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MUNICH, Nov. 14, 2024 /CNW/ -- Today, Nagarro, a global digital engineering leader, presented its unaudited financial numbers for Q3 2024 and released its nine-month statement.
In Q3 2024, revenue grew to €242.9 million, up 3.7% YoY from €234.3 million in Q3 2023 and up 5.6% YoY in constant currency. Organic YoY revenue growth for Q3 2024 was 5.0% in constant currency, which translated to 3.0% organic YoY revenue growth in Euro terms. Nagarro has revised the definition of cost of revenues from Q1 2024 onwards to align it better with that of other IT services companies. Gross profit in Q3 2024 was €76.5 million as per the current method and €66.6 million as per the previous method, as compared to €56.1 million in Q3 2023 as per the previous method. Gross margin in Q3 2024 was 27.4% compared to 23.9% in Q3 2023, both as per the previous method. Gross margin was 31.5% in Q3 2024 as per the current method. Adjusted EBITDA grew to €34.6 million (14.3% of revenue) in Q3 2024 from €32.0 million (13.7% of revenue) in Q3 2023.
EBITDA grew to €31.9 million in Q3 2024 from €30.6 million in Q3 2023. The main EBITDA adjustments in Q3 2024 were on account of the expense on earnouts of €0.9 million and retention bonus of €0.7 million from past acquisitions, as well as the expense on employee stock options and the Employee Share Participation Program of €0.6 million. EBIT grew to €22.6 million in Q3 2024 from €22.1 million in Q3 2023. Net profit grew to €12.8 million in Q3 2024 from €12.6 million in Q3 2023.
The company's headcount was trimmed by 363 during Q3 2024.
Nine-month results
Revenue grew to €725.4 million in 9M 2024, up 5.0% YoY from €690.6 million in 9M 2023. Constant currency revenue growth for 9M 2024 was 6.1%. Organic YoY revenue growth for 9M 2024 was 2.6% in constant currency, which translated to 2.0% organic YoY revenue growth in Euro terms. Gross profit in 9M 2024 was €223.5 million as per the current method and €192.9 million as per the previous method, as compared to €175.0 million in 9M 2023 as per the previous method. The gross margin in 9M 2024 was 26.6% as per the previous method compared to 25.3% in 9M 2023 as per the previous method. Gross margin was 30.8% in 9M 2024 as per the current method. Adjusted EBITDA grew to €109.3 million (15.1% of revenue) in 9M 2024, from €92.4 million (13.4% of revenue) in 9M 2023. EBITDA grew to €100.7 million in 9M 2024 from €88.7 million in 9M 2023. EBIT grew to €72.3 million in 9M 2024 from €64.7 million in 9M 2023. Net profit grew to €41.3 million in 9M 2024 against €39.1 million in 9M 2023.