1. The above results have been reviewed by the Audit Committee on April 27, 2009 and approved by the Board of Directors of the Company at their meeting held on April 28, 2009. The Directors have recommended, subject to the approval of the members dividend of 60% (Rs 3) per share on the enhanced share capital of the Company.

2. During the year ended March 31, 2009, the Company acquired 71% equity interest in AxiCorp GmbH, Germany (‘Axicorp’) through its wholly owned subsidiary company, Biocon SA, Switzerland. The financial statements of AxiCorp are drawn upto December 31, 2008 for the purposes of consolidation. Accordingly, the consolidated results of Biocon for the year ended March 31, 2009 include the results of AxiCorp for the period from April 1, 2008 to December 31, 2008. The financial statements of other subsidiaries and joint venture company have been drawn up to the same reporting dates as that of the Company, i.e. March 31, 2009.

3. In February 2009, Biocon SA acquired an additional 7.4% equity interest in Axicorp Gmbh.

4. Exceptional items:

a. Exceptional item for the quarter and year ended March 31, 2009 comprise of mark to market loss in respect of foreign exchange forward contracts including realized gains / losses incurred on termination / cancellation of the said contracts of Rs 2,988 (net of taxes of Rs 265) and Rs 9,201 (net of taxes of Rs 773) in the case of the Company and Rs 4,343 (net of tax of Rs 265) and Rs 14,719 (net of taxes of Rs 773) in respect of the consolidated financial results, respectively.

b. Exceptional items for the quarter and year ended March 31, 2009 also include write back of unutilised provision for contingencies relating to transfer of its enzymes business of Rs 200, created in the prior year.

c. Effective October 1, 2007, the Company transferred its enzymes business to a third party and recorded a gain of Rs 25,390 (net of taxes of Rs 7,587).

d. In December 2007, the Company recorded an impairment of Rs 1,544 (net of tax of Rs 656) in respect of one of its intellectual property which was in development stage.

5. Profit before taxes and profit after taxes of the Company and the Group for the year ended March 31, 2008 include Rs 388 and Rs 283 from the operating activities of the enzymes business.

6. For the quarter and year ended March 31, 2009, minority interest comprise profits of Rs 200 and Rs 299 attributable to minority shareholders of AxiCorp and Rs 628 and Rs 414 associated with the losses attributable to the minority shareholder of Biocon Biopharmaceuticals Pvt Ltd (´BBPL´).

7. During the quarter and year ended March 31, 2009, the Company accounted for its share of losses in IATRICa Inc, USA, an associate company in the consolidated financial results.

8. The primary segment reporting has been performed on the basis of business segments. Segments have been identified and reported based on the nature of the products, risks and returns, organizational structure and internal financial reporting systems.

9. For the quarter and year ending on March 31, 2009 and for the quarter ended March 31, 2008, consequent to the transfer of the enzymes business, the Company operated in a single business segment of pharmaceuticals. Hence, standalone segment results have been given only for the year ended March 31, 2008.

10. On September 15, 2008, the Company allotted bonus shares to shareholders in the ratio of 1:1 and accordingly the paid up share capital has increased from Rs 50 Crores to Rs 100 Crores by utilization of securities premium.

11. During the year ended March 31, 2009, the Company has subscribed to share capital for Rs 5 in Biocon Research Ltd (BRL), a wholly owned subsidiary.

12. During the year ending March 31, 2009, pursuant to Companies (Accounting Standards) Amendments Rules, 2009 notified on March 31, 2009, the Company has adjusted foreign exchange losses incurred on long term foreign currency monetary items so far as they relate to the acquisition of a depreciable capital asset, to the cost of such asset. Hitherto, such foreign exchange differences were taken to the profit and loss account. Accordingly, the charge to consolidated profit and loss account for the year ended March 31, 2009 is lower by Rs 353, with a consequential impact on net block of fixed assets and balance in profit and loss account. There has been no impact of the above adoption on the standalone financial results of the Company.

13. The prior period/year figures have been reclassified wherever required to conform to the classification of the current quarter.

Kiran Mazumdar Shaw
Managing Director