• ExlService Holdings average operating margin for 2023 was 14.47%, a 7.99% decline from 2022.
• ExlService Holdings average operating margin for 2022 was 13.4%, a 4.29% increase from 2021.
• ExlService Holdings average operating margin for 2021 was 14%, a 46.9% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.