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German firm Freudenberg's sales at $12.76 bn in FY23

11 Apr '24
2 min read
German firm Freudenberg
German firm Freudenberg's sales at $12.76 bn in FY23

German conglomerate Freudenberg Group has reported sales of €11.9 billion (approximately $12.76 billion) in fiscal 2023 (FY23), marking a 1.3 per cent increase over the previous year's figure of €11.75 billion. Notably, the operating profit reached €1.1 billion, surpassing the 1 billion mark for the first time and representing a 15 per cent growth from the previous year's €941.8 million. This achievement also led to an improved profit margin, at 9.1 per cent, up from the 8 per cent recorded in the previous year.

In a significant development within its Indian operations, Freudenberg India announced considerably high sales figures, totalling ₹38.03 billion (approximately $456.074 million). The company has unveiled plans for substantial investments nearing ₹3.5 billion in the calendar year 2024. These investments are earmarked for expanding its facilities across Punjab, Karnataka, and Tamil Nadu, underscoring Freudenberg's commitment to its growth and development within the region, the company said in a press release.

Additionally, Freudenberg's contribution to India's export sector remains substantial, with exports nearing ₹8 billion.

"Numerous records were set during fiscal 2023. We achieved the highest figures ever for sales and operating profit. Within a single decade, we have roughly doubled our sales and operating profit with an average annual growth rate of 6 and 7.7 per cent, respectively. Our investments in research and development have grown by 9.4 per cent annually, even more strongly and almost tripling," said Dr Mohsen Sohi, CEO, Freudenberg Group.

Fibre2Fashion News Desk (DP)

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