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PROPERTY, PLANT, AND EQUIPMENT

9 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT, AND EQUIPMENT

		*(in thousands, except useful life)*
		Useful Life (years)			As of December 31, 2023 ($)				As of March 31, 2023 ($)
Land		N/A				1,442				4,100
Buildings and facilities		25				2,310				2,298
Plant and machinery		5-20				3,352				3,335
Computer equipment		3				158				138
Office equipment		3-5				139				84
Furniture and fixtures		5				93				92
Vehicles		5				101				102
Total gross value						7,595				10,149
Less: Accumulated depreciation						(2,327	)			(1,936	)
Total property, plant, and equipment, net						5,268				8,213

The depreciation expense in the three months ended December 31, 2023, and 2022 amounted to approximately $140 thousand and $158 thousand, respectively. The depreciation expense in the nine months ended December 31, 2023, and 2022 amounted to approximately $417 thousand and $466 thousand, respectively. The net decrease in Total property, plant, and equipment is primarily due to the impairment of land by approximately $2.6 million. During the nine months ended December 2023, the Company sold a fully depreciated property in India for net proceeds of approximately $43 thousand and accounted the same in other income. During the quarter ended December 31, 2023, the Company considered multiple alternatives to generate revenue from the land situated in Nagpur, India, and did a preliminary evaluation of the Nagpur real estate market. As a result, the Company impaired the said land comprised in the infrastructure segment by approximately $2.6 million to $1.4 million from $4.1 million to bring it closer to the fair value. For more information, please refer to Note 16 – “Segment Information” for the non-current assets other than financial instruments held in the country of domicile and foreign countries.