Shares of Nagarro SE (NA9.DE) are rising 16 percent on Friday's trading after the company's third-quarter profit surged 68 percent, helped by higher revenue. The company backed its outlook for fiscal 2025 and also launched a 20 million euros share buyback program.
On the XETRA Exchange, the stock is trading up 15.67 percent on Friday at 52.05 euros.
The German IT company reported net profit of 21.4 million euros in the third quarter, higher than 12.7 million euros in the year-ago period. Gross profit for the period climbed to 84.2 million euros from 76.5 million euros in the third quarter of 2024.
During the three-month period, revenue rose 4.8 percent to 254.6 million euros from 242.9 million euros in the same period last year. On a constant currency basis, revenue increased 9.4 percent.
According to Nagarro, EBITDA for the period came in at 43.5 million euros, 36.4 percent higher than 31.9 million euros in the prior-year quarter. Adjusted EBITDA grew 27.2 percent to 44.0 million euros from 34.6 million euros in the corresponding period a year ago.
Additionally, the company said that it has approved the redemption of 853,688 treasury shares, representing 75 percent of the 1.14 million shares it holds at present. The company also authorized a share buyback of up to 450,000 shares, with a total purchase volume of 20 million euros, excluding ancillary transaction costs.
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