Nagarro SE Reports Moderate Financial Growth for 2023

Nagarro SE, a global digital engineering leader, disclosed its financial results for the year 2023, revealing a revenue growth of 6.5% amounting to €912.1 million. This growth reflects a 9.4% increase in constant currency, slightly missing the company's target of €915 million.

The company's financial indicators, such as gross profit and Adjusted EBITDA, experienced declines due to excess capacity which dampened growth rates. Gross profit decreased from €247.1 million in 2022 to €235.7 million in 2023, and Adjusted EBITDA dropped from €148.5 million to €126.1 million over the same period.

Operational challenges were evident as Nagarro reported a rise in days of sales outstanding from 69 to 84 days, reflecting a reduction in the volume of their factoring program. Despite these challenges, the number of significant clients increased, with 181 clients generating over €1 million annually, up from 159 in 2022.

Overall, the company maintained a stable cash balance of €110.1 million and reported a workforce of 18,413 professionals by the end of 2023.