Nagarro Reports 6.3% YoY Revenue Growth in H1 2024 Amid Challenges

Nagarro SE, a global digital engineering firm, announced a 6.3% year-over-year revenue growth in constant currency for the first half of 2024, despite facing global macroeconomic challenges. In Q2 2024, revenues rose to €244.1 million, a 7.6% increase from €226.8 million in Q2 2023. Gross profit for Q2 2024 was €73.3 million with a 30.0% gross margin under the current method.

For H1 2024, revenue increased to €482.4 million from €456.4 million in H1 2023. Adjusted EBITDA for the period grew to €74.7 million, representing 15.5% of revenue, compared to €60.3 million in H1 2023. The company also saw a net profit rise to €28.6 million.

Operational cash flow improved considerably, increasing from €15.4 million in H1 2023 to €27.6 million in H1 2024. Nagarro's cash balance reached €121.4 million as of June 30, 2024. However, days of sales outstanding slightly rose to 87 days.

CEO Kanchan Ray attributed the company's resilience and strategic vision to its teams' efforts. Nagarro plans to hold analyst and investor meetings to discuss the half-yearly report on August 14, 2024.