v3.25.1
Employee Benefit Plans (Unfunded) (Tables)
 9 Months Ended 12 Months Ended
Dec. 31, 2024
Mar. 31, 2024
Employee Benefit Plans (Unfunded) [Abstract]    
Schedule of Current and Non Current Employee Benefit Plans Obligations The summary of current and non-current employee benefit plans obligations along with its components are as below:
Pension and other employee obligations        
As at  December 31,
2024		   March 31,
2024		 
Current        
Gratuity  $78,460   $93,967 
Compensated absences   68,516    89,688 
   $146,976   $183,655 
Non-current          
Gratuity  $200,148   $258,524 
Compensated absences   145,708    232,925 
Other statutory dues   2,074    
-
 
   $347,930   $491,449 
 The summary of current and non-current employee benefit plans obligations along with it’s components are as below:
As at  March 31,
2024		   March 31,
2023		 
Current        
Gratuity  $93,967   $70,872 
Compensated absences   89,688    75,134 
   183,655    146,006 
Non current          
Gratuity   258,524    215,841 
Compensated absences   232,925    222,967 
    491,449    438,808 
Schedule of Gratuity
  Three months ended
December 31,		   Nine months ended
December 31,		 
   2024   2023   2024   2023 
Changes in projected benefit obligation (PBO)                
PBO at the beginning of the year  $291,569   $347,647   $352,492   $286,713 
Service cost   15,629    20,975    50,152    71,084 
Interest cost   3,891    3,748    13,867    13,541 
Actuarial loss/(gain)   12,118    17,989    54,353    61,594 
Benefits paid   (38,337)   (39,713)   (184,366)   (78,390)
Effect of exchange rate changes   (6,261)   (230)   (7,889)   (4,126)
PBO at the end of the period  $278,609   $350,416   $278,609   $350,416 
                     
Accrued pension liability                    
Current liability            $78,460   $88,040 
Non-current liability             200,149    262,376 
             $278,609   $350,416 
                     
Accumulated benefit obligation            $216,993   $254,630
   March 31, 2024   March 31, 2023 
Changes in projected benefit obligation (PBO)        
PBO at the beginning of the year  $286,714   $341,727 
Service cost   96,167    97,679 
Interest cost   17,541    18,405 
Actuarial loss/ (gain)   48,593    (45,373)
Benefits paid   (91,798)   (100,528)
Effect of exchange rate changes   (4,725)   (25,196)
PBO at the end of the period   352,492    286,714 
           
Accrued pension liability          
Current liability  $93,967   $70,872 
Non-current liability   258,524    215,841 
    352,492    286,714 
Accumulated benefit obligation   260,054    202,036 
Schedule of Net Gratuity Cost Recognized in Income Statement
Net gratuity cost recognized in income statement  Three months ended
December 31,		   Nine months ended
December 31,		 
  2024   2023   2024   2023 
Service cost  $15,629   $20,975   $50,152   $71,084 
Interest cost   3,891    3,748    13,867    13,541 
Amortization of net actuarial (gains)/loss   (1,657)   (5,250)   (5,008)   (15,859)
Net periodic benefit cost  $17,863   $19,473   $59,011   $68,766 
   March 31, 2024   March 31, 2023 
Service cost  $96,167   $97,679 
Interest cost   17,541    18,405 
Amortization of net actuarial (gains)/loss   (21,124)   (18,290)
Net periodic benefit cost   92,584    97,794 
Schedule of Re-measurement (Gains) / Losses in Other Comprehensive Income
Re-measurement (gains)/losses in other comprehensive income   Three months ended
December 31,		    Nine months ended
December 31,		 
   2024    2023    2024    2023 
Actuarial (gain)/loss  $12,118   $17,989   $54,353   $61,594 
Amortization loss   (1,657)   (5,250)   (5,008)   (15,859)
Total  $13,775   $23,239   $59,361   $77,453 
   March 31, 2024   March 31, 2023 
Actuarial (gain)/loss  $48,593   $(45,373)
Amortization loss   (21,124)   (18,290)
Total   69,717    (27,083)
Schedule of Components of Actuarial Gain
Components of actuarial gain:   Three months ended
December 31,		    Nine months ended
December 31,		 
   2024    2023    2024    2023 
Actuarial (gain)/loss due to demographic assumption changes in defined benefit obligation  $(3,739)  $(3,178)  $(2,676)  $(2,430)
Actuarial (gain)/loss due to financial assumption changes in defined benefit obligation   1,649    5,847    4,350    312 
Actuarial (gain)/loss due to experience on defined benefit obligation   14,121    15,320    52,679    63,712 
Total  $12,031   $17,989   $54,353   $61,594 
   March 31, 2024   March 31, 2023 
Actuarial (gain)/loss due to demographic assumption changes in defined benefit obligation  $(4,289)  $(11,440)
Actuarial (gain)/ loss due to financial assumption changes in defined benefit obligation   1,977    (7,033)
Actuarial (gain)/loss due to experience on defined benefit obligation   50,904    (26,900)
Total   48,592    (45,373)
Schedule of Assumptions used for Gratuity

The assumptions used in accounting for the gratuity plan are as follows:

 

   December 31,
2024		   December 31,
2023		 
Discount rate - staff   6.86%   7.28%
Discount rate - independent service provider*   6.84%   7.21%
Attrition rate - staff   42.00%   37.96%
Attrition rate - independent service provider*   81.43%   83.44%
Rate of increase in compensation levels - staff   12.87%   12.63%
Rate of increase in compensation levels - independent service provider*   11.13%   11.43%

 

*Independent service provider are contract employees responsible for maintaining the fleet of the Company.

The assumptions used in accounting for the gratuity plan are as follows:

 

   March 31, 2024   March 31, 2023 
Discount rate - staff   7.17%   7.37%
Discount rate - independent service provider*   7.12%   7.25%
Attrition rate - staff   39.54%   36.00%
Attrition rate - independent service provider*   85.68%   92.00%
Rate of increase in compensation levels - staff   12.63%   12.67%
Rate of increase in compensation levels - independent service provider*   11.43%   14.50%

 

*Independent service provider are contract employees responsible for maintaining the fleet of the Company.
Schedule of Discount Rates Current Market Yields on Government Securities

Expected benefit payments as of December 31, 2024 is as follows:

 

Year ending March 31,    
2025 (January 1, 2025 till March 31, 2025)  $19,615 
2026   69,633 
2027   40,348 
2028   27,934 
2029   14,652 
Thereafter   106,427 
Total  $278,609 

Sensitivity analysis for the :

 

  March 31, 2024   March 31, 2023 
Year ended  Increase   Decrease   Increase   Decrease 
Discount rate (- / + 1%)  $(13,591)  $14,904   $14,216   $(12,795)
Salary growth rate (- / + 1%)   6,933    (6,668)   7,934    (8,508)
Attrition rate (- / + 1%)   (2,864)   2,918    4,801    (4,551)
Mortality rate (- / + 10% of mortality rates)   19    -    -    (51)
                     
Expected benefit payments for the year ending March 31,                    
2025                  99,094 
2026                  50,867 
2027                  38,071 
2028                  21,328 
2029                  14,049 
Thereafter                  129,083 
Total                  352,492 
Schedule of Net Leave Encashment Cost
Net leave encashment cost includes the following components  Three months ended
December 31,		   Nine months ended
December 31,		 
  2024   2023   2024   2023 
Service cost  $(1,933)  $(6,569)  $24,007   $119,187 
Interest cost   4,309    3,672    14,045    14,084 
Recognized net actuarial loss   3,003    29,683    (34,032)   (4,857)
Net periodic benefit cost  $5,379   $26,786   $4,020   $128,414