ExlService Holdings Inc (EXLS)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	607,766	593,212	569,132	542,931	515,449	489,976	471,669	450,457	431,359	417,700	394,049	353,758	334,498	324,947	319,866	336,857	335,856	327,201	322,318	311,718
Revenue (ttm)	US$ in thousands	1,619,020	1,581,075	1,534,327	1,479,524	1,412,249	1,334,679	1,250,293	1,176,913	1,106,200	1,059,066	1,021,331	968,383	953,303	961,222	971,337	991,235	984,191	962,222	943,035	913,024
Gross profit margin		37.54%	37.52%	37.09%	36.70%	36.50%	36.71%	37.72%	38.27%	38.99%	39.44%	38.58%	36.53%	35.09%	33.81%	32.93%	33.98%	34.13%	34.00%	34.18%	34.14%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $607,766K ÷ $1,619,020K
= 37.54%

The gross profit margin of ExlService Holdings Inc has shown fluctuation over the past eight quarters. In Q4 2023, the gross profit margin was 37.27%, slightly lower than the previous quarter. This slight decrease continues a trend of decreasing margins since Q2 2023, where the margin was at its peak at 37.85%. Overall, the company has maintained a relatively stable gross profit margin ranging from 36.50% to 37.85% over the past two years, indicating consistent management of direct costs related to generating revenue. Further analysis of the factors contributing to these fluctuations can provide better insights into the company's cost structure and pricing strategies.