July 21, 2022: Nagarro, a global digital engineering leader, today revised its development and guidance for 2022. As a consequence, the company increased its estimate for 2022 revenue from €770 million to €800 million. The estimate for gross margin was revised from 28% to 27%, while the estimate for the Adjusted EBITDA margin remained at 14%.
Manas Fuloria, co-founder and Custodian of Entrepreneurship in the Organization, said, “We are happy to report that the demand for Nagarro's class-leading digital engineering services remains strong despite the challenges that the world economy is doubtlessly facing. We do see some erosion in demand from start-ups and some incipient wariness at large firms, but on the whole, we feel cautiously optimistic about our revenue momentum through the second half of the year. This sets us up for very strong year-on-year revenue growth in 2022. However, perhaps reflecting the positive demand environment in our industry, the war for top engineering talent and consequent wage inflation does not appear to have subsided. Given what is happening in the broader economy, we are now a little less sanguine about being able quickly to pass on our increased costs to clients, plus we have fewer working days in the second half of the year. Overall, though, the company is in excellent shape! We continue to steer towards our goal of building Nagarro into one of the world's great companies.”
Dr. Manas Fuloria, co-founder and Custodian of Entrepreneurship in the Organization
(CEO) of Nagarro
Nagarro will publish its half-yearly financial report on August 12, 2022, and hold its analyst meeting as a video call on the same day.
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)
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