Exhibit 99.3

S.r. Batliboi & Associates llp Chartered Accountants Oval Office, 18, iLabs Centre
Hitech City, Madhapur
Hyderabad - 500 081, India Tel : +91 40 6736 2000
Fax : +91 40 6736 2200

Limited Review Report – Consolidated Financial Results

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

1. We have reviewed the accompanying statement of unaudited consolidated Ind AS financial results of Dr. Reddy’s Laboratories Limited Group comprising Dr. Reddy’s Laboratories Limited (the ‘Company’) comprising its subsidiaries (together referred to as ‘the Group’), and its joint ventures, for the quarter ended September 30, 2018 and year to date from April 01, 2018 to September 30, 2018 (the “Statement”) attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘the Regulation’), read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016 (‘the Circular’).

2. The preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) “Interim Financial Reporting” prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of Companies (Indian Accounting Standards) Rules, 2015, as amended, read with the Circular is the responsibility of the Company's management and has been approved by the Board of Directors of the Company. Our responsibility is to issue express a conclusion on the Statement based on our review.

3. We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited consolidated Ind AS financial results prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards specified under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of the Regulation, read with the Circular, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For S.R. BATLIBOI & ASSOCIATES LLP

Chartered Accountants

ICAI Firm registration number: 101049W/E300004

/s/  S Balasubrahmanyam per S Balasubrahmanyam Partner Membership No.: 053315   Place: Hyderabad Date: October 26, 2018

S.R. Batliboi & Associates LLP, a Limited Liability Partnership with LLP Identity No. AAB-4295
Regd. Office : 22, Camac Street, Block ‘C’, 3rd Floor, Kolkata-700 016

DR. REDDY'S LABORATORIES LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2018

 All amounts in Indian Rupees millions 

		Quarter ended									Half year ended						Year ended
SI. No.	Particulars	30.09.2018			30.06.2018			30.09.2017			30.09.2018			30.09.2017			31.03.2018
		(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
1	Revenue from operations
	a) Net sales / income from operations		36,866			36,507			34,905			73,373			67,394			138,022
	b) License fees and service income		1,112			700			555			1,812			1,225			4,006
	c) Other operating income		197			158			138			355			311			782
	Total revenue from operations		38,175			37,365			35,598			75,540			68,930			142,810
2	Other income		1,282			504			316			1,786			696			1,552
3	Total income (1 + 2)		39,457			37,869			35,914			77,326			69,626			144,362
4	Expenses
	a) Cost of materials consumed		6,786			7,394			6,078			14,180			12,626			26,309
	b) Purchase of stock-in-trade		4,567			4,430			3,308			8,997			6,107			14,501
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(836	)		(1,775	)		983			(2,611	)		1,228			(415	)
	d) Employee benefits expense		8,722			8,371			7,890			17,093			15,963			32,149
	e) Depreciation and amortisation expense		2,786			2,787			2,702			5,573			5,294			10,772
	f) Finance costs		208			195			223			403			438			788
	g) Selling and other expenses		11,343			11,257			10,645			22,600			23,080			46,754
	Total expenses		33,576			32,659			31,829			66,235			64,736			130,858
5	Profit before tax (3 - 4)		5,881			5,210			4,085			11,091			4,890			13,504
6	Tax expense:
	a) Current tax		1,288			1,396			615			2,684			916			1,753
	b) Deferred tax		(481	)		(864	)		508			(1,345	)		444			2,627
7	Net profit for the period before share of profit of equity accounted investees (5 - 6)		5,074			4,678			2,962			9,752			3,530			9,124
8	Share of profit of equity accounted investees, net of tax		109			83			92			192			190			344
9	Net profit after taxes and share of profit of associates (7 + 8)		5,183			4,761			3,054			9,944			3,720			9,468
10	Other comprehensive income
	a) (i) Items that will not be reclassified subsequently to profit or loss		66			(515	)		(680	)		(449	)		(2,274	)		(3,710	)
	(ii) Income tax relating to items that will not be reclassified subsequently to profit or loss		(16	)		140			165			124			544			874
						-
	b) (i) Items that will be reclassified subsequently to profit or loss		(60	)		(346	)		(126	)		(406	)		(106	)		(23	)
	(ii) Income tax relating to items that will be reclassified subsequently to profit or loss		113			118			46			231			(12	)		23
	Total other comprehensive income		103			(603	)		(595	)		(500	)		(1,848	)		(2,836	)
11	Total comprehensive income (9 + 10)		5,286			4,158			2,459			9,444			1,872			6,632
12	Paid-up equity share capital (face value Rs. 5/- each)		830			830			829			830			829			830
13	Other equity																	124,886
14	Earnings per equity share (face value Rs.5/- each)
	Basic		31.22			28.69			18.42			59.91			22.44			57.08
	Diluted		31.18			28.66			18.39			59.83			22.39			56.96
			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)			(Not annualised)

See accompanying notes to the financial results

Segment Information  All amounts in Indian Rupees millions

		Quarter ended						Half year ended				Year ended
Sl. No.	Particulars	30.09.2018		30.06.2018		30.09.2017		30.09.2018		30.09.2017		31.03.2018
		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Unaudited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Pharmaceutical Services and Active Ingredients		7,787		7,020		7,210		14,807		13,182		27,930
	b) Global Generics		30,609		30,663		28,672		61,272		56,154		114,282
	c) Proprietary Products		772		730		728		1,502		1,267		4,250
	d) Others		635		438		444		1,073		1,022		1,840
	Total		39,803		38,851		37,054		78,654		71,625		148,302
	Less: Inter-segment revenue		1,628		1,486		1,456		3,114		2,695		5,492
	Total revenue from operations		38,175		37,365		35,598		75,540		68,930		142,810
2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		1,705		1,192		1,125		2,897		1,658		4,477
	b) Global Generics		18,111		18,756		16,936		36,867		32,772		67,190
	c) Proprietary Products		653		594		633		1,247		1,051		3,799
	d) Others		436		193		225		629		535		869
	Total		20,905		20,735		18,919		41,640		36,016		76,335
	Less: Selling and other un-allocable expenditure / (income), net		15,024		15,525		14,834		30,549		31,126		62,831
	Total profit before tax		5,881		5,210		4,085		11,091		4,890		13,504

Global Generics includes operations of Biologics business. Inter-segment revenue represents sale from Pharmaceutical Services and Active Ingredients to Global Generics at cost.

Segmental Capital employed 

As certain assets of the Company including manufacturing facilities, development facilities and treasury assets and liabilities are often deployed interchangeably across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table. 

Notes:

1	These results have been prepared in accordance with the Ind AS notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended.
2	Post implementation of Goods and Services Tax (“GST”) in India with effect from 1 July 2017, revenues are disclosed net of GST. Revenues for the period prior to 1 July 2017 included excise duty which is now subsumed in the GST. Accordingly, revenues for the half year ended 30 September 2017 and year ended 31 March 2018 are not comparable with those of the other periods presented.
3	The Company received a warning letter, dated 5 November 2015 from the U.S. FDA, regarding deviations with current Good Manufacturing Practices at its API manufacturing facilities in Srikakulam, Andhra Pradesh and Miryalaguda, Telangana, as well as regarding violations at its oncology formulation manufacturing facility at Duvvada, Visakhapatnam, Andhra Pradesh. The Company submitted its response to the warning letter on 7 December 2015. The Company has provided an update to the U.S. FDA on the progress of remediation in January 2016, March 2016, May 2016 and August 2016. The U.S. FDA completed the reinspection of the aforementioned facilities in March and April 2017. The Company has responded to the observations identified by the U.S. FDA. The Company received Establishment Inspection report ("EIR") from the U.S. FDA for API manufacturing facility at Miryalaguda in June 2017 which indicates that the audit is closed. With regard to the Oncology manufacturing facility at Duvvada and API manufacturing facility at Srikakulam, the Company received EIRs from the U.S. FDA in November 2017 and February 2018, respectively, which indicates that the status remains unchanged. In June 2018, the Company requested the U.S. FDA to schedule an inspection of the oncology formulation manufacturing facility at Duvvada. As on 26 October 2018, the facility is undergoing inspection by the U.S. FDA. With respect to API manufacturing facility at Srikakulam, the Company was asked to carry out certain detailed investigations and analyses. In response, the Company submitted the results of the investigations and analyses in October 2018. As part of the review of the response by the U.S. FDA, certain additional follow on queries have been received by the Company. The Company is in the process of responding to these queries.
4	Ind AS 115, Revenue from Contracts with Customers, mandatory for reporting periods beginning on or after 1 April 2018, replaces existing revenue recognition requirements. Under the modified retrospective approach, there were no significant adjustments required to the retained earnings as at 1 April 2018. Also, the application of Ind AS 115 did not have any significant impact on recognition and measurement of revenue and related items in the financial results of the Company.
5	On 15 October 2018, the Company entered into a definitive agreement for the sale of its API manufacturing business unit located in Jeedimetla, Hyderabad, to Therapiva Private Limited, Hyderabad. This divestiture is being done by way of slump sale and includes all related property, plant and equipment, current assets, current liabilities, and its employees. Accordingly, the carrying value of all the assets and liabilities forming part of this divestiture was disclosed as disposal group in the consolidated balance sheet.
6	Other income includes gain of Rs.460 million on account of sale of rights relating to an intangible asset forming part of Company’s Proprietary Products Segment and sale of membership interest in Dr. Reddy’s Laboratories Tennessee, LLC.
7	The unaudited results have been reviewed by the Audit Committee of the Board and approved by the Board of Directors of the Company at their meeting held on 26 October 2018.
8	The results for the quarter and half year ended 30 September 2018 were subject to a "Limited Review" by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon.

 9 Consolidated Balance Sheet  All amounts in Indian Rupees millions

	As at		As at
Particulars	30.09.2018		31.03.2018
	(Unaudited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment		48,714		49,733
Capital work-in-progress		7,610		7,678
Goodwill		5,510		5,331
Other intangible assets		19,593		14,616
Intangible assets under development		24,999		27,027
Investment in joint ventures		2,329		2,104
Financial assets
Investments		1,452		2,549
Trade receivables		182		169
Other financial assets		860		756
Deferred tax assets, net		5,680		5,405
Tax assets, net		3,281		4,567
Other non-current assets		541		524
Total non-current assets		120,751		120,459
Current assets
Inventories		32,490		29,089
Financial assets
Investments		15,605		18,330
Trade receivables		46,135		40,527
Derivative instruments		347		105
Cash and cash equivalents		3,780		2,638
Other financial assets		1,726		1,533
Other current assets		11,390		12,762
Total current assets without disposal group		111,473		104,984
Assets of disposal group held for sale		829		-
Total current assets		112,302		104,984
TOTAL ASSETS		233,053		225,443
EQUITY AND LIABILITIES
Equity
Equity share capital		830		830
Other equity		130,427		124,886
Total equity		131,257		125,716
Liabilities
Non-current liabilities
Financial liabilities
Borrowings		27,597		25,089
Other financial liabilities		109		144
Provisions		731		817
Deferred tax liabilities, net		429		1,950
Other non-current liabilities		2,362		2,789
Total non-current liabilities		31,228		30,789
Current liabilities
Financial liabilities
Borrowings		27,863		25,562
Trade payables
Total outstanding dues of micro enterprises and small enterprises		49		93
Total outstanding dues of creditors other than micro enterprises and small enterprises		12,854		13,252
Derivative instruments		690		85
Other financial liabilities		18,668		19,497
Liabilities for current tax, net		1,084		1,530
Provisions		4,472		4,387
Other current liabilities		4,811		4,532
Total current liabilities without disposal group		70,491		68,938
Liabilities of disposal group held for sale		77		-
Total current liabilities		70,568		68,938
TOTAL EQUITY AND LIABILITIES		233,053		225,443

	By order of the Board
	For Dr. Reddy's Laboratories Limited
Place: Hyderabad	G V Prasad
Date: 26 October 2018	Co-Chairman & Chief Executive Officer