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

PRNewswire
Munich [Germany], April 16: 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 per cent revenue growth.
Revenue grew to EUR912.1 million in 2023, up from EUR856.3 million in 2022, a YoY growth of 6.5 per cent. The constant currency growth in annual revenue was 9.4 per cent. The company had guided for revenue to be in the region of EUR915 million. Gross profit and Adjusted EBITDA were affected by excess capacity throughout the year because of moderation in growth. Gross profit was EUR235.7 million in 2023, against EUR247.1 million in 2022. Gross margin was 25.8 per cent in 2023 against the guidance of 26 per cent and compared to 28.9 per cent in 2022. Adjusted EBITDA was EUR126.1 million in 2023, against EUR148.5 million in 2022. Adjusted EBITDA margin was 13.8 per cent in 2023 against the guidance of 13 per cent and compared to 17.3 per cent in 2022. EBITDA was EUR121.3 million in 2023, against EUR145.6 million in 2022. EBIT was EUR86.2 million in 2023, against EUR112.4 million in 2022. Net profit was EUR52.1 million in 2023, against EUR77.4 million in 2022. The number of clients doing more than EUR1 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 EUR77.7 million in 2023 against EUR82.3 million in 2022. Fund utilization under the factoring program was reduced by EUR23.2 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 EUR110.1 million as against EUR110.2 million at the end of 2022. The company reported 18,413 professionals as of December 31, 2023.
Download Nagarro's 2023 Annual Report
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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