Global digital engineering leader Nagarro has released its audited financial results for 2022 and its Annual Report for 2022. The company reported revenue of €231.0 million in Q4 2022, a YoY increase of 42.5% from €162.0 million in Q4 2021.
The FY 2022 revenue was €856.3 million, indicating a YoY revenue growth of 56.8%. The constant currency growth in annual revenue was 48.0%, and the constant currency organic growth in annual revenue was 39.3%.
Nagarro releases audited financial results for 2022, announces share buyback
For Q4 2022, the constant currency YoY revenue growth was 33.4%, while the constant currency YoY organic revenue growth was 27.5%. The gross profit grew to €66.8 million in Q4 2022 from €42.3 million in Q4 2021, with a gross margin increase to 28.9% in Q4 2022 from 26.1% in Q4 2021.
The adjusted EBITDA increased from €20.5 million (12.6% of revenue) in Q4 2021 to €30.9 million (13.4% of revenue) in Q4 2022, while EBITDA grew from €18.3 million in Q4 2021 to €30.7 million in Q4 2022. EBIT increased from €10.9 million in Q4 2021 to €21.7 million in Q4 2022, and net profit increased from €8.3 million in Q4 2021 to €15.4 million in Q4 2022.
Operating cash flow in Q4 2022 increased to €36.8 million from €22.9 million in Q4 2021, with Days of sales outstanding dropping to 69 on December 31, 2022, from 71 on December 31, 2021, and from 79 on September 30, 2022.
In 2022, Nagarro‘s revenues grew to €856.3 million from €546.0 million in 2021, with a growth rate of 56.8%. The gross profit grew to €247.1 million in 2022 from €154.4 million in 2021, while the gross margin increased from 28.3% in 2021 to 28.9% in 2022.
The adjusted EBITDA grew 86.3% from €79.7 million (14.6% of revenue) in 2021 to €148.5 million (17.3% of revenue) in 2022, and EBITDA increased from €70.3 million in 2021 to €145.6 million in 2022. EBIT increased from €45.7 million in 2021 to €112.4 million in 2022, and net profit increased from €30.0 million in 2021 to €77.3 million in 2022.
Furthermore, the Supervisory Board of Nagarro SE approved a share buyback program, authorizing the purchase of Nagarro shares for up to €30 million. Nagarro added a net of 163 professionals in Q4 2022, including trainees and lateral hires.
