Biotech major Biocon on Wednesday reported its net profit at Rs 105 crore for the half year ended September 30, 2004, a rise of 75 per cent from Rs 60 crore posted during the corresponding period of last fiscal.

The operating profit at Rs 122 crore was higher by 40 per cent from Rs 87 crore reported between April-September last year, the company said in a statement in Bangalore.

Sales grew by 40 per cent to Rs 360 crore and the total income by 42 per cent to Rs 367 crore from Rs 258 crore, it said.

Revenues from biopharmaceuticals business increased by 38 per cent to Rs 287 crore from Rs 208 crore, contributing 78 per cent of the total income in H1 of fiscal 2005.

The company said its revenue growth was spearheaded by strong performance in the United States and European markets with exports growing 48 per cent, contributing 65 per cent to the overall revenues.

Biocon also announced an agreement with US-based biotech firm Nobex for a research collaboration relating to joint development of an oral insulin product for the treatment of diabetes on a global scale.

It said the company was all set to launch its own branded

Insugen recombinant human insulation formulation.

Commenting on the company's performance, Biocon Chairman and Managing Director Kiran Mazumdar-Shaw said all segments of its business had developed strongly.