FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

DR. REDDY’S LABORATORIES LIMITED

(Name of Registrant)

Indicate by check mark whether registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F þ            Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o            No þ

If “Yes” is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b):

Not applicable.

 

 

Table of Contents

(1) Press Release, “Dr. Reddy’s Q1 FY11 Financial Results”, July 22, 2010			3
(2) Notice to Stock Exchange, dated July 23, 2010, regarding 26th Annual Meeting of Stockholders			8

Press Release
		Dr. Reddy’s Laboratories Ltd. 7-1-27 Ameerpet Hyderabad 500 016 India
		Tel: 91 40 373 1946 Fax: 91 40 373 1955
		www.drreddys.com

Dr. Reddy’s Q1 FY11 Financial Results

Revenue at Rs. 16.8 billion ($363 million)

EBITDA at Rs. 3.4 billion ($74 million)

Profit after Tax at Rs. 2.1 billion ($45 million)

Hyderabad, India, July 22, 2010: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced its unaudited financial results for the quarter ended June 30, 2010 under International Financial Reporting Standards (IFRS).

Key Highlights

•

Consolidated revenues are at Rs. 16.8 billion ($363 million) in Q1 FY11 versus Rs. 18.2 billion ($392 million) in Q1 FY10. Excluding the revenues from sumatriptan in the previous year, the year-on-year growth is 4%.

	•		Revenues from Global Generics for Q1 FY11 are at Rs. 11.9 billion ($257 million). Excluding the revenues from sumatriptan, the year-on-year growth is 9%.
	•		Revenues from PSAI are at Rs. 4.5 billion ($97 million) in Q1 FY11.

	•		Profit before Tax for Q1 FY11 is at Rs. 2.5 billion ($53 million).
	•		EBITDA of Rs. 3.4 billion ($74 million) in Q1 FY11, represents 20% to revenues.
	•		Profit after Tax for Q1 FY11 is at Rs. 2.1 billion ($45 million).
	•		During the quarter, the company launched 32 new generic products, filed 26 new product registrations and filed 3 DMFs globally.
	•		During the quarter, Dr. Reddy’s transferred dossiers and trademarks for nine currently marketed products in Brazil to GSK, for a consideration of $4 million. The agreement also provides for additional consideration towards other products in the pipeline based on specified milestones. The milestone payments under this deal will be recognized as revenue over the term of the product supply agreement.

All figures in millions, except EPS		All US $ figures based on a convenience translation rate of 1USD = Rs 46.41

Dr. Reddy’s Laboratories Limited and Subsidiaries

Unaudited Consolidated Income Statement

		Q1 FY11												Q1 FY10
Particulars		($)				(Rs.)				%				($)				(Rs.)				%				Growth %
Revenue			363				16,831				100				392				18,189				100				(7	)
Cost of revenues			171				7,917				47				173				8,017				44				(1	)
Gross profit			192				8,914				53				219				10,172				56				(12	)
Operating Expenses
Selling, general & administrative expenses(a)			118				5,482				33				128				5,927				33				(8	)
Research and development expenses, net			21				993				6				21				985				5				1
Other (income)/expenses, net			(4	)			(186	)			(1	)			(1	)			(35	)			(0	)			431
Total Operating Expenses			136				6,289				37				148				6,877				38				(9	)
Results from operating activities			57				2,625				16				71				3,295				18				(20	)
Finance income			(2	)			(99	)			(1	)			(2	)			(88	)			(0	)			13
Finance expenses(b)			6				276				2				5				223				1				24
Finance expenses, net			4				177				1				3				135				1				31
Share of profit/(loss) of equity accounted investees			0				5				0				0				11				0				(55	)
Profit before income tax			53				2,453				15				68				3,171				17				(23	)
Income tax expense			(8	)			(357	)			(2	)			(16	)			(726	)			(4	)			(51	)
Profit for the period			45				2,096				12				53				2,445				13				(14	)
Diluted EPS			0.3				12.3								0.3				14.4

Notes:

Segmental Analysis

Global Generics

Revenues from Global Generics segment are at Rs. 11.9 billion ($257 million) in Q1 FY11. Excluding the revenues from sumatriptan in the US, the growth is 9%.

•

Revenues from North America at Rs. 3.9 billion ($84 million) in Q1 FY11 versus Rs. 6.0 billion ($130 million) in Q1 FY10. Excluding the revenues from sumatriptan, the growth is 5% in dollar currency.

•

As at June 30, 2010, total cumulative ANDA filings are 163. Total ANDAs pending approval at the USFDA are 71 of which 36 are Para IVs and 12 are FTFs.

•

Revenues from Europe at Rs. 1.9 billion ($42 million) in Q1 FY11 versus Rs. 2.1 billion ($45 million) in Q1 FY10.

	•		Revenues from Germany decrease by 18% to Rs. 1.3 billion ($28 million) in Q1 FY11. For the same period the decline in Euro currency is 6%.
	•		Revenues from Rest of Europe grew by 29% to Rs. 516 million ($11 million) in Q1 FY11 largely led by the 21% growth in UK.

•

Revenues from Russia & Other CIS markets at Rs. 2.6 billion ($55 million) in Q1 FY11 versus Rs. 1.9 billion ($40 million) in Q1 FY10, or a growth of 36%.

•

Revenues in Russia at Rs. 2.1 billion ($44 million) in Q1 FY11 versus Rs. 1.5 billion ($33 million) in Q1 FY10 or a year-on-year growth of 35%.

•

Dr. Reddy’s year-on-year secondary prescription sales growth stands at 33% versus industry’s growth of 21%. (Source: Pharmexpert April-May 2010)

•

Revenues in Other CIS markets increase by 43% to Rs. 489 million ($11 million) in Q1 FY11 versus Rs. 342 million ($7 million) in Q1 FY10.

•

Revenues in India at Rs. 2.8 billion ($60 million) in Q1 FY11 versus Rs. 2.4 billion ($52 million) in Q1 FY10, a growth of 16% which is largely led by volume growth of existing products.

•

Dr. Reddy’s year-on-year secondary prescription sales growth is 22% versus industry’s growth of 20%. (Source: ORG IMS MAT Jun 2010)

•

11 new products launched during the quarter.

Revenues from PSAI are at Rs. 4.5 billion ($97 million) in Q1 FY11.

•

During the quarter, 3 DMFs were filed globally. The cumulative DMF filings as of Jun 10 are 378.

Income Statement Highlights:

	•		Gross profit at Rs. 8.9 billion ($192 million) in Q1 FY11 at a margin of 53% to revenues versus 56% in Q1 FY10. This change in gross margin is largely on account of a favorable mix of high margin revenues from sumatriptan in the previous year.
	•		Selling, General & Administration (SG&A) expenses excluding amortization for the quarter is at Rs. 5.2 billion ($112 million) or a decline of 4% over the previous year. Excluding the one-time charges recorded on account of betapharm workforce restructure costs of Rs. 496 million ($11 million) and the closure of Atlanta facility of Rs. 71 million ($2 million) in the previous year, SG&A grew by 7%.
	•		Amortization expenses for the quarter is at Rs. 288 million ($6 million) versus Rs. 507 million ($11 million) in Q1 FY10. This decline is on account of the impairment of intangibles recorded in Q3 FY10.
	•		Other Operating Income of Rs. 186 million ($4 million) in Q1 FY11 versus Rs. 35 million ($1 million) in Q1 FY10.
	•		R&D expenses at Rs. 993 million ($21 million) in Q1 FY11.
	•		Finance costs (net) are at Rs. 177 million ($4 million) in Q1 FY11 versus Rs. 135 million ($3 million) in Q1 FY10. The change is mainly on account of higher forex loss during the quarter

•

Net forex loss of Rs. 225 million ($5 million) in Q1 FY11 versus Rs. 84 million ($2 million) in Q1 FY10.

	•		EBITDA at Rs. 3.4 billion ($74 million) in Q1 FY11 represents 20% to sales.
	•		Net Profit after Tax for Q1 FY11 is at Rs. 2.1 billion ($45 million).
	•		Diluted EPS is at Rs. 12.3 ($0.3) for the quarter.
	•		Capital expenditure for the quarter is at Rs. 1.9 billion ($40 million).

Appendix 1: Q1 FY11 Key Balance Sheet Items		(in millions)

		As on 30th Jun 10								As on 31st Mar 10
Particulars		($)				(Rs.)				($)				(Rs.)
Cash and cash equivalents			137				6,366				142				6,584
Trade receivables			275				12,769				258				11,960
Inventories			311				14,451				288				13,371
Property, plant and equipment			516				23,943				484				22,459
Goodwill and other intangible assets			286				13,287				301				13,973
Loans and borrowings (current & non-current)			299				13,872				317				14,695
Trade payables			209				9,689				201				9,322
Equity & reserves			969				44,969				925				42,915

Appendix 2: Q1 FY11 Revenue Mix by Segment		(in millions)

		Q1 FY11												Q1 FY10
		$				INR				as a %				$				INR				as a %				Growth %
Global Generics			257				11,917				71				281				13,021				72				(8	)
North America			84				3,897				33				130				6,026				46				(35	)
Europe			42				1,937				16				45				2,106				16				(8	)
India			60				2,778				23				52				2,393				18				16
Russia & Other CIS			55				2,552				21				40				1,871				14				36
RoW			16				754				6				13				625				5				21
PSAI			97				4,499				27				105				4,869				27				(8	)
North America			18				837				19				21				995				20				(16	)
Europe			34				1,555				35				30				1,371				28				13
India			14				633				14				14				629				13				1
RoW			32				1,474				33				40				1,874				39				(21	)
Others			9				415				2				6				299				2				38
Total			363				16,831				100				392				18,189				100				(7	)

Appendix 3: Q1 FY11 Revenue Mix by Geography		(in millions)

		Q1 FY11												Q1 FY10
		$				INR				as a %				$				INR				as a %				Growth %
North America			108				5,024				30				155				7,182				39				(30	)
Europe			78				3,617				21				78				3,615				20				0
India			74				3,411				20				65				3,021				17				13
Russia & Other CIS			55				2,552				15				40				1,871				10				36
Others			48				2,227				14				54				2,500				14				(11	)
Total			363				16,831				100				392				18,189				100				(7	)

About Dr. Reddy’s

Established in 1984, Dr. Reddy’s Laboratories (NYSE: RDY) is an emerging global pharmaceutical company. We fulfill our purpose of providing affordable and innovative medicines through three core businesses: Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products.

Disclaimer

This press release includes forward-looking statements, as defined in the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such factors include, but are not limited to, changes in local and global economic conditions, our ability to successfully implement our strategy, the market acceptance of and demand for our products, our growth and expansion, technological change and our exposure to market risks. By their nature, these expectations and projections are only estimates and could be materially different from actual results in the future.

CONTACT INFORMATION

Investors and Financial Analysts:

Kedar Upadhye at kedaru@drreddys.com or on +91-40-66834297
Raghavender R at raghavenderr@drreddys.com or on +91-40-66511529
Milan Kalawadia (North America) at mkalawadia@drreddys.com or on +1-9082034931

Media:

Rajan S at rajans@drreddys.com or on +91-40- 66511725

Notes

1.		Above analysis is based on consolidated IFRS financials.
2.		Detailed analysis of the financials is available on the Company’s website at www.drreddys.com.

Notice to Stock Exchange
		Dr. Reddy’s Laboratories Ltd. 7-1-27 Ameerpet Hyderabad 500 016 India
		Tel: 91 40 373 1946 Fax: 91 40 373 1955
		www.drreddys.com

July 23, 2010

New York Stock Exchange
NYSE Regulation Inc.
20 Broad Street, 13^th Floor
New York, NY 10005
United States of America

Kind Attn : Mr. Yuri Tsadyk / Mr. Mark Iyeki

Dear Sir,

Ref. : Scrip Code : RDY.

Sub. : Outcome of 26^th Annual General Meeting.

Pursuant to Clause 31 of the Listing Agreement, this is to inform you that the 26^th Annual General Meeting of the members of the Company was held today at Hotel Taj Krishna, Road No. 1, Banjara Hills, Hyderabad 500 034 and the members have approved all the items set out in the notice dated June 3, 2010, convening the said AGM, as under:

1)		The Balance Sheet as at March 31, 2010 and the Profit & Loss Account of the Company for the year ended on that date, along with the Director’s Report and Auditor’s Report thereon.
2)		Payment of dividend @ Rs. 11.25 per equity share of Rs. 5/- each (225%) of the Company.
3)		Re-appointment of Dr. J P Moreau, as a Director of the Company.
4)		Re-appointment of Ms. Kalpana Morparia, as a Director of the Company.
5)		Appointment of M/s. B S R & Co., Chartered Accountants as Auditors of the Company, to hold office till the conclusion of the next Annual General Meeting, on such remuneration as may be decided by the Board of Directors.
6)		Appointment of Dr. Ashok Sekhar Ganguly, as a Director of the Company.

You are requested to kindly take the same on record.

With Kind Regards,

Sandeep Poddar
Company Secretary

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.