Nagarro's preliminary numbers for FY 2023 show consistent performance and 6.5% revenue growth

MUNICH, March 13, 2024

Nagarro's cash balance at the end of 2023 was €109.0 million as against €110.2 million at the end of 2022. The company reported 18,413 professionals as of December 31, 2023.

Manas Human, co-founder, said, "The year ended with a more stable demand environment than we have seen recently. The final results were affected by fewer working days in the last quarter and year-end effects. We also continued our efforts to trim off excess capacity gradually. As a company, we feel very well prepared to capitalize on improving economic conditions as and when they happen. We are excited that we continue to enjoy the loyalty and patronage of our esteemed clients."

Nagarro plans to publish its audited annual report for 2023 on April 16, 2024.

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The information contained in this document is provided as of the date of its publication and is subject to change without notice. It contains preliminary unaudited figures and forward-looking statements based on the current views, expectations, assumptions, and information of the management of Nagarro. Gross profit, gross margin, Adjusted EBITDA, and Adjusted EBITDA margin are non-IFRS/non-GAAP financial measures. These and other non-IFRS/non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS or other GAAP.

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