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TDCX’s Second Quarter 2023 Profit up 9.4%

TDCX Inc. (NYSE: TDCX) (“TDCX” or the “Company”), an award-winning digital customer experience (CX) solutions provider for technology and blue-chip companies, today announced its unaudited financial results for the second quarter ended June 30, 2023.

Second Quarter 2023 Financial Highlights1

  • Total revenue of US$126.2 million, up 5.5% year-on-year, including a 5.8% point negative impact of foreign exchange rates compared with the prior year period, and up 11.3% in constant currency terms2
  • Profit for the period was US$21.6 million, up 9.4% year-on-year

Mr. Laurent Junique, Chief Executive Officer and Founder of TDCX, said, “This quarter, we continued to demonstrate resilience amid an uncertain macroeconomic environment. In this challenging landscape, our focus remains on having a steadfast approach to operational excellence, value-adding to our clients through our consulting services, and exercising discipline in managing our business. This focus has also enabled us to increase our revenue from clients outside the top five by 67 per cent year-on-year.

“We are at an exciting point in the CX industry. Technological advancements, including in generative artificial intelligence (AI), pave the way for us to provide faster, better and more efficient ways of delivering customer satisfaction. Such developments hold much promise for our industry. I am confident that our ability to help clients design and implement solutions for increasingly complex customer needs and our investments into capabilities including AI put us in an advantageous position for growth in the long term.”

(US$ million1, except for %)

Q2 2022

Q2 2023


% Change





(+11.3% on a constant currency basis)2

Profit for the period




Net profit margin (%)








EBITDA Margins2 (%)




Adjusted EBITDA2, 3




Adjusted EBITDA Margins2,3





Adjusted Net Income2,3



0.0 %

Q2 23 Business Highlights

Continued strong client growth

  • Client count4,5 up 52% year-on-year, bringing total client count to 91 as of 30 June 2023, compared to 60 as of 30 June 2022
  • New launched clients include an established global e-commerce platform, a rapidly growing fast-fashion e-commerce platform, and a leading global travel platform based out of Asia

Improved client diversification

  • Revenue from clients outside the top five rose 67% year-on-year5
  • Revenue mix from top five clients lowered to 73% in Q2 23 from 83% in Q2 22

New geographies contributing

  • Revenue from new geographies6 was 9 times in Q2 23 versus Q2 22

Full Year 2023 Outlook

For the full year 2023, TDCX expects its financial results to be:

2023 Outlook

Revenue growth (YoY)

Range: 2% - 4%

(On a constant currency basis2,7)

Adjusted EBITDA margin1

Approximately 25% - 27%

Detailed Financial Information on the Form 6-K

Please refer to for the detailed financial information contained in Form 6-K.


1 FX rate of US$1 = S$1.3557, being the approximate rate in effect as of June 30, 2023, assumed in converting financials from SG dollar to U.S. dollar.

2 For a discussion of the use of non-IFRS financial measures, see “Non-IFRS Financial Measures”.

3 The reported amounts for Adjusted EBITDA and Adjusted Net Income for the three months ended June 30, 2023 include adjustments for certain items (i.e., acquisition-related professional fees and net foreign exchange gains or losses) which were not included in similar non-IFRS financial measures previously reported for the corresponding period last year. In order to place the current disclosure in the appropriate context and enhance its comparability, similar adjustments have been made for Adjusted EBITDA and Adjusted Net Income for the three months ended June 30, 2022.

4 “Client count” refers to launched campaigns that are revenue generating.

5 Includes additional clients attributable to our Hong Kong subsidiary.

6 Refers to sites in Colombia, India, Romania, South Korea, Hong Kong, Türkiye, Vietnam, Brazil and Indonesia.

7 We have not reconciled non-IFRS forward-looking revenue growth at constant currency to its most directly comparable IFRS measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. The revenue growth outlook indicated for 2023 is calculated and presented at constant currency, as it would require unreasonable efforts to predict factors out of our control or not readily predictable, such as currency exchange movements over the course of an entire year.

Webcast and Conference Call Information

TDCX senior management will host a conference call to discuss the second quarter 2023 unaudited financial results.

A live webcast of this conference call will be available on TDCX’s website. Access information on the conference call and webcast is as follows:

Date and time:

August 23, 2023, 8:30 PM (U.S. Eastern Time)

August 24, 2023, 8:30 AM (Singapore / Hong Kong Time)

Webcast link:

Dial in numbers:

U.S. Toll Free: +1 833 470 1428 U.S.

U.S. (Local): +1 404 975 4839

Singapore: +65 3158 0255

Hong Kong: +852 5803 6418

UK Toll Free: +44 808 189 6484

All others: Dial in numbers

Participant Access Code:


A replay of the conference call will be available at TDCX’s investor relations website ( An archived webcast will be available at the same link above.


Singapore-headquartered TDCX provides transformative digital CX solutions, enabling world-leading and disruptive brands to acquire new customers, to build customer loyalty and to protect their online communities.

TDCX helps clients achieve their customer experience aspirations by harnessing technology, human intelligence and its global footprint. It serves clients in fintech, gaming, technology, travel and hospitality, digital advertising and social media, streaming and e-commerce. TDCX’s expertise and strong footprint in Asia has made it a trusted partner for clients, particularly high-growth, new economy companies, looking to tap the region’s growth potential.

TDCX’s commitment to delivering positive outcomes for our clients extends to its role as a responsible corporate citizen. Its Corporate Social Responsibility program focuses on positively transforming the lives of its people, its communities and the environment.

TDCX employs more than 18,700 employees across 30 campuses globally, specifically in Brazil, Colombia, Hong Kong, India, Japan, Malaysia, Mainland China, Philippines, Romania, Singapore, South Korea, Spain, Thailand, Türkiye, and Vietnam. For more information, please visit

Convenience Translation

The Company’s financial information is stated in Singapore dollars, the legal currency of Singapore. Unless otherwise noted, all translations from Singapore dollars to U.S. dollars and from U.S. dollars to Singapore dollars in this press release were made at a rate of S$1.3557 to US$1.00, the approximate rate in effect as of June 30, 2023. We make no representation that any Singapore dollar or U.S. dollar amount could have been, or could be, converted into U.S. dollars or Singapore dollar, as the case may be, at any particular rate, the rate stated herein, or at all.

Non-IFRS Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures to help evaluate our operating performance:

“EBITDA” represents profit for the year/ period before interest expense, interest income, income tax expense and depreciation and amortization expense. “EBITDA margin” represents EBITDA as a percentage of revenue.

“Adjusted EBITDA” represents profit for the year/ period before interest expense, interest income, income tax expense, depreciation and amortization expense, acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan. “Adjusted EBITDA margin” represents Adjusted EBITDA as a percentage of revenue.

“Adjusted Net Income” represents profit for the year/ period before acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, net of any tax impact of such adjustments.

Revenue at constant currency is calculated by translating the revenue of our local subsidiaries in each period in the respective local functional currencies to the Company and its subsidiaries’ presentation currency, using the average currency conversion rates in effect during the comparable prior period, rather than at the actual currency conversion rates in effect during that period.

We believe that EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Revenue at Constant Currency and Revenue Growth at Constant Currency help us to compare our operating performance on a consistent basis by removing the impact of items not directly resulting from our core operations, and thereby help us to identify underlying trends in our operating results, enhancing our understanding of past performance and future prospects.

We exclude items from Adjusted EBITDA and Adjusted Net Income, including acquisition-related professional fees, net foreign exchange gains or losses and equity-settled share-based payment expense (or net reversal) incurred in connection with our Performance Share Plan, as they are not indicative of our ongoing operating performance, and adjusting for such items is meaningful and useful to readers to understand the underlying performance of the business by eliminating the impact of certain items that may obscure trends in the underlying performance of the business.

The above non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or construed as an alternative to revenue, net income, or any other measure of performance or as an indicator of our operating performance. The non-IFRS financial measures presented here may not be comparable to similarly titled measures presented by other companies because other companies may calculate similarly titled measures differently. For more information on the non-IFRS financial measures, including full reconciliations to the nearest IFRS measure, please see the form 6-K section captioned “Non-IFRS Financial Measures” or the presentation slides.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Among other things, the outlook for the full year, the business outlook and quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the performance of TDCX’s largest clients; the successful implementation of its business strategy; the continued service of its founder and certain of its key employees and management; its ability to compete effectively; its ability to navigate difficulties and successfully expand its operations into countries in which it has no prior operating experience; its ability to maintain its pricing, control costs or continue to grow its business; its ability to attract and retain enough highly trained employees; its compliance with service level and performance requirements by, and contractual obligations with, its clients; its exposure to various risks in Southeast Asia; its contractual relationship with key clients; clients and prospective clients’ spending on omnichannel CX solutions and content, trust and safety services; its ability to successfully identify, acquire and integrate companies; its spending on employee salaries and benefits expenses; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.


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