Nagarro, on Tuesday, revealed its financial numbers for Q3 2022. The company recorded a YoY revenue growth of 63.0%, up from €141.0 million in Q3 2021 to €229.8 million – a 2% YoY drop from the previous quarter. QoQ growth was 9.4%, rising from €210.0 million in Q2 2022.
The nine-month YoY revenue growth was 62.9%, with 51.9% of it being organic. The revenue grew from €384.0 million to €625.4 million for the same period in 2021 and 2022. The constant currency growth rate was 54.1%, though the gross margin dropped slightly from 29.2% to 28.8%.
Naggaro is a global digital product engineering and tech services providing company. It also added a total of 1,268 professionals that included trainees and lateral hires in this quarter.
After announcing a revenue guidance of about 27% in Q2 2022 which is around €800 million, Nagarro revised its estimate to €850 million raising it to 28%. Additionally, the EBITDA margin lifted from 15% to 16%.
Nitin Arora, director M&A, said that most of the growth of the company is organic and the strong numbers reflect the strengths of Nagarro’s M&A model.
Meanwhile, in FY22 Q3, Nagarro’s competitor Accenture reported a revenue growth of 21.8% which is almost equal to FY21 Q3 of 21%, Cognizant grew by 2.4%, which is lower compared to 11.8% in FY21 Q3 and Capgemini at a rate of 15.7% which is higher than 12.9% in FY21 Q3.
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