Nagarro SE Reports Strong Q1 2024 Financial Performance

Nagarro SE announced its Q1 2024 financial results today, showcasing a significant increase in revenue and profits. The global digital engineering company reported a revenue of €238.3 million for the first quarter, marking an increase of 7.6% from the previous quarter and a growth of 8.7% in constant currency terms. This growth is a continuation from a revenue of €221.4 million in Q4 2023 and €229.5 million in Q1 2023.

The company's gross profit for Q1 2024 reached €73.6 million by the current accounting method, up from €61.4 million in the same period last year, with a gross margin of 30.9%. Additionally, adjusted EBITDA rose significantly by €7.8 million to €39.2 million. Operational efficiencies are indicated by improvements in net profit and operating cash inflow, which increased to €16.6 million and €25.9 million, respectively. Net Promoter Score, a customer satisfaction benchmark, stood at 66 in Q1 2024.

Amidst the financial growth, Nagarro reported a minor reduction in workforce, netting down 145 professionals to 18,268. This aligns with the strategic adjustments perhaps reflecting efficiency improvements or shifts in business focus. Managing Director Monika Gupta emphasized the continued demand for digital transformation services and expected increases in market opportunities.