Nagarro posts 16.5% YoY revenue growth in constant currency in H1 Nagarro posts 16.5% YoY revenue growth in constant currency in H1 2023 despite global macroeconomic challenges Nagarro, a global digital engineering leader, today presented its unaudited financial numbers for Q2 2023  and released its half-yearly report. Nagarro's superior client experience and its strategic diversification continued to deliver resilient growth in the face of global economic uncertainties. In Q2 2023, revenue grew to EUR226.8 million, up 8.0% YoY from EUR210.0 million in Q2 2022. Constant currency YoY revenue growth for Q2 2023 was 10.7%. Organic YoY revenue growth for the quarter was 8.7% in constant currency, which translated to 6.1% organic YoY revenue growth in Euro terms. Gross profit declined to EUR57.5 million in Q2 2023 from EUR60.2 million in Q2 2022. Due to excess production capacity which is reflected in the cost of revenues, gross margin dropped to 25.3% in Q2 2023 from 28.7% in Q2 2022. Adjusted EBITDA declined to EUR28.9 million (12.8% of revenue) in Q2 2023, from EUR40.2 million (19.1% of revenue) in Q2 2022. EBITDA declined to EUR27.3 million in Q2 2023, from EUR39.4 million in Q2 2022. The main EBITDA adjustments were on account of the share payment expenses of EUR0.9 million and acquisition expenses of EUR0.7 million. EBIT declined to EUR19.5 million in Q2 2023, from EUR31.1 million in Q2 2022. Net profit declined to EUR11.5 million in Q2 2023 against EUR22.4 million in Q2 2022. The company added net 736 professionals in Q2 2023, 642 of which were via the acquired entities. H1 results Nagarro released its half-yearly report. Revenue grew to EUR456.4 million in H1 2023, up 15.4 % YoY from EUR395.6 million in H1 2022. Constant currency revenue growth for H1 2023 was 16.5%. Organic YoY revenue growth for H1 2023 was 14.9% in constant currency, which translated to 14.2% organic YoY revenue growth in Euro terms. Gross profit increased to EUR118.9 million in H1 2023 from EUR110.5 million in H1 2022. Gross margin dropped to 26.1% in H1 2023 from 27.9% in H1 2022. Adjusted EBITDA declined to EUR60.3 million (13.2 % of revenue) in H1 2023, from EUR69.1 million (17.5% of revenue) in H1 2022. EBITDA decreased to EUR58.1 million in H1 2023, from EUR67.2 million in H1 2022. EBIT declined to EUR42.6 million in H1 2023, from EUR51.6 million in H1 2022. Net profit declined to EUR26.6 million in H1 2023 against EUR36.3 million in H1 2022. The cash balance decreased by EUR10.8 million from December 31, 2022 to EUR99.3 million, mainly on account of buyback of shares.  Manas Human, co-founder, said, "Nagarro has continued to grow and expand in H1, even as a digital engineering company in a business environment that has not been very conducive to discretionary spending. Though a few of our client projects had to scale back, fully 168 clients generated over 1 million Euro in revenue in the trailing twelve months to June 30, 2023, compared to just 131 for the same period a year ago. This reflects the growth dynamism that is present in most of Nagarro's business. Our long-term investments in diversifying across geographies and industries have paid off. So has our long-term focus on superior client experience, exemplified by a Net Promoter Score of over 60, which drives client stickiness and loyalty in difficult times. Nagarro is taking strong steps to trim its cost base, but our strategy remains to prioritize long-term growth." Nagarro will hold its analyst meeting as a video call to discuss half-yearly report 2023 on August 14, 2023, 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 /07:00pm SGT/08:00pm JST).To attend, please register in advance: https://web.lumiconnect.com/#/m/134797148. About Nagarro Nagarro, a global digital engineering leader, helps clients become 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 approach of thinking breakthroughs. Nagarro employs around 19,500 people in 35 countries. For more information, visit, //www.nagarro.com. FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220) For inquiries, please contact press@nagarro.com. Media Contact: Gagan Bakshi gagan.bakshi@nagarro.com Logo: https://mma.prnewswire.com/media/844192/3850575/Nagarro_Logo.jpg Create Date : 16 สิงหาคม 2566 Last Update : 16 สิงหาคม 2566 7:48:46 น. 0 comments Counter : 182 Pageviews.   Share Tweet ชื่อ : Comment :   *ใช้ code html ตกแต่งข้อความได้เฉพาะสมาชิกช้ code html ตกแต่งข้อความได้เฉพาะสมาชิก