Nagarro announces Q1 '24 results, posts profitable growth

MUNICH, May 14, 2024 /PRNewswire/ -- 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."

Nagarro SE will hold its analyst and investors meeting as a video call to discuss the Q1 report 2024 on May 14, 2024, at 01:00 pm CEST (04:00 am PT / 06:00 am CT / 07:00 am ET / 12:00 pm BST / 03:00 pm GST / 04:30 pm IST / 07:00 pm SGT / 08:00 pm JST).

Nagarro SE will hold its retail investors call to discuss the Q1 report 2024 on May 14, 2024, at 02:30 pm CEST (05:30 am PT / 07:30 am CT / 08:30 am ET / 01:30 am BST / 04:30 pm GST / 06:00 pm IST / 08:30 pm SGT / 09:30 pm JST).

To attend, please register in advance at https://www.nagarro.com/en/investor-relations/quarterly-statement-call-q1-2024.

* Nagarro has revised the definition of cost of revenues from Q1 2024 onwards to align it better with that of other IT services companies.

About Nagarro

Nagarro, a global digital engineering leader, helps clients become fluidic, innovative, digital-first companies and thus win in their markets. The company is distinguished by its entrepreneurial, agile, and global character, its CARING mindset, and its Fluidic Enterprise vision. Nagarro employs around 18,250 people in 36 countries. For more information, visit www.nagarro.com.

FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)

For inquiries, please contact [email protected].

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SOURCE Nagarro