Freudenberg India records Rs 3,803 crore revenue in FY23, medical products earn Rs 47 crore

New Delhi:  Freudenberg Group, a global technology conglomerate, which commemorates its 175th anniversary year in 2024, has reported record growth in revenues and operating profits for the financial year 2023.

Freudenberg India also announced significantly high sales at Rs 3,803 crore. The operating result for 2023 has been robust and the group has announced investments close to Rs 350 crore in CY 2024 across facilities in Punjab, Karnataka and Tamil Nadu.

In Morinda, India, Freudenberg has invested in a new production facility for its Vibracoustic Business Group and its Freudenberg-NOK India joint venture. The company exports products worth Rs 800 crore from India.

Speaking to the BioVoice News at a virtual press meet on April 08, 2024, G. Sivasailam, Managing Director at Freudenberg Performance Materials India and Director & CEO of Freudenberg Regional Corporate Center India said: “We have achieved Rs 47 crore in the medical products space during FY23 and we plan to double the same in next fiscal year. Since the incubation period for medical devices is very long, it take some time to build the meomentum. However, we will be launching a few innovative products in coming years.”

Freudenberg Group has 11 companies operating across diverse segments such as automotive, chemical, energy, technical textiles, and cleaning products in the country.

“As Freudenberg commemorates 175 years of operations globally this year, it is indeed a proud moment for Freudenberg India to be part of the continued growth journey. Freudenberg Group has been committed to its growing operations in the country, across diverse domains and across the group companies. We are continuing to invest in the expansion of our facilities and 2024 promises to be another year of key milestones we will achieve in India” remarked Sivasailam.

Globally, Freudenberg achieved sales of €11,902.8 million, 1.3 % higher than the previous year’s figure of €11,753.1 million. The operating profit of €1,081.6 million showed a significant increase of about 15 percent, compared to the previous year’s €941.8 million. The profit margin also improved to 9.1 percent from the previous year’s 8.0 percent. Freudenberg Group attributed its growth globally to innovative product lines, customer focus, and flexible problem-solving across various industries.

Commenting on the group’s annual results and its financial figures made public, Dr. Mohsen Sohi, CEO, Freudenberg Group, said, “Numerous records were set during fiscal year 2023. We achieved the highest figures ever for sales and operating profit. When we look back over the past 10 years, it becomes clear how impressive these figures are. Within a single decade, we have roughly doubled our sales and operating profit with an average annual growth rate of 6 and 7.7 percent, respectively. Our investments in research and development have grown by 9.4 percent annually, even more strongly and almost tripling. I would like to thank all our employees worldwide. Their commitment enabled us to achieve these historic results”.