Freudenberg Group Celebrates 175 Years with Record-Breaking Growth: Fiscal Year 2023 Highlights and Expansion Plans for India

10 April 2024

Freudenberg Group, a global technology conglomerate commemorating its 175th anniversary year in 2024, today reported a record increase in revenues and operating profits for fiscal year 2023.

The group earned its highest revenue and operational profit figures to date. Sales and operating profit have doubled in a decade, with an average annual growth rate of 6 and 7.7 percent, respectively. Freudenberg's revenues for fiscal year 2023 were €11,902.8 million, a 1.3% increase over the previous year’s revenue of €11,753.1 million. The company grew by about 3.5% organically. With a growth rate of about 15 percent, the operating profit of €1,081.6 million was much greater than the previous year's figure of €941.8 million. The profit margin improved to 9.1%, up from 8.0% the previous year. Innovative product lines, customer focus, and flexible problem-solving for a wide range of industries, along with structured expansion into attractive markets and strategic business fields, were critical success drivers.

Freudenberg India's revenue increased by 10.8% to ₹3,803 crore in CY22, a notable milestone for the company. Operating revenue increased by approximately 18.3% to ₹695 crore from ₹568 crore in CY22.

In fiscal year 2024, the group has announced investments of around ₹350 crore across facilities in Punjab, Karnataka, and Tamil Nadu. Freudenberg has invested in a new production facility in Morinda for its Vibracoustic Business Group and the Freudenberg-NOK India joint venture.

India accounts for over ₹800 crore in exports for the corporation. It has had business relations with Indian enterprises for over 90 years, has 11 production sites in India spanning a variety of industries, and employs around 3,000 people in 20+ locations.