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REGISTERED NUMBER: 02177715 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st March 2022

for

Dr. Reddy's Laboratories (EU) Limited

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)






Contents of the Consolidated Financial Statements
for the year ended 31st March 2022




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 9

Consolidated Statement of Comprehensive Income 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


Dr. Reddy's Laboratories (EU) Limited

Company Information
for the year ended 31st March 2022







DIRECTORS: V N Mannam
A Walker
M Yassar



SECRETARIES: R Sane
A K Baheti



REGISTERED OFFICE: Steanard Lane
Mirfield
West Yorkshire
WF14 8HZ



REGISTERED NUMBER: 02177715 (England and Wales)



AUDITORS: cbaSadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: Bank of Scotland
300 Lawnmarket
Edinburgh
EH1 2PH

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Group Strategic Report
for the year ended 31st March 2022

The directors present their strategic report of the company and the group for the year ended 31st March 2022.

REVIEW OF BUSINESS
The key financial highlights are as follows:

2022 2021 2020
£    £    £   
Turnover - United Kingdom 35,872,452 34,142,159 30,497,887

Turnover growth - United Kingdom 6.5% 11.9% 42.2%

Turnover - Europe and other countries 16,959,927 23,906,677 30,710,593

Turnover growth - Europe and other countries (29.1% ) (22.1% ) (5.6% )
Profit before tax 637,763 7,540,357 11,722,031
Profit before tax margin 2.9% 12.9% 19.2%

The FY22 sales for Dr. Reddy's Laboratories (EU) Limited has decreased by 9.0% from revenue £58.05m to £52.83m is mainly in API business segment.

Global generics segment continues to grow year on year in terms of turnover. After previous strong years performance in our branded generics products portfolio, this year saw a sharp decline in this area due to much lower cost generics. However, this was more than supplemented in excellent sales through the hospital channel with both tender & non tender sales. In the retail channel we continue to grow and develop our relationships with key customers. Our efforts in building a stronger supply chain have helped us in our performance. Turnover in our API segment has decreased due to reduction in key product volumes for customers in North America & Europe post COVID impact.

PRINCIPAL RISKS AND UNCERTAINTIES
The group has identified the principal areas of risk that it faces as:

Financial instrument risk
The group has established a risk and financial management framework whose primary objectives are to protect the group from events that hinder the group's performance objectives. The objectives aim to ensure sufficient working capital exists and monitor the management of risk at a business unit level.

Impact of pharmaceutical regulations
The group is subject to various regulations and any tightening of these could have a negative impact on earnings.

Price risk
The group sells active pharmaceutical products. The prices of such products tend to reduce on account of severe pricing pressure and competition. This risk is managed by maintaining adequate levels of stock and introducing new products.

Foreign exchange risk
The group sells and purchases some products in foreign currencies. The risk is mitigated by monitoring foreign exchange rates on a daily basis and taking foreign exchange cover, if required.

Credit risk
Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The group has little experience of material bad debts in general.

Liquidity risk
Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with financial liabilities. The group manages its cash flow to ensure that sufficient liquid resources are available to meet its operating needs.

Interest rate and cash flow risk
The group had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Group Strategic Report
for the year ended 31st March 2022

SECTION 172(1) STATEMENT
The Board of Directors, in line with their duties under s172 of the Companies Act 2006, act in a way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard to a range of matters when making decisions for the long term. Key decisions and matters that are of strategic importance to the Company are appropriately informed by s172 factors.

At Dr. Reddy's, our Board of Directors, management and employees are committed to upholding high standards of corporate governance and business ethics. We firmly believe that timely disclosures, transparent accounting policies, rigorous internal control systems and a strong and independent Board go a long way in preserving shareholder trust while maximising long-term shareholder value.

This s172(1) statement explains how the Dr. Reddy's Directors:
- have engaged with employees, suppliers, customers and others; and
- have had regard to employee interests, the need to foster the company's business relationships with suppliers, customers and others, and the effect of that regard, including on the principal decisions taken by the company during the financial year.

The s172(1) statement focuses on matters of strategic importance to Dr. Reddy's, and the level of information disclosed is consistent with the size and the complexity of the business.

General confirmation of Directors' duties
Dr. Reddy's have a number of Committees appointed by the Board at group level to focus on specific areas and take informed decisions within the framework of delegated authority, and make specific recommendations to the Board. All decisions and recommendations of the committees are placed before the Board for information or for approval.

When making decisions, each Director ensures that they act in the way they consider, in good faith, would most likely promote the Company' success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:

The likely consequences of any decision in the long term
The Directors understand the business and the demand to innovate the latest products in order to find the most effective treatments in the pharmaceutical market. Dr. Reddy's vision and goal of 'Good Health Can't Wait' is what the business drives and strives for. The strategy set by the Board as a leader in the pharmaceutical industry is to ensure good health can be delivered to those who need it, and to promote wellness among them.

Whilst investing for the future, the Board also recognises that we must focus on meeting the current supply and demand of pharmaceuticals.

The Directors are guided by our principles - Empathy and Dynamism - which provide both guidance for our current behaviour and inspiration for our future actions.

The interests of the company's employees
At Dr. Reddy's employees are at the heart of our business. The Management team invites a fair and open two way relationship with all employees. We believe in respecting every individual, regardless of position. At Dr Reddy's employees are heard and have the opportunity to express their opinion. The organisation believes in equality and discourages any discrimination based on any caste, creed, race, religion, age, or gender etc. We are committed to employees' safety and well-being. Our HR policies are well documented and available to each employee. Management assumes responsibility to ensure that such policies are adhered to.

The talented and capable people have played a major role in powering and defining the growth of Dr. Reddy's. We believe that when people with diverse skills are bound together by a common purpose and value system, they can make magic.





The need to foster the company's business relationships with suppliers, customers and others

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Group Strategic Report
for the year ended 31st March 2022

Customers and suppliers are the key stakeholders in our business. In a competitive price driven environment, stock is the vital component at the keenest price. We engage in regular communication with our suppliers as well as customers. We recognise the fact that the stronger the relationships with suppliers the more we are able to serve our customers better. We remain committed to all our stakeholders for ethical business practices. The Company has put in practice a code of business conduct and ethics (CoBE) , and every employee at Dr Reddy's is required to sign an undertaking, at least annually, that they have read such code and comply with its principles.

The impact of the company's operations on the community and environment
At Dr. Reddy's, Good Health Can't Wait is not just a slogan, but a belief that guides our thoughts, our behaviour and our actions. There are a number of initiatives that we've taken- from product development to patient management to helping doctors and partners deliver good health to patients.

Some of these were-life changing, for the patients. Like creating affordable option of complex, difficult to make medicines.

All of this is aimed at bringing good health to the community via innovative R&D, directly via the retail market or via being part of the supply chain to the NHS, active pharmaceutical ingredients supply to Pharma industries, and contributing to the overall community health system. The Company strives to ensure that it is focused on the larger community.

The desirability of the company maintaining a reputation for high standards of business conduct
Dr. Reddy's Board periodically reviews their Corporate Governance requirements as the commitment to upholding the highest standards are set at board level but is filtered down throughout the whole group organisation.

The need to act fairly as between members of the company
The Directors consider and focus their attention to ensure that the company's performance is in line with their strategic vision for both the short and long term objectives. The impact of this on all of the stakeholders is reviewed. The Directors believe they act fairly.

The Board has created a culture of honesty, integrity and respect of the Dr. Reddy's core values and principles. The company has set a number of guidelines on Code of Business Conduct and Ethics (COBE) through to various Environment and Employment policies.

Principal decisions
We define principal decisions taken by the Board as those decisions in 2021/22 that are of a strategic nature and that are significant to any of our key stakeholder groups. As outlined in the FRC Guidance on the Strategic Report, we include decisions related to capital allocation and dividend policy.

REVIEW OF CLOSING POSITION
Overall Dr Reddy's Laboratories (EU) Limited at group level finds itself in a good financial position at the close of financial year 2021-22 with a cash reserve of £1.15m vs previous year £2.7m, with a positive net current asset.

During the year the sales have decreased for known reasons but remains in line with expectations. The company has a healthy position before tax margin. Such results are reflected accordingly in company's balance sheet. Dr Reddy's Laboratories (EU) Ltd net assets are £63.96m as on reporting date, which is higher by £0.33m in comparison to previous year.


Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Group Strategic Report
for the year ended 31st March 2022

FUTURE DEVELOPMENTS
Dr Reddy's Laboratories (EU) Limited operates from two sites with one focused mainly on manufacturing and the other on R&D. The manufacturing side has a portfolio of legacy products and new products for internal parent business and external Contract Manufacturing business. The company expects that such portfolio will continue generating revenue in foreseeable future. However, the existing business is now maturing with its impact on revenues being visible, efforts need to continue to grow new business to supplement it further. This new business will be a mixture of internal supply to parent company and external direct to customers. There are also products in development that are progressing well towards commercialisation. The primary activity of the R&D site is to undertake work on internal projects for its parent company Dr Reddy's laboratories Limited. These projects are typically complex and underpinned by in-house expertise and technology. Future manufacture of some of these products may be in its own manufacturing facilities and for others it will be within its parent company's assets. The company has continued to invest in development of new technology both through its own internal resources and through collaborations. This technology will be utilised in new internal projects.

With Covid-19 hitting the world and our industry in February/March 2020, current year is also expected to be uncertain and challenging. The company will continue to monitor the situation across all areas of business, identifying potential risk and planning for any mitigation. With rising inflation, inputs costs, and higher freight charges, margins are expected to be under pressure. We plan to continue launching new products in 2022/23 and continue to grow our relationships.

ON BEHALF OF THE BOARD:





R Sane - Secretary


17th May 2022

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Report of the Directors
for the year ended 31st March 2022

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2022.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacturing and distributing pharmaceutical products.

DIVIDENDS
No dividends will be distributed for the year ended 31st March 2022.

RESEARCH AND DEVELOPMENT
The principal research and development activities of the group are developing manufacturing routes to active pharmaceutical ingredients, in particular complex generic products. A limited number of projects are also undertaken for third party companies using the expertise and technology available within the R&D team.

FUTURE DEVELOPMENTS
Details of the group's future developments have been provided in the strategic report.

DIRECTORS
The directors set out in the table below have held office during the whole of the period from 1st April 2021 to the date of this report unless otherwise stated.

Other changes in directors holding office are as follows:

M Yassar - appointed 6/5/21

The directors shown below were in office at 31st March 2022 but did not hold any interest in the Ordinary shares of £1 each at 1st April 2021 (or date of appointment if later) or 31st March 2022.

V N Mannam
A Walker
M Yassar

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The group's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the group's operations.

Revenue maintenance
The group actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Risks and uncertainties
These details have been provided in the group's strategic report.

ENGAGEMENT WITH EMPLOYEES
These details have been provided in the company's section 172(1) statement which is included in the strategic report.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
These details have been provided in the company's section 172(1) statement which is included in the strategic report.


Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Report of the Directors
for the year ended 31st March 2022

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
The group believes that timely disclosure and transparent accounting policies coupled with a strong board go a long way in maintaining good corporate governance, preserving all stakeholders' trust and maximizing long-term corporate value. The group's corporate governance framework is based on the following main principles:

- Ethical business conduct by the board, management and employees.
- Well-developed systems of internal controls.
- Compliance to applicable local and international laws and financial reporting.
- Protection and facilitation of all stakeholders' rights.
- Adequate, timely and accurate disclosure of all material operational and financial information to relevant stakeholders.

STREAMLINED ENERGY AND CARBON REPORTING
Dr Reddy's is a responsible corporate towards managing our climate impact within and beyond our sphere of influence. Under the ESOS scheme we have commissioned a full survey of the energy saving opportunities on our manufacturing site and was reviewed favourably by the inspectors from the Environment Agency. During the reporting year the group's total power consumption has decreased by 12.6% with total energy consumption of KWH 16,070,281. The energy consumption in 2021 being KWH 18,376,527. This reduction is mainly due to packaging operations closure in March 2021.

The group is always focused and committed to energy savings and reductions in consumption wherever possible.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Report of the Directors
for the year ended 31st March 2022


AUDITORS
The auditors, cbaSadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



R Sane - Secretary


17th May 2022

Report of the Independent Auditors to the Members of
Dr. Reddy's Laboratories (EU) Limited

Opinion
We have audited the financial statements of Dr. Reddy's Laboratories (EU) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st March 2022 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st March 2022 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Dr. Reddy's Laboratories (EU) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Dr. Reddy's Laboratories (EU) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the pharmaceutical industry;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK taxation legislation, and data protection, anti-bribery, employment, environmental, and health and safety legislation, along with industry specific regulations and requirements such as compliance with regulations set out by the Department of Health and the Medicines and Healthcare products Regulatory Agency (MHRA);
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Dr. Reddy's Laboratories (EU) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of cbaSadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

17th May 2022

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Consolidated
Statement of Comprehensive
Income
for the year ended 31st March 2022

2022 2021
Notes £    £    £    £   

TURNOVER 3 52,832,379 58,048,836

Cost of sales 41,303,021 38,908,338
GROSS PROFIT 11,529,358 19,140,498

Distribution costs 666,128 774,951
Administrative expenses 11,097,405 11,944,374
11,763,533 12,719,325
(234,175 ) 6,421,173

Other operating income 409,784 477,033
OPERATING PROFIT 5 175,609 6,898,206

Interest receivable and similar income 6 471,195 642,151
646,804 7,540,357

Interest payable and similar expenses 7 9,041 -
PROFIT BEFORE TAXATION 637,763 7,540,357

Tax on profit 8 303,316 1,774,726
PROFIT FOR THE FINANCIAL YEAR 334,447 5,765,631

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

334,447

5,765,631

Profit attributable to:
Owners of the parent 334,447 5,765,631

Total comprehensive income attributable to:
Owners of the parent 334,447 5,765,631

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Consolidated Balance Sheet
31st March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 550,823 843,644
Tangible assets 11 5,658,620 7,896,481
Investments 12 - -
6,209,443 8,740,125

CURRENT ASSETS
Stocks 13 13,191,885 10,823,876
Debtors 14 63,885,510 62,011,506
Cash at bank and in hand 1,148,393 2,731,564
78,225,788 75,566,946
CREDITORS
Amounts falling due within one year 15 19,698,038 20,043,754
NET CURRENT ASSETS 58,527,750 55,523,192
TOTAL ASSETS LESS CURRENT
LIABILITIES

64,737,193

64,263,317

PROVISIONS FOR LIABILITIES 17 772,212 632,783
NET ASSETS 63,964,981 63,630,534

CAPITAL AND RESERVES
Called up share capital 18 9,131,928 9,131,928
Capital redemption reserve 19 1,362 1,362
Other reserves 19 879,601 879,601
Retained earnings 19 53,952,090 53,617,643
SHAREHOLDERS' FUNDS 63,964,981 63,630,534

The financial statements were approved by the Board of Directors and authorised for issue on 17th May 2022 and were signed on its behalf by:





A Walker - Director


Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Company Balance Sheet
31st March 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - 1,590
Tangible assets 11 5,554,956 6,341,370
Investments 12 1,000 11,183,753
5,555,956 17,526,713

CURRENT ASSETS
Stocks 13 4,374,120 3,142,234
Debtors 14 21,727,933 21,727,003
Cash at bank and in hand 589,168 1,763,138
26,691,221 26,632,375
CREDITORS
Amounts falling due within one year 15 4,577,135 15,049,264
NET CURRENT ASSETS 22,114,086 11,583,111
TOTAL ASSETS LESS CURRENT
LIABILITIES

27,670,042

29,109,824

PROVISIONS FOR LIABILITIES 17 759,995 621,472
NET ASSETS 26,910,047 28,488,352

CAPITAL AND RESERVES
Called up share capital 18 9,131,928 9,131,928
Capital redemption reserve 19 1,362 1,362
Retained earnings 19 17,776,757 19,355,062
SHAREHOLDERS' FUNDS 26,910,047 28,488,352

Company's (loss)/profit for the financial year (1,578,305 ) 3,478,316

The financial statements were approved by the Board of Directors and authorised for issue on 17th May 2022 and were signed on its behalf by:





A Walker - Director


Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Consolidated Statement of Changes in Equity
for the year ended 31st March 2022

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   

Balance at 1st April 2020 9,131,928 47,852,012 1,362 879,601 57,864,903

Changes in equity
Total comprehensive income - 5,765,631 - - 5,765,631
Balance at 31st March 2021 9,131,928 53,617,643 1,362 879,601 63,630,534

Changes in equity
Total comprehensive income - 334,447 - - 334,447
Balance at 31st March 2022 9,131,928 53,952,090 1,362 879,601 63,964,981

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Company Statement of Changes in Equity
for the year ended 31st March 2022

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st April 2020 9,131,928 15,876,746 1,362 25,010,036

Changes in equity
Total comprehensive income - 3,478,316 - 3,478,316
Balance at 31st March 2021 9,131,928 19,355,062 1,362 28,488,352

Changes in equity
Total comprehensive income - (1,578,305 ) - (1,578,305 )
Balance at 31st March 2022 9,131,928 17,776,757 1,362 26,910,047

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Consolidated Cash Flow Statement
for the year ended 31st March 2022

2022 2021
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 55,233 7,503,179
Interest paid (9,041 ) -
Tax paid (1,713,351 ) (1,885,160 )
Net cash from operating activities (1,667,159 ) 5,618,019

Cash flows from investing activities
Purchase of intangible fixed assets (198,349 ) (194,636 )
Purchase of tangible fixed assets (577,824 ) (1,036,391 )
Sale of intangible fixed assets 57,130 85,000
Sale of tangible fixed assets 1,839,080 4,500
Interest received 471,195 642,151
Net cash from investing activities 1,591,232 (499,376 )

Cash flows from financing activities
Movement in loans to immediate parent (2,059,116 ) (9,042,480 )
New loans in year from ultimate parent 1,395,308 4,013,912
Movement in loan from group undertakings (843,436 ) -
New loans from group undertakings - 342,687
Net cash from financing activities (1,507,244 ) (4,685,881 )

(Decrease)/increase in cash and cash equivalents (1,583,171 ) 432,762
Cash and cash equivalents at beginning of
year

2

2,731,564

2,298,802

Cash and cash equivalents at end of year 2 1,148,393 2,731,564

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Cash Flow Statement
for the year ended 31st March 2022

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2022 2021
£    £   
Profit before taxation 637,763 7,540,357
Depreciation charges 1,337,004 1,586,941
(Profit)/loss on disposal of fixed assets (135,122 ) 92,202
Finance costs 9,041 -
Finance income (471,195 ) (642,151 )
1,377,491 8,577,349
Increase in stocks (2,368,009 ) (2,117,959 )
Decrease in trade and other debtors 190,832 2,478,727
Increase/(decrease) in trade and other creditors 854,919 (1,434,938 )
Cash generated from operations 55,233 7,503,179

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st March 2022
31/3/22 1/4/21
£    £   
Cash and cash equivalents 1,148,393 2,731,564
Year ended 31st March 2021
31/3/21 1/4/20
£    £   
Cash and cash equivalents 2,731,564 2,298,802


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/21 Cash flow At 31/3/22
£    £    £   
Net cash
Cash at bank and in hand 2,731,564 (1,583,171 ) 1,148,393
2,731,564 (1,583,171 ) 1,148,393
Total 2,731,564 (1,583,171 ) 1,148,393

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements
for the year ended 31st March 2022

1. STATUTORY INFORMATION

Dr. Reddy's Laboratories (EU) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The company's main places of business are:

Steanard Lane, Mirfield

Cambridge Science Park, Cambridge

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales tax and net of VAT.

Interest received
Interest received is accounted for when it is received.

Royalty income
Royalty income is accounted for when it is received.

Dividends received
Dividends received from subsidiary undertakings are accounted for when they are received.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

An impairment loss has been recognised in the Consolidated Statement of Comprehensive Income, following an assessment at the Consolidated Balance Sheet date indicating the recoverable amount was less than its carrying value.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Patents
Patents were valued at cost as of the date at which the patent was first filed and amortised on a straight line basis over their useful economic lives.

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property-Straight line at 1%
Improvements to property-Over the period of the lease
Plant and machinery-10% to 20% on cost and
20% on reducing balance
Fixtures and fittings-Straight line over 3 years

Land is not depreciated.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any impairments.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated on the weighted average and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred. Any expenditure of a capital nature is capitalised in the balance sheet and depreciated in line with the above note on tangible fixed assets.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group makes contributions to the private pension funds of directors and staff. Contributions payable for the year are charged in the profit and loss account.

Trade licences
Expenditure in respect of the renewal of trade licences is charged to the profit and loss account in the year in which it is incurred.

Stock based compensation
The stock options taken up in the ultimate parent company, Dr Reddy's Laboratories Limited, by staff members of subsidiary companies are accounted for in the accounts of the subsidiary company.

Going concern
The company has long term support from the group and as a consequence, the directors believe that the company is well placed to manage its business risks successfully despite the uncertain economic outlook.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Further information regarding the company's business activities, together with the factors likely to affect its future development, performance and position, is set out in the Strategic Report.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2022 2021
£    £   
United Kingdom 35,872,452 34,142,159
Europe and other countries 16,959,927 23,906,677
52,832,379 58,048,836

4. EMPLOYEES AND DIRECTORS
2022 2021
£    £   
Wages and salaries 10,362,558 10,369,805
Social security costs 271,749 307,338
Other pension costs 258,046 227,826
10,892,353 10,904,969

The average number of employees during the year was as follows:
2022 2021

Dr Reddy's Laboratories (UK) Limited 45 68
Dr Reddy's Laboratories (EU) Limited 119 116
164 184

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees by undertakings that were proportionately consolidated during the year was 164 (2021 - 184 ) .

2022 2021
£    £   
Directors' remuneration 244,271 243,078
Directors' pension contributions to money purchase schemes 16,499 30,967

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 2

Information regarding the highest paid director is as follows:
2022 2021
£    £   
Emoluments etc 116,638 103,547
Pension contributions to money purchase schemes 3,834 8,029

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2022 2021
£    £   
Hire of plant and machinery 110,062 73,384
Other operating leases 83,372 -
Depreciation - owned assets 1,111,673 1,214,680
(Profit)/loss on disposal of fixed assets (125,255 ) 92,202
Patents and licences amortisation 225,331 372,261
Auditors' remuneration 14,500 12,850
Auditors' remuneration for non audit work 20,150 15,350
Foreign exchange differences (43,612 ) 627,987
Stock based compensation 74,031 32,745
Interest on group loans (305,053 ) (619,710 )

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2022 2021
£    £   
Deposit account interest 163,586 208,127
Corporation tax interest received 1,214 -
Interest on group loans 305,053 432,018
Corporation tax interest received 1,342 2,006
471,195 642,151

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2022 2021
£    £   
Interest on corporation tax 9,041 -

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2022 2021
£    £   
Current tax:
UK corporation tax 157,249 1,568,538
Prior year adjustment 6,638 -
Total current tax 163,887 1,568,538

Deferred taxation 139,429 206,188
Tax on profit 303,316 1,774,726

UK corporation tax was charged at 19 %) in 2021.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2022 2021
£    £   
Profit before tax 637,763 7,540,357
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2021 - 19 %)

121,175

1,432,668

Effects of:
Expenses not deductible for tax purposes - 14,977
Income not taxable for tax purposes (480 ) -
Capital allowances in excess of depreciation (29,813 ) -
Depreciation in excess of capital allowances - 128,186
Depreciation of non-qualifying assets 11,410 15,187
Loss on investment 1,875 -
Stock based compensation 14,066 4,607
Impairment of non-qualifying assets - 179,101
Effects of change in Deferred Tax rate 185,331 -
Adjustment to tax charge relating to prior years (248 ) -
Total tax charge 303,316 1,774,726

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st April 2021 1,015,227 5,972,806 6,988,033
Additions - 198,349 198,349
Disposals - (57,130 ) (57,130 )
Impairments - (208,709 ) (208,709 )
At 31st March 2022 1,015,227 5,905,316 6,920,543
AMORTISATION
At 1st April 2021 1,015,227 5,129,162 6,144,389
Amortisation for year - 225,331 225,331
At 31st March 2022 1,015,227 5,354,493 6,369,720
NET BOOK VALUE
At 31st March 2022 - 550,823 550,823
At 31st March 2021 - 843,644 843,644

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st April 2021
and 31st March 2022 1,015,227 4,180,507 5,195,734
AMORTISATION
At 1st April 2021 1,015,227 4,178,917 5,194,144
Amortisation for year - 1,590 1,590
At 31st March 2022 1,015,227 4,180,507 5,195,734
NET BOOK VALUE
At 31st March 2022 - - -
At 31st March 2021 - 1,590 1,590

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st April 2021 3,201,217 218,348 16,645,544
Additions - - 574,697
Disposals (1,270,395 ) (34,991 ) (482,965 )
Reclassification/transfer - - (19,083 )
At 31st March 2022 1,930,822 183,357 16,718,193
DEPRECIATION
At 1st April 2021 830,874 217,987 11,441,133
Charge for year 36,857 - 983,679
Eliminated on disposal - (34,630 ) (43,139 )
Reclassification/transfer - - (4,695 )
At 31st March 2022 867,731 183,357 12,376,978
NET BOOK VALUE
At 31st March 2022 1,063,091 - 4,341,215
At 31st March 2021 2,370,343 361 5,204,411

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st April 2021 1,231,214 770,316 22,066,639
Additions - 3,127 577,824
Disposals (14,873 ) - (1,803,224 )
Reclassification/transfer 18,722 - (361 )
At 31st March 2022 1,235,063 773,443 20,840,878
DEPRECIATION
At 1st April 2021 1,071,271 608,893 14,170,158
Charge for year 28,999 62,138 1,111,673
Eliminated on disposal (21,497 ) - (99,266 )
Reclassification/transfer 4,388 - (307 )
At 31st March 2022 1,083,161 671,031 15,182,258
NET BOOK VALUE
At 31st March 2022 151,902 102,412 5,658,620
At 31st March 2021 159,943 161,423 7,896,481

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

11. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st April 2021 1,930,822 12,671,386 319,027 450,558 15,371,793
Additions - 519,902 - 3,127 523,029
Disposals - (270,085 ) - - (270,085 )
At 31st March 2022 1,930,822 12,921,203 319,027 453,685 15,624,737
DEPRECIATION
At 1st April 2021 830,874 7,719,301 191,113 289,135 9,030,423
Charge for year 36,857 983,679 22,758 62,138 1,105,432
Eliminated on disposal - (66,074 ) - - (66,074 )
At 31st March 2022 867,731 8,636,906 213,871 351,273 10,069,781
NET BOOK VALUE
At 31st March 2022 1,063,091 4,284,297 105,156 102,412 5,554,956
At 31st March 2021 1,099,948 4,952,085 127,914 161,423 6,341,370

12. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertaking
£   
COST
At 1st April 2021
and 31st March 2022 2,768,570
PROVISIONS
At 1st April 2021
and 31st March 2022 2,768,570
NET BOOK VALUE
At 31st March 2022 -
At 31st March 2021 -

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

12. FIXED ASSET INVESTMENTS - continued

Company
Shares in
group
undertaking
£   
COST
At 1st April 2021 13,816,932
Disposals (11,182,753 )
At 31st March 2022 2,634,179
PROVISIONS
At 1st April 2021
and 31st March 2022 2,633,179
NET BOOK VALUE
At 31st March 2022 1,000
At 31st March 2021 11,183,753

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Dr Reddy's Laboratories (UK) Limited
Registered office: 6 Riverview Road, Beverley, East Yorkshire, HU17 0LD
Nature of business: Manufacture of pharmaceutical products
%
Class of shares: holding
Ordinary 100.00
2022 2021
£    £   
Aggregate capital and reserves 37,055,934 35,145,710
Profit for the year 1,910,224 2,289,843


13. STOCKS

Group Company
2022 2021 2022 2021
£    £    £    £   
Raw materials 678,415 365,511 678,415 365,511
Packing materials 17,928 41,617 17,928 36,752
Work-in-progress 2,711,385 1,972,281 2,711,385 1,950,585
Finished goods 9,784,157 8,444,467 966,392 789,386
13,191,885 10,823,876 4,374,120 3,142,234

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade debtors 14,111,107 14,153,808 2,579,565 3,846,185
Amounts due from ultimate
parent 13,275 1,408,583 - -
Amounts owed by group undertakings 31,997,983 - 2,112,250 1,534,318
Other debtors 173,845 11,857 2,184 11,858
Amounts due from immediate
parent 15,325,947 45,264,814 15,325,947 15,318,892
Taxation 1,550,358 530,994 1,111,683 530,994
VAT 426,189 349,958 426,189 349,958
Prepayments and accrued income 286,806 291,492 170,115 134,798
63,885,510 62,011,506 21,727,933 21,727,003

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2022 2021 2022 2021
£    £    £    £   
Trade creditors 3,439,788 2,554,853 1,311,892 548,992
Amounts owed to group undertakings - 590,933 - 11,202,135
Amounts owed to ultimate parent 10,897,205 11,149,708 - -
Taxation - 354,671 - -
Social security and other taxes 47,663 181,685 - -
Other creditors 169,776 318,004 - 31,495
Payment in advance 875,000 875,000 875,000 875,000
Accrued expenses 4,235,219 3,985,511 2,390,243 2,391,642
Deferred income 33,387 33,389 - -
19,698,038 20,043,754 4,577,135 15,049,264

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2022 2021
£    £   
Within one year 1,114,996 1,082,697
Between one and five years 1,091,273 1,090,169
2,206,269 2,172,866

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2022 2021
£    £   
Within one year 1,114,996 1,082,697
Between one and five years 1,091,273 1,090,169
2,206,269 2,172,866

17. PROVISIONS FOR LIABILITIES

Group Company
2022 2021 2022 2021
£    £    £    £   
Deferred tax
Accelerated capital allowances 772,212 632,783 759,995 621,472

Group
Deferred
tax
£   
Balance at 1st April 2021 632,783
Accelerated capital allowances 139,429
Balance at 31st March 2022 772,212

Company
Deferred
tax
£   
Balance at 1st April 2021 621,472
Charge to Statement of Comprehensive Income during year 138,523
Balance at 31st March 2022 759,995

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
9,131,928 Ordinary £1 9,131,928 9,131,928

Dr. Reddy's Laboratories (EU) Limited (Registered number: 02177715)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2022

19. RESERVES

Group
Capital
Retained redemption Other
earnings reserve reserves Totals
£    £    £    £   

At 1st April 2021 53,617,643 1,362 879,601 54,498,606
Profit for the year 334,447 334,447
At 31st March 2022 53,952,090 1,362 879,601 54,833,053

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st April 2021 19,355,062 1,362 19,356,424
Deficit for the year (1,578,305 ) (1,578,305 )
At 31st March 2022 17,776,757 1,362 17,778,119


20. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Dr Reddy's Laboratories Limited, a company registered in India. The group financial statements are available to the public and may be obtained from Door No 8-2-337, Road No 3, Banjara Hills, Hyderabad - 500034, India.

The company's immediate parent company is Dr Reddy's Laboratories SA, a company registered in Switzerland. The group financial statements are available to the public and may be obtained from Elisabethenanlage 11 CH, 4051 Basel, Switzerland.

21. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.