MUNICH, April 16,
2024 /PRNewswire/ -- 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.
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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