)

Less:

   

Restricted cash balance – Unclaimed dividend

 

122

Lease liabilities (included in Long-term borrowings, non-current)

 

(2,352)

Equity Investments (Included in Investments)

 

1328

Net Cash Surplus

 

59,072

Computation of Return on Capital Employed

Particulars

 

As on 31st Dec 2023

 

(Rs.)

Profit before tax

 

18,257

Less:

   

Interest and Investment Income (Excluding forex gain/loss)

 

1,030

Earnings Before Interest and taxes [A]

 

17,227

     

Average Capital Employed [B]

 

191,125

     

Annualized Return on Capital Employed (A/B) (Ratio)

 

37%

Computation of capital employed

Particulars

 

Year Ended

 

Dec 31, 2023

 

Mar 31, 2023

Property Plant and Equipment

 

72,795

 

66,462

Intangibles

 

36,905

 

30,849

Goodwill

 

4,287

 

4,245

Investment in equity accounted associates

 

4,218

 

4,702

Other Current Assets

 

23,512

 

20,069

Other investments

 

4,115

 

660

Other non-current assets

 

1,128

 

800

Inventories

 

60,796

 

48,670

Trade Receivables

 

78,417

 

72,485

Derivative Financial Instruments

 

-16

 

1,095

Less:

       

Other Liabilities

 

43,159

 

42,320

Provisions

 

5,394

 

5,513

Trade payables

 

31,113

 

26,444

Operating Capital Employed

 

206,491

 

175,760

Average Capital Employed

 

191,125

Computation of EBITDA

Refer page no. 3 & 4.

Earnings Call Details

The management of the Company will host an Earnings call to discuss the Company’s financial performance and answer any questions from the participants.

Date: January 30, 2024

Time: 19:30 pm IST | 10:00 am EDT

 
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Play Back: The play back will be available after the earnings call, till February 6th, 2024. For play back dial in phone No: +91 22 7194 5757, and Playback Code is 61003.

Transcript: Transcript of the Earnings call will be available on the Company’s website: www.drreddys.com

About Dr. Reddy’s: Dr. Reddy’s Laboratories Ltd. (BSE: 500124, NSE: DRREDDY, NYSE: RDY, NSEIFSC: DRREDDY) is a global pharmaceutical company headquartered in Hyderabad, India. Established in 1984, we are committed to providing access to affordable and innovative medicines. Driven by our purpose of ‘Good Health Can’t Wait’, we offer a portfolio of products and services including APIs, generics, branded generics, biosimilars and OTC. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Our major markets include – USA, India, Russia & CIS countries, China, Brazil, and Europe. As a company with a history of deep science that has led to several industry firsts, we continue to plan and invest in businesses of the future. As an early adopter of sustainability and ESG actions, we released our first Sustainability Report in 2004. Our current ESG goals aim to set the bar high in environmental stewardship; access and affordability for patients; diversity; and governance. For more information, log on to: www.drreddys.com.

Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management’s current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults , currency exchange rates , interest rates , persistency levels and frequency / severity of insured loss events (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization , including related integration issues, and (vi) the susceptibility of our industry and the markets addressed by our, and our customers’, products and services to economic downturns as a result of natural disasters, epidemics, pandemics or other widespread illness, including coronavirus (or COVID-19), and (vii) other risks and uncertainties identified in our public filings with the Securities and Exchange Commission, including those listed under the "Risk Factors" and "Forward-Looking Statements" sections of our Annual Report on Form 20-F for the year ended March 31, 2023. The company assumes no obligation to update any information contained herein.” The company assumes no obligation to update any information contained herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240131470785/en/

Contacts

INVESTOR RELATIONS
RICHA PERIWAL
richaperiwal@drreddys.com

AISHWARYA SITHARAM
aishwaryasitharam@drreddys.com

MEDIA RELATIONS
USHA IYER
ushaiyer@drreddys.com

Source: Dr. Reddy’s Laboratories Ltd.

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