Nagarro posts 12.9% YoY constant-currency revenue growth in 9M 2023
- Revenue grew to €234.3 million in Q3 2023, up 1.9% YoY and 6.6% YoY in constant currency, with organic YoY revenue growth of 2.3%. However, gross profit, adjusted EBITDA, EBIT, and net profit all declined in Q3 2023. Nine-month results show revenue growth to €690.6 million, up 10.4% YoY and 12.9% YoY in constant currency, but with decreased gross profit, adjusted EBITDA, EBIT, and net profit.
- Gross profit, adjusted EBITDA, EBIT, and net profit declined in both Q3 2023 and nine-month results. The cash balance decreased by €18.5 million from December 31, 2022, to €91.6 million.
Nagarro's superior client experience and its strategic diversification continued to deliver resilient growth. In Q3 2023, revenue grew to
EBITDA declined to
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
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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SOURCE Nagarro
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