DR REDDYS LABORATORIES LTD financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data DR REDDYS LABORATORIES LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,181	2,225	2,316	2,594	2,826	2,992	3,350	3,811
Cost of revenue	1,009	1,018	1,069	1,185	1,325	1,296	1,387	1,581
Gross profit	1,172	1,206	1,247	1,409	1,500	1,695	1,963	2,230
Research and development	281	226	204	226	230	236	274	320
Selling, general and administrative	720	707	665	747	818	828	926	1,099
Operating income	183	302	212	332	389	695	813	842
Interest expense	13	17	13	13	13	17	21	33
Interest income	44	33	33	36	41	52	68	88
Pre-tax income	220	325	239	361	426	734	862	900
Income tax	70	53	-19	125	115	186	194	229
Net income to minority interests	0							8
Net income	151	272	259	236	311	548	668	663
EPS, basic	0.91	1.64	1.56	1.42	1.87	3.30	4.02	0.79
EPS, diluted	0.91	1.64	1.56	1.52	1.87	3.30	4.01	0.79

Balance sheet

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	41	32	27	203	196	70	85	172
Short-term investments	282	326	314	270	389	682	892	506
Receivables	624	576	667	679	880	882	963	1,058
Inventory	447	486	465	621	671	592	763	832
Total current assets	1,684	1,656	1,729	2,027	2,397	2,518	2,976	2,928
Property, plant and equipment	889	782	694	781	819	809	923	1,144
Goodwill	61	56	53	62	58	52	51	138
Intangible assets	686	642	367	487	359	375	443	1,134
Total assets	3,465	3,259	3,081	3,630	3,860	3,916	4,650	5,772
Accounts payable	247	210	221	325	337	322	371	417
Short-term debt	391	175	218	316	357	90	153	445
Total current liabilities	1,070	863	966	1,140	1,239	1,044	1,152	1,527
Total liabilities	1,523	1,232	1,025	1,264	1,348	1,106	1,284	1,825
Paid-in capital	120	119	113	122	122	118	129	130
Retained earnings	1,749	1,860	1,913	2,133	2,316	2,623	3,183	3,697
Shareholders' equity								3,903
Minority interests								44
Total equity	1,942	2,027	2,056	2,366	2,511	2,810	3,366	3,947
Total liabilities and equity	3,465	3,259	3,081	3,630	3,860	3,916	4,650	5,772

Cash flow statement

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	151	272	259	236	311	548	668	671
Cash from operations	277	415	396	488	370	716	545	545
Capital expenditures	-143	-101	-64	-133	-193	-138	-197	-322
Cash from investing	-229	-112	-65	-310	-348	-503	-483	-682
Stock issued	0	0
Share buybacks	0	0			0
Dividends paid	-61	-58	-52	-57	-55	-61	-80	-78
Cash from financing	-68	-308	-334	-4	-32	-327	-45	222
Exchange rate effect	1	1	0	2	10	3	-1	1
Free cash flow	134	314	332	355	177	578	348	223

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $12.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	58.5%	Gross profit / revenue.
Operating margin	22.1%	Operating income / revenue.
Pre-tax margin	23.6%	Pre-tax income / revenue.
Net margin	17.4%	Net income / revenue.
FCF margin	5.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.3%	Cash from operations / revenue.
Effective tax rate	25.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.7%	Net income / average total assets.
Return on invested capital (ROIC)	16.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.4%	Research and development expense / revenue.
SG&A / revenue	28.8%	Selling, general and administrative expense / revenue.
Capex / revenue	8.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	29.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	31.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-0.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	28.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.7%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-80.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-25.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-12.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-35.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-7.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	24.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	13.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.92x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.44x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	31.6%	Total liabilities / total assets.
Interest coverage	25.5x	Operating income / interest expense.
Working capital	$1.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	22.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.63B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.73x	Revenue / average total assets.
Fixed asset turnover	3.69x	Revenue / average property, plant and equipment.
Inventory turnover	1.98x	Cost of revenue / average inventory.
Days inventory	184 days	365 x average inventory / cost of revenue.
Receivables turnover	3.77x	Revenue / average receivables.
Days sales outstanding	97 days	365 x average receivables / revenue.
Days payables	91 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	190 days	Days inventory + days sales outstanding - days payables.
FCF conversion	33.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	59.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.79	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.79	Net income per basic share, as reported (split-adjusted).
Payout ratio	11.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	35.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.22B	Share price x shares outstanding.
Enterprise value	$9.55B	Market cap + total debt - cash - short-term investments.
P/E	15.4x	Market cap / net income. Only when net income is positive.
P/S	2.68x	Market cap / revenue.
P/B	2.62x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.89x	Market cap / tangible book value, when positive.
P/FCF	45.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	18.8x	Market cap / cash from operations, when positive.
EV/Sales	2.51x	Enterprise value / revenue.
EV/EBIT	11.3x	Enterprise value / operating income, when both are positive.
EV/FCF	42.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.2%	Free cash flow / market cap.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	0.8%	Dividends paid over the period / market cap.
Shareholder yield	0.8%	(Dividends paid + share buybacks) / market cap.

What was DR REDDYS LABORATORIES LTD's revenue in fiscal 2025?

DR REDDYS LABORATORIES LTD reported revenue of $3.81B for fiscal 2025, 13.8% higher than the year before.

Was DR REDDYS LABORATORIES LTD profitable in fiscal 2025?

Yes. Net income was $663.0M, a net margin of 17.4%.

How much free cash flow did DR REDDYS LABORATORIES LTD generate in fiscal 2025?

Cash from operations of $545.0M minus capital expenditures of $322.0M left free cash flow of $223.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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