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 Q2 & H1 FY23 Financial Results

Hyderabad, India, October 28, 2022: Dr. Reddy’s Laboratories Ltd. (BSE: 500124 | NSE: DRREDDY | NYSE: RDY | NSEIFSC: DRREDDY) today announced its consolidated financial results for the quarter and the half year ended September 30, 2022. The information mentioned in this release is on the basis of consolidated financial statements under International Financial Reporting Standards (IFRS).

Q2 Performance Summary	H1 Performance Summary
Rs. 6,306 Cr Revenue [Up: 21% QoQ; 9% YoY]	Rs. 11,521 Cr Revenue [Up: 8% YoY]
59.1% Gross Margin [Q1 FY23: 49.9%; Q2 FY22: 53.4%]	54.9% Gross Margin [H1 FY22: 52.9%]
Rs. 1,656 Cr SGNA expenses [Up: 7% QoQ; 4% YoY]	Rs. 3,205 Cr SGNA expenses [Up: 3% YoY]
Rs. 487 Cr R&D expenses [7.7% of Revenues]	Rs. 919 Cr R&D expenses [8.0% of Revenues]
Rs. 1,932 Cr EBITDA [30.6% of Revenues]	Rs. 3,711 Cr EBITDA [32.2% of Revenues]
Rs. 1,611 Cr Profit before Tax [Up: 10% QoQ; 27% YoY]	Rs. 3,077 Cr Profit before Tax [Up: 53% YoY]
Rs. 1,113 Cr Profit after Tax [Down: 6% QoQ; Up: 12% YoY]	Rs. 2,300 Cr Profit after Tax [Up: 47% YoY]

Commenting on the results, Co-Chairman & MD, G V Prasad said “We are pleased with the strong financial performance in the current quarter, driven by the launch of Lenalidomide capsules in the US market. Our focus is to build a robust pipeline with products that improve affordablity and access to patients globally. We continue to progress well in our productivity, innovation and sustainability agenda.”

1

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 81.37

Dr. Reddy’s Laboratories Limited and Subsidiaries

Consolidated Income Statement

	Q2 FY23						Q2 FY22						YoY			Q1 FY23						QoQ
Particulars	($)			(Rs.)			($)			(Rs.)			Gr %			($)			(Rs.)			Gr%
Revenues		775			63,057			708			57,632			9			641			52,154			21
Cost of Revenues		317			25,810			330			26,846			(4	)		321			26,148			(1	)
Gross Profit		458			37,247			378			30,786			21			320			26,006			43
Operating Expenses
Selling, General & Administrative expenses		204			16,560			196			15,951			4			190			15,493			7
Research and Development expenses		60			4,869			55			4,463			9			53			4,325			13
Impairment of non-current assets		0			25			0			0						0			0
Other operating income		(4	)		(334	)		(21	)		(1743	)		(81	)		(74	)		(6,024	)		(94	)
Results from operating activities		198			16,127			149			12,115			33			150			12,212			32
Net finance income		2			156			(4	)		(319	)		(149	)		(29	)		(2,349	)		(107	)
Share of profit of equity accounted investees		(2	)		(140	)		(3	)		(247	)		(43	)		(1	)		(94	)		49
Profit before income tax		198			16,111			156			12,681			27			180			14,655			10
Income tax expense		61			4,983			34			2761			80			34			2,779			79
Profit for the period		137			11,128			122			9,920			12			146			11,876			(6	)
Diluted Earnings Per Share (EPS)		0.82			66.89			0.73			59.65			12			0.88			71.40			(6	)

As % to revenues	Q2 FY23		Q2 FY22		Q1 FY23
Gross Profit		59.1		53.4		49.9
SG&A		26.3		27.7		29.7
R&D		7.7		7.7		8.3
EBITDA		30.6		27.0		34.1
PBT		25.5		22.0		28.1
PAT		17.6		17.2		22.8

EBITDA Computation

	Q2 FY23				Q2 FY22						Q1 FY23
Particulars	($)		(Rs.)		($)			(Rs.)			($)		(Rs.)
Profit before Income Tax		198		16,111		156			12,681			180		14,655
Interest income (net)*		1		61		(1	)		(93	)		1		84
Depreciation		26		2,107		25			2,075			25		2,050
Amortization		13		1,018		11			910			12		1,000
Impairment		0		25		0			0			0		0
EBITDA		237		19,322		191			15,572			219		17,789

* Includes income from Investments

2

All amounts in millions, except EPS All US dollar amounts based on convenience translation rate of 1 USD = Rs. 81.37

Key Balance Sheet Items

	As on 30th Sep 2022				As on 30th Jun 2022				As on 30th Sep 2021
Particulars	($)		(Rs.)		($)		(Rs.)		($)		(Rs.)
Cash and cash equivalents and other investments		360		29,306		436		35,468		346		28,188
Trade receivables		946		76,987		901		73,274		844		68,666
Inventories		603		49,042		637		51,810		611		49,700
Property, plant and equipment		784		63,817		784		63,826		740		60,229
Goodwill and Other Intangible assets		443		36,084		445		36,213		457		37,206
Loans and borrowings (current & non-current)		212		17,289		303		24,666		372		30,273
Trade payables		280		22,778		308		25,052		314		25,552
Equity		2,534		2,06,225		2,463		2,00,389		2,260		1,83,928

Revenue Mix by Segment

	Q2 FY23		Q2 FY22		YoY			Q1 FY23		QoQ
Segment	(Rs.)		(Rs.)		Growth %			(Rs.)		Growth %
Global Generics	55,946		47,431		18			44,324		26
North America		28,001		18,909		48			17,815		57
Europe		4,199		4,135		2			4,141		1
India		11,500		11,402		1			13,339		(14	)
Emerging Markets		12,246		12,985		(6	)		9,028		36
Pharmaceutical Services and Active Ingredients (PSAI)		6,434		8,372		(23	)		7,090		(9	)
Others		677		1,829		(63	)		740		(9	)
Total		63,057		57,632		9			52,154		21

3

Revenue Analysis

Global Generics (GG)

Revenues from GG segment at Rs. 55.9 billion:

Ø Year-on-year growth of 18% and sequential quarter growth of 26% driven by launch of the Lenalidomide capsules in the US market (as part of the volume limited settlement with innovator) and sequential quarter improvement in Russia sales. However, the growth was partly offset by price erosion in our generic markets and higher base due to covid product sales in previous year.

North America

Revenues from North America at Rs. 28.0 billion:

Ø Year-on-year growth of 48% and sequential quarter growth of 57%, driven by launch and scale up of new products and favorable movement of forex rates, which was partly offset by price erosion in some of our key molecules.

Ø During this quarter, we launched 7 new products. These were Lenalidomide capsules (as part of the volume limited settlement with innovator), Fesoterodine Fumarate tablets, Bortezomib Inj 3.5 mg, Neostigmine PFS, Potassium Chloride UD, Fexofenadine HCl + Pseudoephedrine HCl ER tablets, and Oxaliplatin Inj in Canada.

Ø We filed one ANDA during the quarter. As of 30^th September 2022, cumulatively 81 generic filings are pending for approval with the USFDA (78 ANDAs and 3 NDAs under 505(b)(2) route). Out of these 81 pending filings, 42 are Para IVs and we believe 22 have ‘First to File’ status.

Europe

Revenues from Europe at Rs. 4.2 billion, with year-on-year growth of 2% and sequential quarter growth of 1%. This was driven by volume traction in base business and new product launches across our markets, however, it was partially offset by price erosion in some molecules and the impact of adverse forex rates during the quarter. We launched ten new products across countries during this quarter.

India

Revenues from India at Rs. 11.5 billion:

Ø	Year-on-year growth of 1% impacted due to higher base of Q1 FY22, which included contribution from covid product sales. Adjusted for this, we have grown in double digit.
Ø	Sequential quarter declined by 14% primarily on account of high base impact, as we had recognized divestment income of a few non-core brands in Q1 FY23.

Ø We launched two new products during the quarter. These were Curaprox and Stig.

4

Emerging Markets

Revenues from Emerging Markets at Rs. 12.2 billion. Year-on-year decline of 6% and sequential quarter growth of 36%:

Ø Revenues for Russia at Rs. 5.9 billion. Year-on-year growth of 4% was on account of new product launches, increase in sales prices and favorable movement of forex rates, partly offset by reduction in base volumes. Sequential quarter growth of 85% was primarily due to lower sales base of Q1 FY23, which was impacted due to channel inventory normalization.

Ø Revenues from other CIS countries and Romania at Rs. 2.2 billion. Year-on-year decline of 1% due to reduction in base volumes and adverse movement of forex rates, partly offset by increase in sales prices and new product launches. Sequential quarter growth of 13% was driven by increase in base volumes and new product launches, partly offset by adverse movement of forex rates.

Ø Revenues from Rest of World (RoW) markets at Rs. 4.1 billion. Year-on-year decline of 18% was on account of reduction in the covid product sales in current quarter vs. last year, decrease in sales prices, which was partly offset by new product launches. Sequential growth of 6% was driven by new product launches, partly offset by a reduction in base volumes and sales price of some of our products.

Pharmaceutical Services and Active Ingredients (PSAI)

Revenues from PSAI at Rs. 6.4 billion with a year-on-year decline of 23% and sequential decline of 9%.

Ø	Year-on-year decline was primarily on account lower volumes due to higher base in Q2 FY22 which had covid product sales, partly offset by new product sales and favorable forex rates.
Ø	Sequential decline was majorly due to lower traction in the volumes for some of our products, partly offset by new product sales.

Ø During the quarter we filed three DMFs in the US.

5

Income Statement Highlights:

Ø Gross profit margin for the quarter at 59.1%:

- Increased by ~565 bps over previous year and ~920 bps sequentially, majorly driven due to product mix (including new products), accruals related to production linked incentive scheme, which was partly offset by price erosion and provision made on inventory for covid products.

- Gross profit margin for GG and PSAI business segments are at 65.4% and 3.6% respectively. Gross profit margin of PSAI have been impacted due to covid inventory provision and adverse impact of manufacturing overheads which are at similar levels over lower sales base.

Ø Selling, general & administrative (SG&A) expenses at Rs. 16.6 billion, increased by 4% on a year-on-year basis and by 7% sequentially, in line with the business growth.

Ø Research & development (R&D) expenses at Rs. 4.9 billion. As % to revenues – Q2 FY23: 7.7% | Q1 FY23: 8.3% | Q2 FY22: 7.7%. We continue to invest in R&D to build a healthy pipeline of products across our markets.

Ø Other operating income at Rs. 0.3 billion compared to Rs. 1.7 billion in Q2 FY22. Q2 FY22 was higher on account of recognition of income towards sale of rights relating to anti-cancer agent E7777 (denileukin diftitox).

Ø Net Finance expense at Rs. 156 million compared to net finance income of Rs. 319 million in Q2 FY22.

Ø Profit before Tax at Rs. 16.1 billion, increased by 27% year-on-year and by 10% sequentially.

Ø Profit after Tax at Rs. 11.1 billion. The effective tax rate is 30.9% for the quarter.

Ø Diluted earnings per share is at Rs. 66.89.

Other Highlights:

Ø EBITDA is at Rs. 19.3 billion and the EBITDA margin is 30.6%.

Ø Capital expenditure is at Rs. 2.5 billion.

Ø Free cash flow is at Rs. 5.8 billion.

Ø Net cash surplus for the company is at Rs. 13.7 billion as on September 30, 2022. Consequently, net debt to equity ratio is (0.07).

6

Earnings Call Details (06:30 pm IST, 09:00 am EDT, October 28, 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=0019119&linkSecurityString=16c6dcfd

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 November 3^rd, 2022. For play back dial in phone No: +91 22 7194 5757 | +91 22 6663 5757, and Playback Code is 21258.

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 ahead 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, 2022. The company assumes no obligation to update any information contained herein.”

7