Aditya Birla financial services biz revenue up 51%

Aditya Birla Group's financial services arm recorded a 51 per cent growth in revenue at Rs 3,043 crore during the nine months ending December 2008, on the back of strong performance of its mutual fund and insurance businesses.
    
The financial services business, which includes life insurance, asset management, distribution, wealth management, security-based lending, private equity, insurance and broking and advisory services had a consolidated revenue of Rs 2,016 crore in the same period last fiscal, it said in a statement.
    
The life insurance business has achieved a market share of 8.5 per cent (among private sector players) and the mutual fund business 8.7 per cent, the statement added.
    
"As a manufacturer and distributor of products, today, we can meet virtually all the financial needs of our target customer, just short of a savings or current account.
    
We believe that looking ahead there is opportunity to implement learnings from the year gone by, while continuing to emerge much stronger," Aditya Birla Group Chief Executive (Financial Services) Ajay Srinivasan said.