Annual Report 2023

Fluidic Enterprise

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Our Fluidic Enterprise vision supercharges your success with AI so that technology and human ingenuity converge harmoniously. 

Financials for FY 2023 €m

 

912.1
Revenues
235.7
Gross Profit
126.1
Adjusted EBITDA

Shining under pressure

2023 was a challenging year for us, the whole industry, and the world. In the gloom of the macro-environment, we managed to shine. We recognized our challenges and met them head-on. We were agile and flexible. We changed direction, cut, and polished. We sparkled, we grew. We successfully answered the unspoken question, « Does Nagarro’s unique organizational design and culture also work under pressure? » with a resounding « Yes ! »

A billion reasons to smile

Nagarro crossed one billion dollars in annual revenue in 2023, based on year-end exchange rates. We first articulated this goal about ten years ago while still a small company doing about 60 million dollars in annual revenue. We had said we would try to get to a billion in ten years, which sounded borderline insane then. Here’s to wild, insane goals, and here’s to each and every project with each and every client that we have had the privilege to work on in these ten years.

Fluidic Enterprise

GenAI has fueled a world of speculation and possibilities. We are excited too! For many years, we have been trying to build Nagarro as a highly agile company, with the agility anchored in how our company systems interact with each one of us. We have also taken this idea to our clients, most tangibly via Ginger, which was launched publicly in 2019.  

With GenAI, our vision gets elevated. We have anchored this new vision in the notion of fluidity, the ability of enterprise systems using AI to reshape and re-orient the enterprise continuously to tackle the ever-changing challenges and opportunities. We have embraced a new tagline: Fluidic Enterprise. A fluidic enterprise constantly seeks ways to use AI and technology to become more responsive, efficient, intimate, human-centric, creative, and sustainable. We will seek to enable our clients with our fluidic enterprise vision. 

Net Promoter Score

We standardized our customer satisfaction measurements into a Net Promoter Score (NPS) model and began publishing the results each quarter. Our average NPS of 63 for the year is considered outstanding in the realm of IT services. The Nagarro organization's design, way of working, culture, and values deliver this result consistently and reliably. Nagarro teams help clients convert their ideas into real business value, month after month and year after year. This makes Nagarro a growth leader in a very competitive market, with a still-growing list of loyal clients that span many industries and countries.

Sustainability recognitions

Nagarro and Nagarrians continuously try to leave the world a better place than how we found it. By framing these efforts in a way consistent with rating agencies' evaluations, we obtained a couple of important external validations this year. Ecovadis awarded Nagarro a Bronze Medal rating for Business Sustainability, and Drive Sustainability awarded us an S rating, with a score of 70, above the industry average of 62. Nagarro also committed to the Science Based Target initiative, reinforcing our commitment to setting a near-term decarbonization target and achieving net zero no later than 2050.

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Fluidic Enterprise

 

Annual Report 2023