- YoY revenue growth of 60.3%, QoQ/sequential revenue growth of
14.5%
- YoY adjusted EBITDA growth of 56.1%
- Net addition of 2,263 professionals in this quarter, including
fresh graduates
- 2022 guidance remains unchanged
MUNICH, May 13, 2022 /PRNewswire/ -- Nagarro, a
global digital engineering leader, today presented its unaudited
financial numbers for Q1 2022. Nagarro carried over its revenue
momentum from Q4 2021 into Q1 2022. YoY revenue growth figures were
especially impressive, aided by a year of strong hiring, three
acquisitions, and a relatively slow Q1 last year. Demand continued
to be strong and appeared unaffected by the looming possibility of
a slowdown in the economy. Despite a difficult hiring environment,
the company added a net 2,263 professionals in Q1 2022 – a number
that includes additions through acquisitions, trainees, and lateral
hires.
Revenue grew to €185.5 million in Q1 2022 from €115.7 million in
Q1 2021, a growth of 60.3%. In constant currency, Q1 2022 YoY
revenue growth was 55.2%. Gross profit grew in Q1 2022 to €50.4
million from €34.1 million in Q1 2021. Gross margin dropped,
changing from 29.4% in Q1 2021 to 27.1% in Q1 2022. Adjusted EBITDA
grew 56.1% from €18.6 million (16.0% of revenue) in Q1 2021 to
€29.0 million (15.6% of revenue) in Q1 2022.
EBITDA grew 60.9% YoY to €27.9 million, up from €17.3 million in
Q1 2021. EBIT grew 73.8% YoY to €20.5 million, from €11.8 million
in Q1 2021. Net profit increased by 81.6% YoY to €13.9 million
against €7.7 million in Q1 2021. The cash balance reduced by €30.8
million from December 31, 2021, to
€75.8 million at the end of the first quarter of 2022, primarily
due to payment towards acquisition liabilities of €20.8
million.
Bachar Kassar, co-founder and
Managing Director, said, "Nagarro's organizational design and
culture and our engineering excellence continue to drive our strong
growth. Right now, we may be one of the fastest growing IT services
companies on the planet, and that is a great feeling."
Nagarro will hold its analyst meeting as a video call to discuss
annual statements 2021 and Q1 2022 statement on May 13, 2022, 1:30 pm
CEST (Berlin), which
corresponds to 12:30 pm BST
(London), 7:30 am EDT (New York
City), 4:30 am PDT
(San Francisco), 7:30 pm SGT (Singapore), 8:30
pm JST (Tokyo) and
5:00 pm IST (New Delhi). Please feel free to register
here for our earnings video call.
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 over 16,000 people in 30
countries. For more information, visit www.nagarro.com.
FRA: NA9 (SDAX/TecDAX, ISIN DE000A3H2200, WKN A3H220)
Media Contact:
Christopher Grosse
christopher.grosse@nagarro.com
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