Exhibit 99.4

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 – Standalone Financial Results

Review Report to

The Board of Directors

Dr. Reddy’s Laboratories Limited

1. We have reviewed the accompanying statement of unaudited standalone Ind AS financial results of Dr. Reddy’s Laboratories Limited (the ‘Company’) 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 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, prepared in accordance with the recognition and measurement principles laid down in the applicable Indian Accounting Standards (‘Ind AS’) 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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 SEPTEMBER 2018

		All amounts in Indian Rupees millions
Sl.		Quarter ended									Half year ended						Year ended
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		25,725			25,821			22,380			51,546			43,101			92,468
	b) License fees and service income		436			218			82			654			146			558
	c) Other operating income		149			137			81			286			193			567
	Total revenue from operations		26,310			26,176			22,543			52,486			43,440			93,593
2	Other income		748			349			404			829			892			2,040
	Total income (1 + 2)		27,058			26,525			22,947			53,315			44,332			95,633
3	Expenses
	a) Cost of materials consumed		4,799			5,539			4,471			10,338			9,402			20,110
	b) Purchase of stock-in-trade		1,935			1,811			1,696			3,746			2,884			6,716
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		327			(479	)		450			(152	)		58			(516	)
	d) Employee benefits expense		5,030			4,670			4,525			9,700			9,030			18,430
	e) Depreciation and amortisation expense		1,908			1,921			1,948			3,829			3,858			7,741
	f) Finance costs		158			165			190			323			354			628
	g) Selling and other expenses		8,573			8,887			8,265			17,192			17,446			35,554
	Total expenses		22,730			22,514			21,545			44,976			43,032			88,663
4	Profit  before tax (1 + 2 - 3)		4,328			4,011			1,402			8,339			1,300			6,970
5	Tax expense
	a) Current tax		942			785			326			1,727			326			1,381
	b) Deferred tax		(76	)		(63	)		69			(139	)		40			(80	)
6	Net profit for the period / year (4 - 5)		3,462			3,289			1,007			6,751			934			5,669
7	Other comprehensive income
	a)     (i) Items that will not be reclassified to profit or loss		8			1			(3	)		9			(5	)		43
	(ii) Income tax relating to items that will not be reclassified to profit or loss		(3	)		-			-			(3	)		-			(16	)
	b)     (i) Items that will be reclassified to profit or loss		(327	)		(302	)		(142	)		(629	)		(32	)		(133	)
	(ii) Income tax relating to items that will be reclassified to profit or loss		114			106			49			220			11			46
	Total other comprehensive income		(208	)		(195	)		(96	)		(403	)		(26	)		(60	)
8	Total comprehensive income (6 + 7)		3,254			3,094			911			6,348			908			5,609
9	Paid-up equity share capital (face value Rs. 5/- each)		830			830			829			830			829			830
10	Other equity																	117,248
11	Earnings per equity share (face value Rs. 5/- each)
	Basic		20.86			19.82			6.07			40.67			5.63			34.19
	Diluted		20.83			19.80			6.06			40.62			5.62			34.12
			(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
Sl.			Quarter ended									Half year ended						Year ended
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			6,548			5,652			6,189			12,200			10,868			22,741
	b) Global Generics			21,294			21,979			17,774			43,273			35,153			76,150
	c) Proprietary Products			96			31			29			127			56			109
	Total			27,938			27,662			23,992			55,600			46,077			99,000
	Less: Inter-segment revenue			1,628			1,486			1,449			3,114			2,637			5,407
	Total revenue from operations			26,310			26,176			22,543			52,486			43,440			93,593
2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients			968			(74	)		209			894			(442	)		(3	)
	b) Global Generics			6,690			6,683			3,046			13,373			4,646			11,956
	c) Proprietary Products			(609	)		(629	)		(876	)		(1,238	)		(1,922	)		(3,464	)
	Total			7,049			5,980			2,379			13,029			2,282			8,489
	Less: (i) Finance costs			158			165			190			323			354			628
	(ii) Other un-allocable expenditure / (income), net			2,563			1,804			787			4,367			628			891
	Total profit before tax			4,328			4,011			1,402			8,339			1,300			6,970

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	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		38,827	39,790
	Capital work-in-progress		6,521	6,750
	Goodwill		323	323
	Other intangible assets		6,916	7,060
	Financial assets
	Investments		18,875	19,537
	Trade receivables		182	169
	Loans		367	1,991
	Other financial assets		449	437
	Deferred tax assets, net		1,287	931
	Tax assets, net		2,321	3,518
	Other non-current assets		115	112
	Total non-current assets		76,183	80,618
	Current assets
	Inventories		19,733	18,568
	Financial assets
	Investments		14,075	16,828
	Trade receivables		48,986	42,038
	Cash and cash equivalents		1,669	1,207
	Other financial assets		660	526
	Other current assets		9,877	11,218
	Total current assets without disposal group		95,000	90,385
	Assets of disposal group held for sale		829	-
	Total current assets		95,829	90,385
	TOTAL ASSETS		172,012	171,003
	EQUITY AND LIABILITIES
	Equity
	Equity share capital		830	830
	Other equity		119,694	117,248
	Total Equity		120,524	118,078
	Liabilities
	Non-current liabilities
	Financial liabilities
	Borrowings		5,430	4,880
	Provisions		488	533
	Other non-current liabilities		261	313
	Total non-current liabilities		6,179	5,726
	Current liabilities
	Financial liabilities
	Borrowings		20,225	21,008
	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		9,882	10,517
	Other financial liabilities		10,867	11,471
	Provisions		1,792	1,734
	Other current liabilities		2,417	2,376
	Total current liabilities without disposal group		45,232	47,199
	Liabilities of disposal group held for sale		77	-
	Total current liabilities		45,309	47,199
	TOTAL EQUITY AND LIABILITIES		172,012	171,003

6 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 balance sheet.

7 The unaudited results were 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 ended 30 September 2018 presented were subjected to a “Limited review” by the Statutory Auditors of the Company. An unqualified report was issued by them thereon.

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