DRIVIN G ROWTH - Dr. Reddy's

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auditors’ report to the board of directors of dr. reddy’s laboratories
limited on the consolidated financial statements and consolidated
cash flow of dr. reddy’s laboratories limited and its subsidiaries
1. We have examined the attached Consolidated Balance Sheet of Dr. Reddy’s Laboratories Limited (“the Company”) and its
subsidiaries as at March 31, 2002, and the Consolidated Profit and Loss account for the year then ended.
2. These consolidated financial statements are the responsibility of Dr. Reddy’s Laboratories Limited’s management. Our responsibility
is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance
with generally accepted auditing standards in India. These Standards require that we plan and perform the audit to obtain
reasonable assurance whether the consolidated financial statements are prepared, in all material respects, in accordance with an
identified financial reporting framework and are free of material misstatements. An audit includes, examining on a test basis,
evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial
statements. We believe that our audit provides a reasonable basis for our opinion.
3. We report that:
a) the consolidated financial statements have been prepared by the Company in accordance with the requirements of
Accounting Standard (AS) 21, Consolidated Financial Statements, issued by the Institute of Chartered Accountants of India
(ICAI), and
b) this being the first year of preparation of consolidated financial statements, the opening balances as at April 1, 2001 have
not been audited by us. Accordingly, we express no opinion or any other form of assurance on such opening balances.
4. On the basis of the information and explanations given to us and subject to our observation in paragraph 3(b) stated above, we
are of the opinion that:
a) the Consolidated Balance Sheet gives a true and fair view of the consolidated state of affairs of Dr. Reddy’s Laboratories
Limited and its subsidiaries as at March 31, 2002; and
b) the Consolidated Profit and Loss Account gives a true and fair view of the consolidated results of operations of Dr. Reddy’s
Laboratories Limited and its subsidiaries for the year then ended.
5. We have also examined the attached Consolidated Cash Flow Statement of Dr. Reddy’s Laboratories Limited and its subsidiaries
for the year ended March 31, 2002. This statement has been prepared in accordance with the requirements of the AS 21,
Consolidated Financial Statements and AS 3, Cash Flow Statements issued by the ICAI and is based on and in agreement with the
Consolidated Profit and Loss Account and Consolidated Balance Sheet read with note 3(b) above.
For BHARAT S RAUT & CO. For A RAMACHANDRA RAO & CO.
Chartered Accountants Chartered Accountants
PRADIP KANAKIA A RAMACHANDRA RAO
Partner Partner
Hyderabad
June 4, 2002
CONSOLIDATED FINANCIALS | FINANCIALS | ANNUAL REPORT 2001-2002