Munich (ots/PRNewswire) – Nagarro, a global leader in digital engineering, today released its 2022 audited financials and 2022 annual report. Revenue for the fourth quarter of 2022 was €231.0 million, an increase of 42.5% from €162.0 million in the fourth quarter of 2021. Sales in the 2022 financial year were €856.3 million, which means sales growth of 56.8% compared to the previous year. Currency-neutral sales growth was 48.0% and currency-neutral organic sales growth was 39.3%.
Currency-neutral revenue growth for the fourth quarter of 2022 was 33.4%, while organic revenue growth in constant currency for the fourth quarter of 2022 was 27.5%. Gross profit grew to €66.8 million in Q4 2022 from €42.3 million in Q4 2021. Gross margin increased to 28.9% in Q4 2022 from 26.1% in Q4 2021. Adjusted EBITDA increased by €10.4 million from €20.5 million (corresponding to a margin of 12.6%) in the fourth quarter of 2021 to €30.9 million (corresponding to a margin of 13.4%) in the fourth quarter of 2021 fourth quarter of 2022. EBITDA grew by €12.3 million from €18.3 million in the fourth quarter of 2021 to €30.7 million in the fourth quarter of 2022. EBIT increased by €10.8 million from 10 €.9 million in the fourth quarter of 2021 to €21.7 million in the fourth quarter of 2022. The result for the period increased by €7.0 million from €8.3 million in the fourth quarter of 2021 to €15.4 million in the fourth quarter fourth quarter of 2022.
Operating cash flow grew to €36.8 million in the fourth quarter of 2022 from €22.9 million in the fourth quarter of 2021 and from €30.5 million in the third quarter of 2022. The days of sales calculated on a quarterly basis affecting both the contract assets and accounts receivable decreased from 71 days as of December 31, 2021 and 79 days as of September 30, 2022 to 69 days as of December 31, 2022.
The company hired 163 net new professionals in the fourth quarter of 2022, including trainees and career changers.
Results for the fiscal year
Nagarro’s revenue increased to €856.3 million in FY2022, up from €546.0 million in 2021, representing a growth of 56.8%. Adjusted for currency effects, sales growth amounted to 48.0%. Organic sales growth for 2022 was 47.3%. Currency-neutral organic sales growth for 2022 compared to 2021 was 39.3%. Gross profit grew to €247.1 million in 2022 compared to €154.4 million in 2021. Gross margin increased from 28.3% in 2021 to 28.9% in 2022. Adjusted EBITDA increased by 86.3% from €79.7 million (equivalent to a margin of 14.6%) in 2021 to €148.5 million (equivalent to a margin of 17.3%) in 2022. EBITDA increased by €75.3 million from €70.3 million in 2021 to €145.6 million in 2022. EBIT grew by €66.7 million from €45.7 million in 2021 to 112 €.4 million in 2022. Profit for the period increased by €47.3 million to €77.3 million in 2022 versus €30.0 million in 2021.
share buyback
The Supervisory Board of Nagarro SE today approved a share buyback program with an authorization to acquire Nagarro shares with a value of up to €30 million.
About Nagarro
Nagarro, a global leader in digital engineering, supports its customers in becoming innovative, digital-first companies and thereby being successful in their markets. The company is characterized by its entrepreneurial, agile and global character, its CARING mentality and its focus on finding breakthrough solutions. Nagarro employs over 18,000 people and is represented in 33 countries. For more information, please visit www.nagarro.com.
FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)
For inquiries please contact press@nagarro.com.
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Gagan Bakshi@nagarro.com,+91 997 185 5664