MUNICH, March 13, 2024 /PRNewswire/ -- Nagarro, a global
digital engineering leader, today announced its preliminary
unaudited financial numbers for its full year ended December 31, 2023. Revenue grew to €912.0 million
in 2023 against guidance of €915 million and up from €856.3 million
in 2022, a YoY growth of 6.5%. Gross profit and Adjusted EBITDA
were affected by excess capacity throughout the year because of the
moderation in growth. Gross profit was €235.5 million in 2023, down
from €247.1 million in 2022. Gross margin was 25.8% in 2023 against
the guidance of 26%, and down from 28.9% in 2022. Adjusted EBITDA
was €125.9 million in 2023, down from €148.5 million in 2022.
Adjusted EBITDA margin was 13.8% in 2023 against guidance of 13%
and down from 17.3% in 2022. EBITDA was €123.2 million in 2023,
down from €145.6 million in 2022.
Nagarro's cash balance at the end of 2023 was €109.0 million as
against €110.2 million at the end of 2022. The company reported
18,413 professionals as of December 31,
2023.
Manas Human, co-founder, said,
"The year ended with a more stable demand environment than we have
seen recently. The final results were affected by fewer working
days in the last quarter and year-end effects. We also continued
our efforts to trim off excess capacity gradually. As a company, we
feel very well prepared to capitalize on improving economic
conditions as and when they happen. We are excited that we continue
to enjoy the loyalty and patronage of our esteemed clients."
Nagarro plans to publish its audited annual report for 2023 on
April 16, 2024.
Legal notice
The information contained in this document is provided as of the
date of its publication and is subject to change without notice. It
contains preliminary unaudited figures and forward-looking
statements based on the current views, expectations, assumptions,
and information of the management of Nagarro. Gross profit, gross
margin, Adjusted EBITDA, and Adjusted EBITDA margin are
non-IFRS/non-GAAP financial measures. These and other
non-IFRS/non-GAAP financial measures may not be comparable to
similarly titled measures presented by other companies, nor should
they be construed as an alternative to other financial measures
determined in accordance with IFRS or other GAAP.
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.
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