Nagarro releases audited results for 2023 - annual revenue grew 9.4% in constant currency

April 16, 2024 - Today, Nagarro, a global digital engineering leader, presented its audited financial numbers for 2023 and its Annual Report for 2023. FY 2023 shows consistent performance and 6.5% revenue growth.

Revenue grew to €912.1 million in 2023, up from €856.3 million in 2022, a YoY growth of 6.5%. The constant currency growth in annual revenue was 9.4%. The company had guided for revenue to be in the region of €915 million. Gross profit and Adjusted EBITDA were affected by excess capacity throughout the year because of moderation in growth. Gross profit was €235.7 million in 2023, against €247.1 million in 2022. Gross margin was 25.8% in 2023 against the guidance of 26% and compared to 28.9% in 2022. Adjusted EBITDA was €126.1 million in 2023, against €148.5 million in 2022. Adjusted EBITDA margin was 13.8% in 2023 against the guidance of 13% and compared to 17.3% in 2022. EBITDA was €121.3 million in 2023, against €145.6 million in 2022. EBIT was €86.2 million in 2023, against €112.4 million in 2022. Net profit was €52.1 million in 2023, against €77.4 million in 2022. The number of clients doing more than €1 million in annual revenue with Nagarro - an important internal indicator of growth potential - rose from 159 in 2022 to 181 in 2023.

Operating cash flow was €77.7 million in 2023 against €82.3 million in 2022. Fund utilization under the factoring program was reduced by €23.2 million in 2023. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, increased from 69 days on December 31, 2022, to 84 days on December 31, 2023, also reflecting the decrease in factoring volume.

Nagarro’s cash balance at the end of 2023 was €110.1 million as against €110.2 million at the end of 2022. The company reported 18,413 professionals as of December 31, 2023.

About Nagarro

Nagarro, a global digital engineering leader, helps clients become fluidic, innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its Fluidic Enterprise vision. Nagarro employs over 18,000 people in 36 countries. For more information, please visit www.nagarro.com.

FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)

For inquiries, please contact press@nagarro.com.