Exhibit 99.1

	CONTACT
DR. REDDY'S LABORATORIES LTD.	Investor relationS	Media relationS
8-2-337, Road No. 3, Banjara Hills, Hyderabad - 500034. Telangana, India.	AMIT AGARWAL amita@drreddys.com	USHA IYER ushaiyer@drreddys.com

Dr. Reddy’s Q4 & FY22 Financial Results

Hyderabad, India, May 19, 2022: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the fourth quarter and full year ended March 31, 2022. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).

Q4 Performance Summary	FY22 Performance Summary
Rs. 5,437 Cr Revenue [Up: 15% YoY; 2% QoQ] 52.9% Gross Margin [Q4 FY21: 53.7%; Q3 FY22: 53.8%] Rs.1,567 Cr SGNA expenses [Up: 9% YoY; 2% QoQ] Rs. 433 Cr R&D expenses [8.0% of Revenues] Rs. 1,298 Cr EBITDA [23.9% of Revenues; Up: 15% YoY; 3% QoQ] Rs. 248 Cr* Profit before Tax [Down: 60% YoY; 74% QoQ] Rs. 88 Cr Profit after Tax [Down: 76% YoY; 88% QoQ]	Rs. 21,439 Cr Revenue [Up: 13% YoY] 53.1% Gross Margin [FY21: 54.3%] Rs. 6,208 Cr SGNA expenses [Up: 14% YoY] Rs. 1,748 Cr R&D expenses [8.2% of Revenues] Rs. 5,140 Cr EBITDA [24.0% of Revenues; Up: 8% YoY] Rs. 3,230 Cr* Profit before Tax [Up: 22% YoY] Rs. 2,357 Cr Profit after Tax [Up: 37% YoY]

* Excluding impairment of non-current assets and provision related to Texas litigation, Q4 FY 22 PBT is Rs. 1,098 cr (growth of 37%) and FY 22 PBT is Rs. 4,084 cr (growth of 17%)

Commenting on the results, Co-Chairman & MD, G V Prasad said: “We delivered healthy growth in revenue, though the profits were impacted by impairment charges. In spite of multiple external challenges, our core businesses performed well driven by an increase in market share, some strong launches and productivity improvement. We will continue to focus on growing our core businesses, invest in future growth drivers, and work towards greater integration of Sustainability in our businesses."

All amounts in millions, except EPS All US dollar amounts based on convenience
translation rate of I USD = Rs. 75.87

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

	Q4 FY22						Q4 FY21						YoY			Q3 FY22						QoQ
Particulars	($)			(Rs.)			($)			(Rs.)			Gr %			($)			(Rs.)			Gr%
Revenues		717			54,368			623			47,284			15			701			53,197			2
Cost of Revenues		338			25,625			289			21,909			17			324			24,585			4
Gross Profit		379			28,743			334			25,375			13			377			28,612			0
Operating Expenses
Selling, General & Administrative expenses		207			15,674			189			14,370			9			203			15,411			2
Research and Development expenses		57			4,326			54			4,094			6			55			4,159			4
Impairment of non-current assets		99			7,515			24			1,835			310			1			47
Other operating income		(4	)		(291	)		(8	)		(587	)		(50	)		(3	)		(240	)		21
Results from operating activities		20			1,519			75			5,663			(73	)		122			9,235			(84	)
Net finance income		(11	)		(859	)		(4	)		(318	)		170			(4	)		(289	)		197
Share of profit of equity accounted investees		(1	)		(105	)		(2	)		(179	)		(41	)		(2	)		(185	)		(43	)
Profit before income tax		33			2,483			81			6,160			(60	)		128			9,709			(74	)
Income tax expense		21			1,608			33			2,536			(37	)		35			2,644			(39	)
Profit for the period		12			875			48			3,624			(76	)		93			7,065			(88	)
Diluted Earnings Per Share (EPS)		0.07			5.26			0.29			21.80			(76	)		0.56			42.48			(88	)

As % to revenues	Q4 FY22		Q4 FY21		Q3 FY22
Gross Profit		52.9		53.7		53.8
SG&A		28.8		30.4		29.0
R&D		8.0		8.7		7.8
EBITDA		23.9		23.8		23.8
PBT		4.6		13.0		18.3
PAT		1.6		7.7		13.3

EBITDA Computation

	Q4 FY22				Q4 FY21				Q3 FY22
Particulars	($)		(Rs.)		($)		(Rs.)		($)			(Rs.)
Profit before Income Tax		33		2,483		81		6,160		128			9,709
Interest (income) / expense (net)*		0		24		1		75		(1	)		(72	)
Depreciation		27		2,039		28		2,089		27			2,066
Amortization		12		920		14		1,080		12			910
Impairment		99		7,515		24		1,836		1			47
EBITDA		171		12,980		148		11,239		167			12,659

* Includes income from Investments

All amounts in millions, except EPS All US dollar amounts based on convenience
translation rate of I USD = Rs. 75.87

Revenue Mix by Segment

	Q4 FY22		Q4 FY21		YoY			Q3 FY22		QoQ
Segment	(Rs.)		(Rs.)		Gr %			(Rs.)		Gr %
Global Generics		46,118		38,737		19			44,508		4
North America		19,971		17,491		14			18,645		7
Europe		4,444		3,956		12			4,058		10
India		9,689		8,445		15			10,266		(6	)
Emerging Markets		12,013		8,845		36			11,539		4
Pharmaceutical Services and Active Ingredients (PSAI)		7,557		7,915		(5	)		7,271		4
Proprietary Products & Others		693		632		10			1,418		(51	)
Total		54,368		47,284		15			53,197		2

All amounts in millions, except EPS All US dollar amounts based on convenience
translation rate of I USD = Rs. 75.87

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

	FY22									FY21									Gr
Particulars	($)			(Rs.)			%			($)			(Rs.)			%			%
Revenue		2,826			2,14,391			100.0			2,501			1,89,722			100.0			13
Cost of revenues		1,325			1,00,551			46.9			1,142			86,645			45.7			16
Gross profit		1,500			1,13,840			53.1			1,359			1,03,077			54.3			10
Operating Expenses
Selling, General & Administrative expenses		818			62,081			29.0			720			54,650			28.8			14
Research and Development expenses		230			17,482			8.2			218			16,541			8.7			6
Impairment of non-current assets		100			7,562			3.5			113			8,588			4.5			(12	)
Other operating income		(36	)		(2,761	)		(1.3	)		(13	)		(982	)		(0.5	)		181
Results from operating activities		389			29,476			13.7			320			24,280			12.8			21
Net finance income		(28	)		(2,119	)		(1.0	)		(22	)		(1,653	)		(0.9	)		28
Share of profit of equity accounted investees		(9	)		(703	)		(0.3	)		(6	)		(480	)		(0.3	)		46
Profit before income tax		426			32,298			15.1			348			26,413			13.9			22
Income tax expense		115			8,730			4.1			121			9,175			4.8			(5	)
Profit for the period		311			23,568			11.0			227			17,238			9.1			37
Diluted EPS		1.87			141.69						1.37			103.65						37

EBITDA Computation

	FY22				FY21
Particulars	($)		(Rs.)		($)		(Rs.)
Profit before Income Tax		426		32,298		348		26,413
Interest income (net)*		-4		-284		-5		-412
Depreciation		107		8,152		112		8,527
Amortization		48		3,672		56		4,269
Impairment		100		7,562		113		8,589
EBITDA		677		51,400		625		47,386

* Includes income from Investments

Key Balance Sheet Items

	As on 31st Mar 2022				As on 31st Dec 2021				As on 31st Mar 2021
Particulars	($)		(Rs.)		($)		(Rs.)		($)		(Rs.)
Cash and cash equivalents and other investments		633		48,033		495		37,556		521		39,531
Trade receivables (current & non-current)		881		66,818		824		62,507		656		49,759
Inventories		671		50,884		655		49,675		599		45,412
Property, plant and equipment		819		62,169		830		62,971		753		57,111
Goodwill and Other Intangible assets		417		31,664		482		36,581		530		40,216
Loans and borrowings (current & non-current)		446		33,845		371		28,164		399		30,308
Trade payables		337		25,572		323		24,492		313		23,744
Equity		2,511		1,90,527		2,504		1,90,016		2,281		1,73,062

All amounts in millions, except EPS All US dollar amounts based on convenience
translation rate of I USD = Rs. 75.87

Revenue Mix by Segment [year on year]

	FY22							FY21							Gr
Segment	($)		(Rs.)		%			($)		(Rs.)		%			%
Global Generics		2,362		1,79,170		84	%		2,035		1,54,404		81	%		16	%
North America		987		74,915		35	%		929		70,494		37	%		6	%
Europe		219		16,631		8	%		203		15,404		8	%		8	%
India		553		41,957		20	%		440		33,419		18	%		26	%
Emerging Markets		602		45,667		21	%		462		35,087		18	%		30	%
Pharmaceutical Services and Active Ingredients (PSAI)		405		30,740		14	%		422		31,982		17	%		-4	%
Proprietary Products & Others		59		4,481		2	%		44		3,336		2	%		34	%
Total		2,826		2,14,391		100	%		2,501		1,89,722		100	%		13	%

Revenue Analysis [Q4 and full year FY22]

Global Generics (GG)

Ø GG segment at Rs. 179.2 billion higher by 16% over FY21. This growth was driven by good performance across all our markets with strong growth in Emerging markets and India.

Ø Q4 revenue at Rs. 46.1 billion, YoY growth of 19% and QoQ growth of 4%. The YoY & QoQ growth was driven by growth across all our markets, however the QoQ growth was partially impacted due to a decline in revenues in India.

North America

Ø Revenues from North America Generics for the year at Rs. 74.9 billion, YoY growth of 6%. The growth was contributed by new launches and scale up of existing products, which was partially offset by price erosion.

Ø Revenues for Q4 at Rs. 20.0 billion, YoY growth of 14% and QoQ growth of 7%. The YoY and QoQ growth were primarily on account of new product launches and volume traction in some of our products, partly offset by price erosion.

Ø During this quarter, we launched 3 new products – Vasopressin Injection, Nicotine Lozenges Cherry Flavour (OTC) and Clobetasol Shampoo in Canada and for full year we have launched 17 products.

Ø During the year, we filed 7 new Abbreviated New Drug Applications (ANDAs) with the US Food and Drug Administration (USFDA). As of 31^st March 2022, cumulatively 90 generic filings are pending for approval with the USFDA (87 ANDAs and 3 NDAs under 505(b)(2) route). Out of the pending 87 ANDAs, 44 are Para IVs, and we believe 24 have ‘First to File’ status.

Europe

Ø Revenues from Europe for the year at Rs. 16.6 billion. YoY growth of 8%, primarily on account of volume traction in base business and new product launches, which was partially offset by price erosion in some of our products.

Ø Revenues for Q4 at Rs. 4.4 billion, YoY growth of 12% and QoQ growth of 10%. YoY and QoQ growth was primarily on account of new product launches, partly offset by price erosion in the base business.

India

Ø Revenues from India for the year at Rs. 42 billion. Year-on-year growth of 26% was primarily attributable to an increase in both sales volume and price of our existing products, along with additional revenues from the launch of new products. The growth was also aided by covid product sales. During FY2022, we launched 20 new brands in India, including Sputnik-V vaccine for Covid-19.

Ø Revenues for Q4 at Rs. 9.7 billion, YoY growth of 15% and QoQ decline of 6%. YoY growth primarily driven by volume traction in the base business, favorable price variance, new product launches, and non-core brand divestments while QoQ decline was majorly due to decline in volumes of some of our products.

Emerging Markets

Ø Revenues from Emerging Markets for the year at Rs. 45.7 billion, growth of 30% YoY.

- Revenues from Russia for the year at Rs. 20.9 billion, YoY growth of 32%. This growth was driven by improved base business performance, launch of new products during the year and divestment of a few non-core brands.

- Revenues from other CIS countries and Romania for the year at Rs. 8.3 billion, YoY growth of 11%. Growth was on account of new product launches, partly offset by lower volumes.

- Revenues from Rest of World (RoW) territories for the year at Rs. 16.5 billion, YoY growth of 40%. Growth primarily on account of new launches, volume traction in key products and sale of Covid products, partially impacted by adverse price variance in certain markets.

Ø Revenues for the quarter are Rs. 12 billion, YoY growth of 36%, QoQ growth of 4%.

- Revenues for Russia for Q4 at Rs. 6.9 billion, YoY growth of 70%, QoQ growth of 45%. The increase is majorly attributable to traction in volume of base business and income from divestment of a few non-core brands. However, the QoQ growth was partly impacted by adverse forex rates.

- Revenues from other CIS countries and Romania for the quarter are Rs. 2.3 billion, YoY growth of 20%, QoQ decline of 4%. YoY growth was primarily due to launch of new products and price benefits in some of our markets. The QoQ decline was on account of lower volume traction in some of our markets and adverse forex rates.

- Revenues from Rest of World (RoW) territories for Q4 are Rs. 2.9 billion, YoY decline of 1% and QoQ decline of 35%. The QoQ decline is primarily due to higher base of previous quarter which includes sale of covid related products, lower volumes in some of our products and adverse price variance in some of our markets, which was offset partially by new product launches.

Pharmaceutical Services and Active Ingredients (PSAI)

Ø Revenues from PSAI at Rs. 30.7 billion. YoY decline of 4%. The decline was majorly on account of price erosion in some of our products.

Ø Revenues for Q4 at Rs. 7.6 billion, YoY decline of 5% and QoQ growth of 4%. YoY decline was primarily due to lower volumes and price erosion while the QoQ growth was driven by new product sales.

Ø During the year, we have filed 10 DMFs in the US, of which 3 DMFs were filed in Q4FY22.

Proprietary Products (PP) & Others

Ø Revenues from PP & others for the year at Rs. 4.5 billion, YoY growth of 34%. The growth is attributable to recognition of a license fee associated with the sale of our U.S. and Canada territory rights for ELYXYB® (celecoxib oral solution) 25 mg/ml, to BioDelivery Sciences International, Inc during Q2 FY22.

Ø Revenues for Q4 at Rs. 693 million.

Income Statement Highlights:

Ø Gross profit margin for the year at 53.1%, a decrease of ~120 bps over previous year. The decrease was driven by pricing pressure in the North America & Europe, lower export benefits, and an increase in the inventory provisions. This was partially offset by productivity benefits. Gross profit margin for GG and PSAI business segments are at 57.6% and 22.2% respectively.

Gross profit margin for the Q4 at 52.9% (GG: 58.2%, PSAI: 18.4%). Gross margin declined by ~80 bps YoY and by ~90 bps QoQ. The decline was primarily due to price erosion, an increase in the inventory provisions, which was partly offset by income from divestment of non-core brands.

Ø Selling, general & administrative (SG&A) expenses for FY22 at Rs. 62.1 billion, an increase of 14% on a YoY basis. This increase was primarily due to annual increments, investments in brands and digitalization, and royalty paid on sales. SG&A expenses for Q4 at Rs. 15.7 billion, YoY increase of 9% and QoQ increase of 2%. The increase is mainly due to provision made of Rs. 1.0 billion pertaining to litigation with Texas state, US. SG&A as a % to sales for the full year remained largely in line with FY21.

Ø Impairment charge at Rs. 7.6 billion in FY22. This is majorly due to product impairment of PPC-06 (Tepilamide Fumarate Extended Release Tablets) of Rs. 4.3 billion on account of its decrease in market potential and impairment of Shreveport plant assets and Goodwill of Rs. 3.1 billion which were taken considering the triggers which occurred during the year.

Ø Research & development (R&D) expenses in FY22 at Rs. 17.5 billion. As % to Revenues – FY22: 8.2% | FY21: 8.7%. R&D expenses for Q4 at Rs. 4.3 billion, as % to revenues stood at 8.0%. Our focus continues on building a global pipeline of new products across our markets.

Ø Other operating income for the year at Rs. 2.8 billion compared to Rs. 1 billion in FY21. The increase was on account of recognition of income towards sale of our rights relating to anti-cancer agent E7777 (denileukin diftitox) to Citius Pharmaceuticals in Q2 FY22. Other operating income in Q4 is Rs. 0.3 bn.

Ø Net Finance income for the year at Rs. 2.1 billion compared to Rs. 1.7 billion in FY21. The increase is primarily on account of higher foreign exchange gain in current year as compared to FY21. Net finance income in Q4 is Rs. 0.9 billion.

Ø Profit before Tax for the year at Rs. 32.3 billion, growth of 22%. Profit before Tax for Q4 is Rs. 2.5 bn.

Ø Profit after Tax for the year at Rs. 23.6 billion and for Q4 at Rs. 0.9 billion. The effective tax rate for the year has been 27.0% as compared to 34.7% in FY21 and that for the quarter has been at 64.8% as compared to 41.2% in Q4 FY21. The ETR was higher on account of lower Profit before Tax, due to the impairment charge taken.

Ø Diluted earnings per share for the year is Rs. 141.7. Diluted earnings per share for Q4 is Rs. 5.3.

Other Highlights:

Ø EBITDA for FY22 at Rs. 51.4 billion and the EBITDA margin is 24.0%. EBITDA for Q4 FY22 is at 13.0 billion and the EBITDA margin in 23.9%.

Ø Capital expenditure for FY22 is at Rs. 14.7 billion. Capital expenditure for Q4 FY22 is at Rs. 3.7 billion.

Ø Free cash-flow for FY22 is at Rs. 11.6 billion and for Q4 it is at Rs. 4.8 billion.

Ø Net cash surplus for the company is at Rs. 15.5 billion as on March 31, 2022. Consequently, net debt to equity ratio is (0.08).

Ø The Board has recommended payment of a dividend of Rs. 30/- per equity share of face value Rs. 5/- each (600% of face value) for the year ended March 31, 2022 subject to approval of members.

Earnings Call Details (05:30 pm IST, 08:00 am EDT, May 19, 2022)

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

Conference Joining Information

Option 1: Express Join with DiamondPass™

Pre-register with the below link and join without waiting for the operator.

https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=2060798&linkSecurityString=8b95a1df4

Option 2: Join through below Dial-In Numbers
Universal Access Number:	+91 22 6280 1219 +91 22 7115 8120
International Toll Free Number:	USA: 1 866 746 2133 UK: 0 808 101 1573 Singapore: 800 101 2045 Hong Kong: 800 964 448

No password/pin number is necessary to dial in to any of the above numbers. The operator will provide instructions on asking questions before and during the call.

Play Back: The play back will be available after the earnings call, till May 25^th, 2022. For play back dial in phone No: +91 22 7194 5757 | +91 22 6663 5757, and Playback Code is 93634.

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 an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its businesses, Dr. Reddy’s offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy’s operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. 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, (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, 2021. The company assumes no obligation to update any information contained herein.