Dr Reddy Laboratories : Intimation of Credit Rating – May 01, 2020

May 1, 2020

The Secretary / Executive Director

BSE Limited

National Stock Exchange of India Ltd.

Dear Sir/Madam,

Sub: Credit Rating

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that India Ratings and Research (Ind-Ra) has assigned/affirmed the ratings for the following instruments:

Instrument	Date of	Coupon	Maturity	Size of Issue	Rating / Outlook	Rating Action
Type	Issuance	Rate	Date	(million)
Long-Term	-	-	-	-	IND AA+/Stable	Affirmed
Issuer
Rating
Fund-based	-	-	-	INR 100	IND AA+/ Stable/	Long-term
working				(increased	IND A1+	rating affirmed;
capital limits				from INR		short term
				80)		assigned
Non-fund-	-	-	-	INR 1,200	IND AA+ /Stable	Long-term
based				(increased	/IND A1+	rating assigned;
working				from INR		short-term
capital limits				920)		rating affirmed
Proposed	-	-	-	INR 4,700	Provisional IND	Affirmed
working				(reduced	AA+/Stable/
capital				from INR	Provisional IND
limits**				5,000)	A1+
Commercial	-	-	7-365	INR 8,000	IND A1+	Assigned
paper			days
(CP)

• The ratings are provisional and shall be confirmed upon the sanction and execution of the loan documents for the above facilities by DRL to the satisfaction ofInd-Ra.

This is for your information and record.

With regards,

SANDEE P PODDAR

Digitally signed by SANDEEP PODDAR Date: 2020.05.01 18:02:42 +05'30'

Sandeep Poddar

Company Secretary

CC: New York Stock Exchange Inc., USA