• ExlService Holdings average gross margin for 2023 was 37.01%, a 0.54% increase from 2022.
• ExlService Holdings average gross margin for 2022 was 37.21%, a 2.21% decline from 2021.
• ExlService Holdings average gross margin for 2021 was 38.05%, a 12.67% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.