Commenting on the results, Kiran Mazumdar-Shaw, Chairman & Managing Director, Biocon Limited , said:

"The first half year performance confirms the robust growth of the Company. All segments of our business developed strongly. I am particularly pleased with the milestones achieved on the Insulin and Monoclonal Antibody fronts. These are key drivers of our development plans. They offer huge potential for sustained long term profitable growth. We are confident that the full year will show excellent progress over last year's performance."

FINANCIAL HIGHLIGHTS:

H1 - FY2005 (April - September 2004) v/s H1 - FY 2004 (April - September 2003)

Total income rises by 42% to Rs. 367 crores from Rs. 258 crores.
Revenues from the biopharmaceuticals business increases by 38% to
Rs. 287 crores from Rs. 208 crores, contributing 78% to total income in H1 FY
2005.
Revenue from custom and clinical research rises by 71% to Rs. 29 crores
from Rs. 17 crores.
Revenue growth spearheaded by strong performance in the U.S. and
European markets - exports grow 48% in H1 FY 2005, contributing 65% to
overall revenues.
Operating profit at Rs. 122 crores higher by 40% from a profit of Rs. 87 crores
in H1 FY2004.
Net profit for the period at Rs. 105 crores, up 75% from Rs. 60 crores.
Earnings per share at Rs. 10.50 for the six month period.

CORPORATE HIGHLIGHTS IN Q2 FY2005

Biocon announces an agreement with Nobex, USA, a pioneering US Biotech
firm for research collaboration relating to jointly developing an oral insulin
product for the treatment of diabetes on a global scale.
Biocon is all set to launch its own branded (InsugenR ) recombinant human
insulin formulation. Biocon's r-human insulin is manufactured using a
proprietary Pichia expression system, conforming to the highest international
specifications.
Biocon, commenced Phase IIB clinical trials of its drug TheraCIM (h-R3), a
humanised monoclonal antibody, for the treatment of head and neck cancers.
This drug has already received a Fast Track approval from the National
Regulatory Authority of Cuba and 'Orphan Drug' status from the EMEA
(European Agency for the Evaluation of Medicinal Products) to treat cancer
patients.
Shri Kapil Sibal, Union Minister of State for Science & Technology, will
inaugurate Syngene's new research facility at Biocon Park on 21st October
2004. This facility spread over 50,000 sft, will employ over 200 scientists in
drug discovery programs for overseas pharma & biotech companies. Since it's founding in 1994 as a subsidiary of Biocon, Syngene has emerged as one of
the country's pre-eminent custom research organizations with multi-
disciplinary skills in synthetic chemistry and molecular biology
Biocon's CAPEX programme covering the Fermentation & Synthesis facilities
along with the new biological plant, are on track.
Dr. Bala Manian, has been inducted as an additional director on the Board of
the Company. Dr. Manian is an eminent Scientist Entrepreneur and is the
Chairman & Co-Founder of Reametrix Inc., and Co-Founder of Quantum Dot
Corporation & Surromed Corporation, USA.

About Biocon

Established in 1978, Biocon Limited is India's premier biotechnology company. Biocon and its two subsidiary companies, Syngene International Pvt Ltd and Clinigene International Pvt Ltd together with its Joint Venture Company Biocon Biopharmaceuticals Pvt Ltd form a fully integrated biotechnology company, specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in clinical development, bioprocessing and global marketing, Biocon delivers products and solutions to partners and customers across 50 countries. Visit us at www.biocon.com

Note : The discussions in this release reflect the audited financial performance of Biocon Limited based on Indian GAAP on a consolidated basis. This considers the finicial performance of Biocon Limited, its wholly owned subsidiaries Syngene International Private Limited and Clinigene International Private Limited and its 51% joint venture Biocon Biopharmaceuticals private Limited. All comparisons are with the first half of last financial year.

Disclaimer

Certain statements in this release concerning our future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither our company, our directors, any member of the syndicate nor any of their respective affiliates have any obligation to update or otherwise revise any statements reflecting circumstances arising after this date or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.

For further information contact:

Paula Sengupta / Gayatri Appaya
Biocon Limited
Tel: +91 80 2852 3434
Fax: +91 80 2852 3423
Email: paula.sengupta@biocon.com
          gayatri.appaya@biocon.com