Biocon India Limited, a fully integrated biotechnology enterprise specializing in biopharmaceuticals, custom research, clinical research and enzymes announced its half year results for the period ended 30 September 2003.

The audited profit after tax for the half-year ended 30 September 2003 has substantially exceeded profits for the full year ended 31 March 2003.

The audited results for the last fiscal year ended 31 March 2003 recorded sales of Rs. 283 crores, and a profit after tax of 44 crores. After a careful review of opportunities for the remainder of the year, the Board is of the view that the results for the 12 months ending
31 March 2004 shall be not less than sales of Rs. 520 crores and profit after tax of 130 crores. This will represent a 12-month growth of 84% for sales, and 195% for profit after tax. Exports in the current half-year period have shown a sharp increase of 189% over the corresponding period in 2002-03, largely driven by exports of Lovastatin and Simvastatin to USA and Europe.

The Company is on a major expansion drive developing additional capacity to meet the demand for its products. This includes the development of the newly acquired 50 acre site in Bangalore where expansion of capacity of Syngene International Limited (a Biocon subsidiary), quadrupling of fermentation capacity and the new Biologicals plant are all proceeding as on schedule.

The new plant for the production of r-Human Insulin is on track to allow the market launch of this high-quality product to the Indian market by March 2004. With this, Biocon will have the largest Insulin production facility in the Asia-Pacific region.*

The Board has also agreed to proceed with the preparatory work for an IPO planned for the first quarter of 2004. Advisors have been retained. DSP Merrill Lynch and Kotak Mahindra Capital Company will be the Book Running Lead Managers while HSBC Securities & Capital Markets will be the Co-Book Running Lead Manager. The Board will review progress to confirm the IPO timetable by the year-end.

Kiran Mazumdar-Shaw, chairman and managing director, Biocon India Limited said, "These results demonstrate the enormous progress the company has made over the past year. With our strong links with high-quality customers, and substantial increase in capacity coming on stream next year, I am confident that the future will achieve tremendous growth".

ABOUT BIOCON

Established in 1978, Biocon is India's premier biotechnology company. Biocon and its two subsidiary companies, Syngene International Limited and Clinigene International Limited form a fully integrated biotechnology enterprise specializing in biopharmaceuticals, custom research, clinical research and enzymes. With successful initiatives in drug discovery, clinical development, bioprocessing and global marketing, Biocon delivers products and solutions to partners and customers across 70 countries.

Disclaimer

The forecasts and growth projections made in this Press Release are forward looking statements made in ordinary course of business and are subject to various uncertain variables. The Company and or its directors and officers will not be liable if the actual results differ from the forecasts made.