May 15, 2023 / 11:00AM GMT
Manas C. Human - Nagarro SE - Co-Founder & Chairperson of Management Board
Hello, everyone, and welcome to this earnings call. Nagarro continued to grow into Q1 2023 in constant currency terms, although the pace definitely moderated. In constant currency, our revenues were 2.6% higher than in Q4 2022. However, the weakening of the U.S. dollar against the euro had an impact on the reported revenue numbers. Year-on-year growth was healthy at 22.9% in constant currency terms, of which fully 21.4% was organic.
Now while this organic growth is the very basis of Nagarro's growth story, it really helps to expand that base. So Q1 also saw the announcement of the acquisitions of Infocore and MBIS. As of today, the MBIS acquisition is awaiting antitrust clearance from the Turkish authorities, but we hope to be able to close that soon. Nagarro also opened a subsidiary in Taiwan to support clients in the banking and financial services industry.
But the big news of today is, of course, the change in guidance. On Friday, we adjusted the guidance for 2023. While our gross margin and adjusted EBITDA
Q1 2023 Nagarro SE Earnings Call Transcript
May 15, 2023
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