Welcome to our dedicated page for Nagarro news (Ticker: NGRRF), a resource for investors and traders seeking the latest updates and insights on Nagarro stock.
Nagarro SE reports news about its global digital engineering and technology consulting business, including audited and unaudited financial results, revenue growth, gross profit, Adjusted EBITDA, guidance, and client concentration metrics. Company updates also cover capital actions such as share redemption and buybacks, governance changes involving the Management Board and finance leadership, and matters affecting margins such as foreign exchange effects and labor-related obligations.
Recurring business developments include enterprise AI adoption, generative AI services, responsible deployment of OpenAI technologies, and strategic expansion in technology services. Nagarro's announcements also describe its work in quality engineering, digital commerce, retail, consumer packaged goods, and enterprise consulting for large organizations.
Nagarro reported a strong Q3 2021, with revenue reaching €141.0 million, a 33.7% increase year-over-year. The nine-month revenue grew 19.5% to €384.0 million. Despite the growth, gross margin fell from 33.1% to 28.4% in Q3 due to wage inflation and trainee costs. Adjusted EBITDA grew to €21.7 million, but net profit decreased by €0.7 million, totaling €8.4 million. The company has revised its 2021 revenue guidance to €525 million while maintaining margin expectations.
Nagarro, a leader in digital engineering, has successfully completed its merger with Nagarro Holding GmbH, following its spin-off from Allgeier SE in December 2020. This merger, approved on August 31, 2021, streamlines the organization and eliminates minority interests below Nagarro SE. A 19% capital increase was executed to issue new shares to former minority shareholders. Co-founder Vikram Sehgal expressed optimism about future growth and improved alignment between management and investor goals.
Nagarro has reached an agreement to merge with US-based Advanced Technology Consulting Service (ATCS), focusing on expanding access to key markets, particularly in the US and Germany. ATCS, recognized as one of the fastest-growing private companies, specializes in digital, data, and analytics. This merger will enhance ATCS's service offerings by leveraging Nagarro's extensive talent pool and resources. Both companies share a commitment to a strong corporate culture, aiming to create a dynamic workplace for their teams. Nagarro employs over 10,000 people globally.
Nagarro has successfully partnered with Norwegian start-up Flyr in establishing a digital-first airline, marking a significant milestone as Flyr began flight operations on June 30, 2021. The partnership, initiated in September 2020, involved the rapid integration of Flyr's IT systems, enabling a seamless booking experience. Nagarro provided comprehensive consulting and engineering support, facilitating the airline's launch in under ten months with plans for further digital enhancements. Flyr aims to grow its workforce to around 300 by the end of 2021 and expand its fleet significantly by 2025.
Nagarro, a digital product engineering leader, reported a 7% revenue increase to €430.4 million for 2020, despite the pandemic's challenges. The company successfully executed a spin-off from Allgeier SE and was listed on the Frankfurt Stock Exchange in December 2020, closing at €91.00, marking a 32% rise from its initial price. Adjusted EBITDA soared by 38% to €76.2 million. Nagarro's commitment to a human-centric and agile approach was emphasized as key to navigating the crisis effectively.