Nagarro releases audited results for 2023 -- annual revenue grew 9.4% in constant currency
Revenue grew to €912.1 million in 2023, up from €856.3 million in 2022, a YoY growth of 6.5%. The constant currency growth in annual revenue was 9.4%. The company had guided for revenue to be in the region of €915 million. Gross profit and Adjusted EBITDA were affected by excess capacity throughout the year because of moderation in growth. Gross profit was €235.7 million in 2023, against €247.1 million in 2022. Gross margin was 25.8% in 2023 against the guidance of 26% and compared to 28.9% in 2022. Adjusted EBITDA was €126.1 million in 2023, against €148.5 million in 2022. Adjusted EBITDA margin was 13.8% in 2023 against the guidance of 13% and compared to 17.3% in 2022. EBITDA was €121.3 million in 2023, against €145.6 million in 2022. EBIT was €86.2 million in 2023, against €112.4 million in 2022. Net profit was €52.1 million in 2023, against €77.4 million in 2022. The number of clients doing more than €1 million in annual revenue with
Operating cash flow was €77.7 million in 2023 against €82.3 million in 2022. Fund utilization under the factoring program was reduced by €23.2 million in 2023. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, increased from 69 days on
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(FRA: NA9) (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)
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