Bengaluru: Digital engineering company Nagarro’s revenue crossed $1 billion in the 2023 financial year, up from $908 million in the corresponding period last year. Nagarro follows a January to December financial year. The company recorded a growth of 9.4% in constant currency in 2023.
Listed on the Frankfurt Stock Exchange in 2020, Nagarro was co-founded by Manas Fuloria along with fellow IITians and began operations in New Delhi in 1996.
It employs over 18,000 people, of which over 13,000 employees are based in India.
For Nagarro, industries with robust global growth included automotive, manufacturing and industrial, life sciences and healthcare, energy, utilities and building automation, financial services and insurance, and retail and CPG (consumer packaged goods). The number of clients spending more than ₹1 million in annual revenue with Nagarro—an important indicator of growth potential—rose to 181 in 2023 from 159 in 2022.
In its annual report, Nagarro stated that wage inflation in the IT services industry had reduced in some of Nagarro’s key talent locations. “Wage inflation in the IT services sector was lower in India in 2023 compared to 2022. Attrition levels were also moderate. Several companies in the industry tried to get employees to spend more time in their offices.” Nagarro has launched an employee share participation program called MyN (My Nagarro). For every multiple of three shares purchased and held by an employee for three years, Nagarro will contribute one matching share. The first offering was made last year, with 1,716 employees participating in the programme. In the second tranche, 659 employees participated. Around 10% of the existing employees participated in the programme last year.
We also published the following articles recently:
– [Nagarro’s revenue hits 1 billion dollar mark](https://timesofindia.indiatimes.com/business/india-business/nagarros-revenue-hits-1-billion-dollar-mark/articleshow/109356602.cms): Nagarro’s revenue exceeded $1 billion in FY23, marking a 9.4% growth. Founded in 1996, it’s listed on Frankfurt Stock Exchange with a significant presence in various industries worldwide.
– [TCS revenue growth crawls at 3.4% in financial year 2024](https://timesofindia.indiatimes.com/business/india-business/tcs-revenue-growth-crawls-at-3-4-in-financial-year-2024/articleshow/109259469.cms): TCS reports 3.4% revenue growth, facing challenges in North America & banking sector. CEO guides optimistically for FY25, highlighting growth markets, revenue percentages by region, operating margin, $42.7B order book, $900M generative AI revenue impact.
– [India’s electronic manufacturing industry set for 41% annual growth by FY26](https://timesofindia.indiatimes.com/business/india-business/indias-electronic-manufacturing-industry-set-for-41-annual-growth-by-fy26/articleshow/109219034.cms): India’s electronic manufacturing industry expects 41% annual growth until FY 26, aiming for Rs 5,980 billion valuation. Challenges like laptop imports from China drive the need for a domestic semiconductor ecosystem. India’s shift to a global electronics hub is evident.
