At the very least it will disturb the laminar air flow over the blade, reducing efficiency (therefore lift) making the motor work harder. This increases the risk of a motor failure.
While that's unlikely, there is also likely stress fracturing in the blade from the impulse of the hit, creating a weak point that under repeated load may break, leading to a crash.
As others have said, always replace damaged props. "Damage" is anything you can see. Props are cheap.