EQS-News

Nagarro announces Q1 '24 results, posts profitable growth

EQS-News: Nagarro SE / Key word(s): Quarter Results/Quarterly / Interim Statement Nagarro announces Q1 '24 results, posts profitable growth 14.05.2024 / 07:54 CET/CEST The issuer is solely responsible for the content of this announcement. May 14, 2024 – Today, Nagarro, a global digital engineering leader, presented its unaudited financial numbers for Q1 2024 and released its three-month statement.

In Q1 2024, revenue grew to €238.3 million, up 7.6% QoQ from €221.4 million in Q4 2023 and up 8.7% QoQ in constant currency. Organic QoQ revenue growth for the quarter was 7.4% in Euro terms and 8.6% in constant currency. Revenue grew 3.8% YoY from €229.5 million in Q1 2023 and was up 5.0% YoY in constant currency, while organic revenue growth was a positive 2.9% YoY in Euro terms but a negative 0.4% YoY in constant currency. Gross profit grew to €63.9 million (as per the previous method) and was €73.6 million (as per the current method)* in Q1 2024 from €61.4 million (as per the previous method) in Q1 2023. Gross margin remained the same as in Q1 2023 at 26.8% (as per the previous method) and was 30.9% in Q1 2024 (as per the current method). Adjusted EBITDA grew by €7.8 million from €31.4 million (13.7% of revenue) in Q1 2023 to €39.2 million (16.4% of revenue) in Q1 2024.

EBITDA increased by €5.2 million from €30.8 million in Q1 2023 to €36.0 million in Q1 2024. EBIT increased by €3.6 million from €23.1 million in Q1 2023 to €26.6 million in Q1 2024. Net profit increased by €1.4 million to €16.6 million in Q1 2024 from €15.1 million in Q1 2023.

Operating cash inflow in Q1 2024 rose to €25.9 million from €17.0 million in Q1 2023. Days of sales outstanding, calculated based on the quarterly revenue and including both contract assets and trade receivables, has improved slightly, from 84 days on December 31, 2023, to 80 days on March 31, 2024.

The Net Promoter Score from the customer satisfaction survey conducted in Q1 2024 was 66. The company reduced 145 professionals (net) in Q1 2024 to 18,268.

Monika Gupta, Managing Director of Nagarro, said, “Nagarro continues to be the digital transformation partner of choice for our clients. We anticipate that as confidence grows in the economy, there will be an upsurge in opportunities for digital transformation work with our clients, facilitating them to become human-centric, digital-first organizations.”