Nagarro Reports 6.5% Revenue Growth in Preliminary FY 2023 Results Amidst Challenges

Nagarro SE, a front-runner in global digital engineering, disclosed its preliminary financial outcomes for the year ending December 31, 2023, highlighting a revenue increase of 6.5% to €912.0 million. This growth, however, slightly missed the forecasted €915 million, marking a modest rise from 2022’s €856.3 million.

The company faced headwinds, experiencing a dip in gross profit to €235.5 million from €247.1 million in the previous year, and a decrease in the gross margin from 28.9% to 25.8%, against a predicted 26%. Adjusted EBITDA also fell to €125.9 million from €148.5 million, with the margin shrinking to 13.8% from 17.3% in 2022.

Despite these challenges, Nagarro’s cash reserves remained strong at €109.0 million at the year’s end, with a workforce count of 18,413 professionals. Co-founder Manas Human expressed optimism about the stabilizing demand environment and the company's readiness to leverage improving economic conditions. Nagarro anticipates the release of its audited 2023 annual report on April 16, 2024.