IRIS Accounts Production v25.1.0.734 02177715 Board of Directors 31.3.25 1.4.24 31.3.25 31.3.25 true true true false true true false false false false true true true true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh021777152024-03-31021777152025-03-31021777152024-04-012025-03-31021777152023-03-31021777152023-04-012024-03-31021777152024-03-3102177715ns15:EnglandWales2024-04-012025-03-3102177715ns14:PoundSterling2024-04-012025-03-3102177715ns10:Director12024-04-012025-03-3102177715ns10:CompanySecretary12024-04-012025-03-3102177715ns10:Consolidated2025-03-3102177715ns10:ConsolidatedGroupCompanyAccounts2024-04-012025-03-3102177715ns10:PrivateLimitedCompanyLtd2024-04-012025-03-3102177715ns10:Consolidatedns10:FRS1022024-04-012025-03-3102177715ns10:Consolidatedns10:Audited2024-04-012025-03-3102177715ns10:LargeCompaniesRegimeForDirectorsReport2024-04-012025-03-3102177715ns10:LargeCompaniesRegimeForAccounts2024-04-012025-03-3102177715ns10:Consolidatedns10:LargeCompaniesRegimeForDirectorsReport2024-04-012025-03-3102177715ns10:Consolidatedns10:LargeCompaniesRegimeForAccounts2024-04-012025-03-3102177715ns10:FullAccounts2024-04-012025-03-3102177715ns5:Subsidiary12024-04-012025-03-310217771512024-04-012025-03-3102177715ns10:OrdinaryShareClass12024-04-012025-03-3102177715ns10:Consolidated2024-04-012025-03-3102177715ns10:Director22024-04-012025-03-3102177715ns10:Director32024-04-012025-03-3102177715ns10:RegisteredOffice2024-04-012025-03-3102177715ns10:Consolidated2023-04-012024-03-3102177715ns5:CurrentFinancialInstruments2025-03-3102177715ns5:CurrentFinancialInstruments2024-03-3102177715ns5:ShareCapital2025-03-3102177715ns5:ShareCapital2024-03-3102177715ns5:CapitalRedemptionReserve2025-03-3102177715ns5:CapitalRedemptionReserve2024-03-3102177715ns5:RetainedEarningsAccumulatedLosses2025-03-3102177715ns5:RetainedEarningsAccumulatedLosses2024-03-3102177715ns5:ShareCapital2023-03-3102177715ns5:RetainedEarningsAccumulatedLosses2023-03-3102177715ns5:CapitalRedemptionReserve2023-03-3102177715ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3102177715ns5:CapitalRedemptionReserve2023-04-012024-03-3102177715ns5:RetainedEarningsAccumulatedLosses2024-04-012025-03-3102177715ns5:CapitalRedemptionReserve2024-04-012025-03-310217771512024-04-012025-03-3102177715ns5:NetGoodwill2024-04-012025-03-3102177715ns5:IntangibleAssetsOtherThanGoodwill2024-04-012025-03-3102177715ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-012025-03-3102177715ns5:NetGoodwill2024-03-3102177715ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3102177715ns5:NetGoodwill2025-03-3102177715ns5:PatentsTrademarksLicencesConcessionsSimilar2025-03-3102177715ns5:NetGoodwill2024-03-3102177715ns5:PatentsTrademarksLicencesConcessionsSimilar2024-03-3102177715ns5:LandBuildings2024-03-3102177715ns5:PlantMachinery2024-03-3102177715ns5:FurnitureFittings2024-03-3102177715ns5:ComputerEquipment2024-03-3102177715ns5:LandBuildings2024-04-012025-03-3102177715ns5:PlantMachinery2024-04-012025-03-3102177715ns5:FurnitureFittings2024-04-012025-03-3102177715ns5:ComputerEquipment2024-04-012025-03-3102177715ns5:LandBuildings2025-03-3102177715ns5:PlantMachinery2025-03-3102177715ns5:FurnitureFittings2025-03-3102177715ns5:ComputerEquipment2025-03-3102177715ns5:LandBuildings2024-03-3102177715ns5:PlantMachinery2024-03-3102177715ns5:FurnitureFittings2024-03-3102177715ns5:ComputerEquipment2024-03-3102177715ns5:CostValuation2024-03-31021777151ns5:Subsidiary12024-04-012025-03-3102177715ns5:Subsidiary12025-03-3102177715ns5:Subsidiary12024-03-3102177715ns5:Subsidiary12023-04-012024-03-3102177715ns5:WithinOneYearns5:CurrentFinancialInstruments2025-03-3102177715ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3102177715ns5:WithinOneYear2025-03-3102177715ns5:WithinOneYear2024-03-3102177715ns5:BetweenOneFiveYears2025-03-3102177715ns5:BetweenOneFiveYears2024-03-3102177715ns5:MoreThanFiveYears2025-03-3102177715ns5:MoreThanFiveYears2024-03-3102177715ns5:AllPeriods2025-03-3102177715ns5:AllPeriods2024-03-3102177715ns5:AcceleratedTaxDepreciationDeferredTax2025-03-3102177715ns5:AcceleratedTaxDepreciationDeferredTax2024-03-3102177715ns5:DeferredTaxation2024-03-3102177715ns5:DeferredTaxation2024-04-012025-03-3102177715ns5:DeferredTaxation2025-03-3102177715ns10:OrdinaryShareClass12025-03-3102177715ns5:RetainedEarningsAccumulatedLosses2024-03-3102177715ns5:CapitalRedemptionReserve2024-03-31
REGISTERED NUMBER: 02177715 (England and Wales)














Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31st March 2025

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 2025




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 8

Consolidated Statement of Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


Dr Reddy's Laboratories (EU) Limited

Company Information
for the year ended 31st March 2025







DIRECTORS: V N Mannam
G O'Shea
M Yassar



SECRETARY: A K Baheti



REGISTERED OFFICE: Steanard Lane
Mirfield
West Yorkshire
WF14 8HZ



REGISTERED NUMBER: 02177715 (England and Wales)



AUDITORS: Sadofskys
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 2025

The directors present their strategic report of the company and the group for the year ended 31st March 2025.

REVIEW OF BUSINESS
The key financial highlights are as follows:

2025 2024 2023
£    £    £   
Turnover - United Kingdom 64,680,630 57,502,181 45,418,548

Turnover growth - United Kingdom 12.5% 26.6% 26.6%

Turnover - Europe and other countries 26,344,392 24,636,326 20,109,337

Turnover growth - Europe and other countries 1.07% 22.51% 18.6%
Profit before tax 8,390,071 19,720,981 5,080,673
Profit before tax margin 9.2% 24.0% 7.7%

The FY25 sales for Dr. Reddy's Laboratories (EU) Limited has increased by 10.8% from revenue £82.14m to £91.02m is mainly in generic business segment. Global generics segment continues to grow year on year in terms of turnover. 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 also contributed the increased due to higher sales in North America & Europe.

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 2025

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.








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

Group Strategic Report
for the year ended 31st March 2025


The need to foster the company's business relationships with suppliers, customers and others
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 2024/25 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 2024-25 with a cash reserve of £2.4m vs previous year £2.9m, with a positive net current asset. During the year the sales have increased 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 £87.19m as on reporting date, which is higher by £6.07m as comparison to previous year.


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

Group Strategic Report
for the year ended 31st March 2025

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 site 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.

There is one product in development for an external customer which is now starting to receive regulatory approval around the world and proceed to full 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. Given the complexities of the current geopolitical landscape and the UK's economic outlook, the business environment remains uncertain, with expected pressures on both costs and pricing.

ON BEHALF OF THE BOARD:





A K Baheti - Secretary


28th April 2025

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

Report of the Directors
for the year ended 31st March 2025

The directors present their report with the financial statements of the company and the group for the year ended 31st March 2025.

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 2025.

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 2024 to the date of this report.

The directors shown below were in office at 31st March 2025 but did not hold any interest in the Ordinary shares of £1 each at 1st April 2024 or 31st March 2025.

V N Mannam
G O'Shea
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.

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 Laboratories (EU) Limited (Registered number: 02177715)

Report of the Directors
for the year ended 31st March 2025

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 is in line with FY 24 with total energy consumption of KWH 16,005,606. The energy consumption in 2024 being KWH 16,001,696. The total energy consumption in 2023 was KWH 13,785,372. This increase is mainly due to increase in the API manufacturing operations.

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.

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

ON BEHALF OF THE BOARD:



A K Baheti - Secretary


28th April 2025

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 2025 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 2025 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 Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

28th April 2025

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

Consolidated
Statement of Comprehensive
Income
for the year ended 31st March 2025

2025 2024
Notes £    £    £   

TURNOVER 3 91,025,022 82,138,507

Cost of sales 66,803,735 58,642,391
GROSS PROFIT 24,221,287 23,496,116

Distribution costs 1,333,237 1,000,671
Administrative expenses 17,590,124 15,323,823
18,923,361 16,324,494
5,297,926 7,171,622

Other operating income 4 1,290,513 9,749,037
OPERATING PROFIT 6 6,588,439 16,920,659

Interest receivable and similar income 7 1,894,792 2,800,423
8,483,231 19,721,082

Interest payable and similar expenses 8 93,160 101
PROFIT BEFORE TAXATION 8,390,071 19,720,981

Tax on profit 9 2,316,117 5,742,242
PROFIT FOR THE FINANCIAL YEAR 6,073,954 13,978,739

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

6,073,954

13,978,739

Profit attributable to:
Owners of the parent 6,073,954 13,978,739

Total comprehensive income attributable to:
Owners of the parent 6,073,954 13,978,739

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

Consolidated Balance Sheet
31st March 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 558,645 1,016,426
Tangible assets 12 11,836,310 7,478,344
Investments 13 - -
12,394,955 8,494,770

CURRENT ASSETS
Stocks 14 28,726,495 22,546,923
Debtors 15 68,896,716 74,164,402
Cash at bank and in hand 2,457,048 2,907,046
100,080,259 99,618,371
CREDITORS
Amounts falling due within one year 16 23,306,497 26,133,236
NET CURRENT ASSETS 76,773,762 73,485,135
TOTAL ASSETS LESS CURRENT
LIABILITIES

89,168,717

81,979,905

PROVISIONS FOR LIABILITIES 18 1,974,844 859,986
NET ASSETS 87,193,873 81,119,919

CAPITAL AND RESERVES
Called up share capital 19 9,131,928 9,131,928
Capital redemption reserve 20 1,362 1,362
Retained earnings 20 78,060,583 71,986,629
SHAREHOLDERS' FUNDS 87,193,873 81,119,919

The financial statements were approved by the Board of Directors and authorised for issue on 28th April 2025 and were signed on its behalf by:





G O'Shea - Director


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

Company Balance Sheet
31st March 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Intangible assets 11 9,385 -
Tangible assets 12 11,771,025 7,419,714
Investments 13 1,000 1,000
11,781,410 7,420,714

CURRENT ASSETS
Stocks 14 11,215,098 7,844,703
Debtors 15 17,954,479 13,555,229
Cash at bank and in hand 1,099,633 1,543,196
30,269,210 22,943,128
CREDITORS
Amounts falling due within one year 16 4,883,511 4,580,137
NET CURRENT ASSETS 25,385,699 18,362,991
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,167,109

25,783,705

PROVISIONS FOR LIABILITIES 18 1,958,523 845,328
NET ASSETS 35,208,586 24,938,377

CAPITAL AND RESERVES
Called up share capital 19 9,131,928 9,131,928
Capital redemption reserve 20 1,362 1,362
Retained earnings 20 26,075,296 15,805,087
SHAREHOLDERS' FUNDS 35,208,586 24,938,377

Company's profit for the financial year 10,270,209 663,155

The financial statements were approved by the Board of Directors and authorised for issue on 28th April 2025 and were signed on its behalf by:





G O'Shea - Director


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

Consolidated Statement of Changes in Equity
for the year ended 31st March 2025

Called up Capital
share Retained redemption Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1st April 2023 9,131,928 57,128,289 1,362 879,601 67,141,180

Changes in equity
Total comprehensive income - 14,858,340 - (879,601 ) 13,978,739
Balance at 31st March 2024 9,131,928 71,986,629 1,362 - 81,119,919

Changes in equity
Total comprehensive income - 6,073,954 - - 6,073,954
Balance at 31st March 2025 9,131,928 78,060,583 1,362 - 87,193,873

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

Company Statement of Changes in Equity
for the year ended 31st March 2025

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st April 2023 9,131,928 15,141,932 1,362 24,275,222

Changes in equity
Total comprehensive income - 663,155 - 663,155
Balance at 31st March 2024 9,131,928 15,805,087 1,362 24,938,377

Changes in equity
Total comprehensive income - 10,270,209 - 10,270,209
Balance at 31st March 2025 9,131,928 26,075,296 1,362 35,208,586

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

Consolidated Cash Flow Statement
for the year ended 31st March 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,953,114 ) 10,919,743
Interest paid (93,160 ) (101 )
Tax paid (2,219,669 ) (6,017,464 )
Net cash from operating activities (4,265,943 ) 4,902,178

Cash flows from investing activities
Purchase of intangible fixed assets (350,364 ) (943,920 )
Purchase of tangible fixed assets (5,387,387 ) (2,483,342 )
Sale of intangible fixed assets - 187,145
Sale of tangible fixed assets - 36,959
Interest received 1,894,792 2,800,423
Net cash from investing activities (3,842,959 ) (402,735 )

Cash flows from financing activities
New loans in year from ultimate parent - 608,921
Movement in loans from parent companies 7,658,904 (3,168,232 )
Net cash from financing activities 7,658,904 (2,559,311 )

(Decrease)/increase in cash and cash equivalents (449,998 ) 1,940,132
Cash and cash equivalents at beginning of
year

2

2,907,046

966,914

Cash and cash equivalents at end of year 2 2,457,048 2,907,046

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

Notes to the Consolidated Cash Flow Statement
for the year ended 31st March 2025

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2025 2024
£    £   
Profit before taxation 8,390,071 19,720,981
Depreciation charges 1,837,566 1,157,405
Finance costs 93,160 101
Finance income (1,894,792 ) (2,800,423 )
8,426,005 18,078,064
Increase in stocks (6,179,572 ) (7,582,039 )
Increase in trade and other debtors (7,522,799 ) (183,469 )
Increase in trade and other creditors 3,323,252 607,187
Cash generated from operations (1,953,114 ) 10,919,743

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 2025
31/3/25 1/4/24
£    £   
Cash and cash equivalents 2,457,048 2,907,046
Year ended 31st March 2024
31/3/24 1/4/23
£    £   
Cash and cash equivalents 2,907,046 966,914


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/4/24 Cash flow At 31/3/25
£    £    £   
Net cash
Cash at bank and in hand 2,907,046 (449,998 ) 2,457,048
2,907,046 (449,998 ) 2,457,048
Total 2,907,046 (449,998 ) 2,457,048

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

Notes to the Consolidated Financial Statements
for the year ended 31st March 2025

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.

Related party exemption
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.

Critical accounting judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual related results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are addressed below.

- Useful life and residual value
An estimation of the residual values and useful lives of tangible assets and intangible assets is required to be made at least annually. Judgement is required in estimating the useful lives of fixed asset categories. The residual value is the estimated amount that would be currently obtained from the disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

2. ACCOUNTING POLICIES - continued

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 the business in 2008, has been fully amortised 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.

Patents
Patents are 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.

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.


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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

2. ACCOUNTING POLICIES - continued
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.

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.

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

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:

2025 2024
£    £   
United Kingdom 64,680,630 57,502,181
Europe and other countries 26,344,392 24,636,326
91,025,022 82,138,507

4. OTHER OPERATING INCOME
2025 2024
£    £   
Other income - 9,570,137
R&D tax credits receivable 1,129,450 -
No description 161,063 178,900
1,290,513 9,749,037

Other income for the year ended 31st March 2024 included £9,550,000 which related to settlement of a product related litigation by the company and its affiliates in the United Kingdom.

5. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 13,495,440 11,662,250
Social security costs 378,555 285,183
Other pension costs 578,155 388,587
14,452,150 12,336,020

The average number of employees during the year was as follows:
2025 2024

Dr Reddy's Laboratories (UK) Limited 40 36
Dr Reddy's Laboratories (EU) Limited 142 133
182 169

The average number of employees by undertakings that were proportionately consolidated during the year was 40 (2024 - 36 ) .

2025 2024
£    £   
Directors' remuneration 487,607 233,996
Directors' pension contributions to money purchase schemes 55,890 27,217

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

5. EMPLOYEES AND DIRECTORS - continued

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

Money purchase schemes 3 1

Information regarding the highest paid director is as follows:
2025 2024
£    £   
Emoluments etc 205,099 150,880
Pension contributions to money purchase schemes 25,067 18,780

6. OPERATING PROFIT

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

2025 2024
£    £   
Hire of plant and machinery 210,179 164,840
Depreciation - owned assets 1,029,421 996,402
Patents and licences amortisation 808,145 161,003
Auditors' remuneration 30,700 22,200
Taxation compliance services 15,725 7,350
Other assurance services 3,250 2,000
Other non- audit services 35,964 23,113
Foreign exchange differences 204,521 143,184
Other operating leases 1,347,550 283,761
Stock based compensation 57,140 50,520
Interest on group loans (1,779,927 ) (2,797,921 )

7. INTEREST RECEIVABLE AND SIMILAR INCOME
2025 2024
£    £   
Deposit account interest 37,528 2,502
Interest on group loans 1,779,927 2,797,921
Corporation tax interest received 77,337 -
1,894,792 2,800,423

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Bank interest - 101
Interest on corporation tax 93,160 -
93,160 101

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
UK corporation tax 1,204,048 4,733,379
Prior year adjustment (2,789 ) (9,601 )
Foreign taxation - 990,427
Total current tax 1,201,259 5,714,205

Deferred taxation 1,114,858 28,037
Tax on profit 2,316,117 5,742,242

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:

2025 2024
£    £   
Profit before tax 8,390,071 19,720,981
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2024 - 25 %)

2,097,518

4,930,245

Effects of:
Expenses not deductible for tax purposes 131,365 45,724
Adjustments to tax charge in respect of previous periods 157,657 -
Depreciation of non-qualifying assets 18,974 20,424

Stock based compensation 14,284 12,630
assets
Tax rate
Adjustment to tax charge relating to prior years - (9,601 )
Withholding tax - 990,427
Foreign tax claimed - (247,607 )
R&D expenditure credit (103,681 ) -
Total tax charge 2,316,117 5,742,242

Overseas taxation

The overseas taxation payable by the company during the period was as follows:

2025 2024
£ £
Withholding taxes suffered 1,815,228 990,427

Withholding taxes suffered in the year ended 31st March 2025 have been classified as an operating expense within cost of sales as opposed to forming part of the tax charge, to reflect the fact that the withholding taxes are irrecoverable and constitute a cost of doing business in those overseas jurisdictions.

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

10. 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.


11. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st April 2024 1,015,227 6,542,299 7,557,526
Additions - 350,364 350,364
At 31st March 2025 1,015,227 6,892,663 7,907,890
AMORTISATION
At 1st April 2024 1,015,227 5,525,873 6,541,100
Amortisation for year - 808,145 808,145
At 31st March 2025 1,015,227 6,334,018 7,349,245
NET BOOK VALUE
At 31st March 2025 - 558,645 558,645
At 31st March 2024 - 1,016,426 1,016,426

Company
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1st April 2024 1,015,227 4,180,507 5,195,734
Additions - 13,851 13,851
At 31st March 2025 1,015,227 4,194,358 5,209,585
AMORTISATION
At 1st April 2024 1,015,227 4,180,507 5,195,734
Amortisation for year - 4,466 4,466
At 31st March 2025 1,015,227 4,184,973 5,200,200
NET BOOK VALUE
At 31st March 2025 - 9,385 9,385
At 31st March 2024 - - -

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

12. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st April 2024 2,713,935 183,357 19,411,261
Additions - - 5,359,133
Reclassification/transfer (279,412 ) - 359,466
At 31st March 2025 2,434,523 183,357 25,129,860
DEPRECIATION
At 1st April 2024 1,003,044 183,357 14,111,914
Charge for year 75,897 - 922,683
At 31st March 2025 1,078,941 183,357 15,034,597
NET BOOK VALUE
At 31st March 2025 1,355,582 - 10,095,263
At 31st March 2024 1,710,891 - 5,299,347

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st April 2024 1,247,089 1,150,682 24,706,324
Additions - 28,254 5,387,387
Reclassification/transfer - (80,054 ) -
At 31st March 2025 1,247,089 1,098,882 30,093,711
DEPRECIATION
At 1st April 2024 1,161,097 768,568 17,227,980
Charge for year 14,451 16,390 1,029,421
At 31st March 2025 1,175,548 784,958 18,257,401
NET BOOK VALUE
At 31st March 2025 71,541 313,924 11,836,310
At 31st March 2024 85,992 382,114 7,478,344

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

12. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st April 2024 2,713,935 15,628,966 332,062 830,924 19,505,887
Additions - 5,331,023 - 28,254 5,359,277
Reclassification/transfer (279,412 ) 359,466 - (80,054 ) -
At 31st March 2025 2,434,523 21,319,455 332,062 779,124 24,865,164
DEPRECIATION
At 1st April 2024 1,003,044 10,371,842 262,477 448,810 12,086,173
Charge for year 75,897 901,228 14,451 16,390 1,007,966
At 31st March 2025 1,078,941 11,273,070 276,928 465,200 13,094,139
NET BOOK VALUE
At 31st March 2025 1,355,582 10,046,385 55,134 313,924 11,771,025
At 31st March 2024 1,710,891 5,257,124 69,585 382,114 7,419,714

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st April 2024
and 31st March 2025 2,634,179
PROVISIONS
At 1st April 2024
and 31st March 2025 2,633,179
NET BOOK VALUE
At 31st March 2025 1,000
At 31st March 2024 1,000

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

13. FIXED ASSET INVESTMENTS - continued

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: 410 Cambridge Science Park, Milton Road, Cambridge, Cambridgeshire, England, CB4 0PE
Nature of business: Manufacture of pharmaceutical products
%
Class of shares: holding
Ordinary 100.00
2025 2024
£    £   
Aggregate capital and reserves 51,986,287 56,182,542
Profit for the year 5,803,745 13,315,584


14. STOCKS

Group Company
2025 2024 2025 2024
£    £    £    £   
Raw materials 1,059,935 1,635,644 1,059,935 1,635,644
Packing materials 156,170 139,870 156,170 139,870
Work-in-progress 5,363,673 4,798,587 5,363,673 4,798,587
Finished goods 22,146,717 15,972,822 4,635,320 1,270,602
28,726,495 22,546,923 11,215,098 7,844,703

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Trade debtors 22,713,883 15,286,590 2,094,467 2,966,924
Amounts owed by group undertakings - - 1,004,485 903,421
Other debtors 16,148 19,085 16,148 19,242
Amounts due from parent
companies 42,787,853 56,593,762 11,794,145 8,110,362
Taxation 1,830,854 812,444 1,663,643 254,433
VAT 787,045 1,096,588 787,045 1,096,588
Prepayments and accrued income 760,933 355,933 594,546 204,259
68,896,716 74,164,402 17,954,479 13,555,229

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2025 2024 2025 2024
£    £    £    £   
Trade creditors 5,530,883 3,856,422 1,067,860 1,186,230
Amounts owed to ultimate parent 7,615,862 13,765,853 - -
Social security and other taxes 1,767,455 1,186,071 - -
Other creditors 682,056 159,417 232,104 -
Payment in advance 875,000 875,000 875,000 875,000
Accrued expenses 6,835,241 6,257,086 2,708,547 2,518,907
Deferred income - 33,387 - -
23,306,497 26,133,236 4,883,511 4,580,137

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2025 2024
£    £   
Within one year 1,345,009 1,347,550
Between one and five years 5,344,560 5,353,429
In more than five years 4,231,110 5,567,250
10,920,679 12,268,229

Company
Non-cancellable operating leases
2025 2024
£    £   
Within one year 1,345,009 1,347,550
Between one and five years 5,344,560 5,353,429
In more than five years 4,231,110 5,567,250
10,920,679 12,268,229

18. PROVISIONS FOR LIABILITIES

Group Company
2025 2024 2025 2024
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,974,844 859,986 1,958,523 845,328

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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

18. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st April 2024 859,986
Charge to Statement of Comprehensive Income during year 1,114,858
Balance at 31st March 2025 1,974,844

Company
Deferred
tax
£   
Balance at 1st April 2024 845,328
Charge to Statement of Comprehensive Income during year 1,113,195
Balance at 31st March 2025 1,958,523

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
9,131,928 Ordinary £1 9,131,928 9,131,928

Ordinary share capital includes full rights on voting dividends and repayment of capital.

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st April 2024 71,986,629 1,362 71,987,991
Profit for the year 6,073,954 6,073,954
At 31st March 2025 78,060,583 1,362 78,061,945

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st April 2024 15,805,087 1,362 15,806,449
Profit for the year 10,270,209 10,270,209
At 31st March 2025 26,075,296 1,362 26,076,658


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

Notes to the Consolidated Financial Statements - continued
for the year ended 31st March 2025

21. 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 Grosspeteranlage 29, 4052 Basel, Switzerland.