MUNICH, Nov. 14, 2023 /PRNewswire/ -- Nagarro, a
global digital engineering leader, today presented its unaudited
financial numbers for Q3 2023 and released its nine-month
statement.
Nagarro's superior client experience and its strategic
diversification continued to deliver resilient growth. In Q3 2023,
revenue grew to €234.3 million, up 1.9% YoY from
€229.8 million in Q3 2022 and up 6.6% YoY in constant
currency. Organic YoY revenue growth for the quarter was 2.3% in
constant currency. Gross profit declined to €56.1 million in
Q3 2023 from €69.8 million in Q3 2022. Due to excess
production capacity and a shift to consultative selling, gross
margin dropped to 23.9% in Q3 2023 from 30.4% in Q3 2022. Adjusted
EBITDA declined to €32.0 million (13.7% of revenue) in Q3 2023
from €48.4 million (21.1% of revenue) in Q3 2022. The main
EBITDA adjustment was on account of the stock option expense of
€1.2 million.
EBITDA declined to €30.6 million in Q3 2023 from
€47.6 million in Q3 2022. EBIT declined to
€22.1 million in Q3 2023 from €39.2 million in Q3 2022.
Net profit decreased to €12.6 million in Q3 2023 from
€25.8 million in Q3 2022.
The company's headcount was trimmed by 500 during Q3 2023 to
19,182. The Net Promoter Score from the customer satisfaction
survey conducted in Q3 2023 was 67.
Nine-month results
Revenue grew to €690.6 million in 9M 2023, up 10.4% YoY from €625.4 million in
9M 2022. Constant currency revenue
growth for 9M 2023 was 12.9%. Organic
YoY revenue growth for 9M 2023 was
10.6% in constant currency. Gross profit decreased to
€175.0 million in 9M 2023 from
€180.3 million in 9M 2022. Gross
margin dropped to 25.3% in 9M 2023
from 28.8% in 9M 2022. Adjusted
EBITDA declined to €92.4 million (13.4% of revenue) in
9M 2023 from
€117.6 million (18.8% of revenue) in 9M 2022. EBITDA decreased to
€88.7 million in 9M 2023 from
€114.9 million in 9M 2022. EBIT
declined to €64.7 million in 9M
2023 from €90.7 million in 9M 2022.
Net profit declined to €39.1 million in 9M 2023 against €62.1 million in 9M 2022. Operating cash flow adjusted for changes
in factoring (including interest on factored amounts) was
€61.7 million in 9M 2023 as
compared to €32.0 million in 9M
2022. The cash balance decreased by €18.5 million from
December 31, 2022, to €91.6 million,
mainly on account of the buyback of shares.
Manas Human, co-founder of
Nagarro and Custodian of Entrepreneurship, said, "Given the
external circumstances, we are satisfied with the overall financial
result. Meanwhile, we continue to improve our offerings, our
differentiation, and our ways of working. We believe our industry
will continue to evolve, and we want to be prepared to lead the
next phase of evolution. We are particularly excited by our vision
of the AI-enabled Fluidic Enterprise, which we are gearing up to
deliver to our clients."
Nagarro will hold its analyst meeting as a video call to discuss
Q3 report 2023 on November 14, 2023,
at 01:00 pm CET (04:00 am PT / 06:00 am
CT / 07:00 am ET /
12:00 pm GMT / 04:00 pm GST / 05:30 pm
IST / 08:00 pm SGT /
09:00 pm JST).
Nagarro will hold its retail investors call to discuss Q3 report
2023 on November 14, 2023, at
03:00 pm CET (06:00 am PT / 08:00 am
CT / 09:00 am ET /
2:00 pm GMT / 06:00 pm GST / 07:30 pm
IST / 10:00 pm SGT /
11:00 pm JST).
To attend, please register in advance at
https://www.nagarro.com/en/investor-relations/quarterly-statement-call-q3-2023.
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 19,000 people and is
present in 36 countries. For more information, visit
www.nagarro.com.
FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)
For inquiries, please contact press@nagarro.com.
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