v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Thousands
Total
Share Capital
Share Premium
(Accumulated Deficit)/Retained Earnings
Accumulated Other Comprehensive (Loss)/Income
Equity Attributable to Shareholders of the Company
Non-controlling Interest
Beginning balance (shares) at Mar. 31, 2023   102,756,000          
Beginning balance at Mar. 31, 2023 $ 34,143   $ 795 $ (68,929) $ (2,188) $ 32,434 $ 1,709
Beginning balance at Mar. 31, 2023   $ 102,756          
Total comprehensive income for the period:              
Profit for the period 2,375     1,867 [1]   1,867 508
Other comprehensive income/(loss)              
Foreign currency translation adjustments (610)       (548) (548) (62)
Defined benefit plan remeasurements (9)       (9) (9)  
Total comprehensive income 1,756     1,867 [1] (557) 1,310 446
Ending balance (shares) at Jun. 15, 2023   102,756,000          
Ending balance at Jun. 15, 2023 35,899   795 (67,062) (2,745) 33,744 2,155
Ending balance at Jun. 15, 2023   $ 102,756          
Total comprehensive income for the period:              
Profit for the period 82,088            
Other comprehensive income/(loss)              
Defined benefit plan remeasurements (33)            
Total comprehensive income $ 80,354            
Ending balance (shares) at Mar. 31, 2024 36,900,000 36,900,000          
Ending balance at Mar. 31, 2024 $ 80,354   67,648 13,818 (4,441) 77,029 3,325
Ending balance at Mar. 31, 2024   $ 4          
Beginning balance (shares) at Jun. 16, 2023 [1]   36,900,000          
Beginning balance at Jun. 16, 2023 [1]     67,648 (67,062) (2,745) (2,155) 2,155
Beginning balance at Jun. 16, 2023 [1]   $ 4          
Total comprehensive income for the period:              
Profit for the period 82,088     80,880   80,880 1,208
Other comprehensive income/(loss)              
Foreign currency translation adjustments (1,701)       (1,665) (1,665) (36)
Defined benefit plan remeasurements (33)       (31) (31) (2)
Total comprehensive income $ 80,354     80,880 (1,696) 79,184 1,170
Ending balance (shares) at Mar. 31, 2024 36,900,000 36,900,000          
Ending balance at Mar. 31, 2024 $ 80,354   67,648 13,818 (4,441) 77,029 3,325
Ending balance at Mar. 31, 2024   $ 4          
Total comprehensive income for the period:              
Profit for the period 46,977     44,816   44,816 2,161
Other comprehensive income/(loss)              
Foreign currency translation adjustments 2,258       2,046 2,046 212
Defined benefit plan remeasurements (2)       (2) (2)  
Total comprehensive income 49,233     44,816 2,044 46,860 2,373
Contributions              
Conversion of convertible notes, shares   1,845,000          
Conversion of convertible notes 5,000   5,000 [2]     5,000  
Total transactions with owners of the company, shares   1,845,000          
Total transactions with owners of the Company $ 5,000   5,000     5,000  
Ending balance (shares) at Mar. 31, 2025 38,745,000 38,745,000          
Ending balance at Mar. 31, 2025 $ 134,587   72,648 58,634 (2,397) 128,889 5,698
Ending balance at Mar. 31, 2025   $ 4          
Total comprehensive income for the period:              
Profit for the period 33,878     32,208   32,208 1,670
Other comprehensive income/(loss)              
Foreign currency translation adjustments 660       274 274 386
Defined benefit plan remeasurements (85)       (79) (79) (6)
Total comprehensive income 34,453     32,208 195 32,403 2,050
Contributions              
Issuance of ordinary shares related to public offering exercise 30,583   30,583     30,583  
Issuance of ordinary shares related to public offering exercise, shares   3,704,000          
Issuance of representative warrant in connection with public offering exercise (501)   (501)     (501)  
Offering cost related to public offering exercise (1,731)   (1,731)     (1,731)  
Total transactions with owners of the company, shares   3,704,000          
Total transactions with owners of the Company 28,351   28,351     28,351  
Ending balance (shares) at Mar. 31, 2026   42,449,000          
Ending balance at Mar. 31, 2026 $ 197,391   $ 100,999 $ 90,842 $ (2,202) $ 189,643 $ 7,748
Ending balance at Mar. 31, 2026   $ 4          
[1] The bargain purchase gain of $49.4M was excluded from the opening balance of the Successor’s equity on June 16, 2023 as it was included in the net profit of the Successor for the period from June 16, 2023 to March 31, 2024.
[2] On February 5, 2024 and February 9, 2024, the Successor entered into the convertible note agreements (the “Convertible Note Agreements”) with RFWM VCC — RF Dynamic Fund and Vielink Asia Pte Ltd (the “holders”) respectively for a total principal sum of $5,000,000 at a 10% cumulative simple interest per annum effective on April 5, 2024. On September 30, 2024, pursuant to the convertible note agreements, the holders converted the total principal amount of $5,000,000 of the notes issued into 750 Ordinary Shares of the Successor (1,845,000 Ordinary Shares after considering the Company's reorganization process on October 23, 2024 to facilitate the initial public offering).