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May 14, 2021 - Nagarro, a global leader in digital engineering and technology solutions, today stated its unaudited financial numbers for Q1 2021, its first whole quarter as an independent company. Demand was strong for Nagarro's services, while supply was significantly constrained by hiring challenges in a hot jobs market. Revenue grew to €115.7 million, up 4.3% YoY from €110.9 million in Q1 2020, and up 6.2% QoQ from €108.9 million in Q4 2020. Gross profit reduced slightly to €34.1 million from €35.0 million in Q1 2020. Gross margin reduced to 29.4% from 31.5% in Q1 2020. Adjusted EBITDA grew 26.4% YoY to €18.6 million (16.0% of revenue), up from €14.7 million (13.2% of revenue) in Q1 2020.


EBITDA grew 18.0% YoY to €17.3 million, up from €14.7 million in Q1 2020. EBIT grew 27.6% YoY to €11.8 million, from €9.2 million in Q1 2020. Net profit increased by 27.2% YoY to €7.7 million against €6.0 million in Q1 2020. The cash balance reduced by €8.6 million from December 31, 2020 to €99.2 million, primarily due to payment towards spin-off and listing liabilities of €6.0 million and acquisition liabilities of €3.4 million.  

“This quarter was notable for our upgrade of the hiring processes, and we eventually demonstrated our ability to sign on new talent at a fast clip,” said Manas Fuloria, co-founder and Custodian of Entrepreneurship in the Organization. “We added over 1000 professionals in this quarter, net of attrition. While a portion of these are fresh graduates to be trained further, these volumes reflect both our improved hiring operations and our confidence in the demand outlook. The company retains its guidance for 2021.”  

The company will offer an earnings call today (May 14) at 2 pm Central European Summer Time, which is 8 am in New York City and 8 pm in Singapore. The telephone dial-in numbers for audio and the URL for the online presentation can be found below and here.

Key figures 

Three months period ended March 31 2021 kEUR 2020 kEUR Change in percent
Revenue 115,724 110,909 4.3%
Cost of revenue 81,715 75,999 7.5%
Gross profit 34,054 34,954 -2.6%
Adjusted EBITDA 18,559 14,678 26.4%
Revenue by country      
Germany 30,554 31,251 -2.2%
US 39,271 37,139 5.7%
Revenue by industry      
Automotive, Manufacturing and Industrial 18,860 15,391 22.5%
Energy, Utilities and Building Automation 9,412 10,184 -7.6%
Financial Services and Insurance 13,055 12,697 2.8%
Horizontal Tech 11,965 9,091 31.6%
Life Sciences and Healthcare 8,866 8,265 7.3%
Management Consulting and Business Information 7,904 7,990 -1.1%
Public, Non-profit and Education  9,323 9,338 -0.2%
Retail and CPG 16,067 12,940 24.2%
Telecom, Media and Entertainment 9,113 10,978 -17.0%
Travel and Logistics 11,161 14,035 -20.5%


Three months period ended March 31 2021 2020
  Percent Percent
Revenue concentration    
Top 5 13.5% 13.6%
Top 6-10 10.1% 10.1%
Outside of Top 10 76.4% 76.3%


Segment information 2021 2020 Change in percent
Three months period ended March 31 kEUR kEUR  
Central Europe      
Revenue 41,958 42,224 -0.6%
Cost of revenue 29,253 29,229 0.1%
Gross profit 12,705 12,995 -2.2%
North America      
Revenue 39,272 37,337 5.2%
Cost of revenue 28,147 25,534 10.2%
Gross profit 11,125 11,803 -5.7%
Rest of Europe      
Revenue 18,048 16,823 7.3%
Cost of revenue 13,167 11,878 10.9%
Gross profit 4,925 4,990 -1.3%
Rest of World      
Revenue 16,447 14,525 13.2%
Cost of revenue 11,148 9,359 19.1%
Gross profit  5,299 5,166 2.6%


Gross profit, gross margin and adjusted EBITDA are neither required by, nor presented in accordance with, IFRS. Non-IFRS measures should not be considered in isolation or as a substitute for results under IFRS.

Gross profit is calculated on basis of total performance which is sum of revenue and own work capitalized.


Earnings call information
The earnings call will involve a telephone dial-in for audio plus an online presentation.

Dial-in numbers:
+43 1 2675649 Austria local
+358 9 42720657 Finland local
+33 4 82 98 62 47 France local
+49 89 244184431 Germany local
+91 11 7127 9191 India local
+39 02 6006 3140 Italy local
+47 815 03 466 Norway local
+48 12 200 52 45 Poland local
+34 912 66 19 31 Spain local
+46 40 688 75 30 Sweden local
+44 1635 598062 United Kingdom local
+1 516-269-8983 United States local

Online presentation login:


Legal notice:

The information contained in this document is provided as of the date of its publication and is subject to change without notice.

This document contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management of Nagarro. Forward-looking statements involve known and unknown risks and uncertainties and, therefore actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, and other factors. Nagarro does not undertake any obligation to update any of the forward-looking statements.

The figures presented for Q1 2021 are unaudited.

Gross profit, gross margin, adjusted EBITDA and adjusted EBITDA margin are non-IFRS financial measures. These and other non-IFRS 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. You are cautioned not to place undue reliance on any non-IFRS financial measures included herein. Please find further explanations regarding our financial key performance indicators in chapter „ Section A – VI. Financial Performance “ in the Annual Report 2020 of the Company. These documents are available under the following internet link