Munich [Germany], May 13 (ANI/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 Euro 185.5 million in Q1 2022 from Euro 115.7 million in Q1 2021, a growth of 60.3 per cent. In constant currency, Q1 2022 YoY revenue growth was 55.2 per cent. Gross profit grew in Q1 2022 to Euro 50.4 million from Euro 34.1 million in Q1 2021. Gross margin dropped, changing from 29.4 per cent in Q1 2021 to 27.1 per cent in Q1 2022. Adjusted EBITDA grew 56.1 per cent from Euro 18.6 million (16.0 per cent of revenue) in Q1 2021 to Euro 29.0 million (15.6 per cent of revenue) in Q1 2022.
EBITDA grew 60.9 per cent YoY to Euro 27.9 million, up from Euro 17.3 million in Q1 2021. EBIT grew 73.8 per cent YoY to Euro 20.5 million, from Euro 11.8 million in Q1 2021. Net profit increased by 81.6 per cent YoY to Euro 13.9 million against Euro 7.7 million in Q1 2021. The cash balance was reduced by Euro 30.8 million from December 31, 2021, to Euro 75.8 million at the end of the first quarter of 2022, primarily due to payment towards acquisition liabilities of Euro 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, at 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.
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 to thinking breakthroughs. Nagarro employs over 16,000 people in 30 countries. For more information, visit www.nagarro.com.
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