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Employee Compensation and Benefits | 12 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Employee Compensation and Benefits | Note 12 - Employee Compensation and Benefits The Company has employee benefit plans in the form of certain statutory and other programs covering its employees. Defined Benefit Plan - Gratuity The Company’s subsidiaries in India have defined benefit plans comprising of gratuity under Payments of Gratuity Act, 1972 covering eligible employees in India. The present value of the defined benefit obligations and other long-term employee benefits is determined based on actuarial valuation using the projected unit credit method. The rate used to discount defined benefit obligation is determined by reference to market yields at the balance sheet date on Indian government bonds for the estimated term of obligations. Actuarial gains or losses arising on account of experience adjustment and the effect of changes in actuarial assumptions are initially recognized in the consolidated statements of comprehensive income, and the unrecognized actuarial loss is amortized to the consolidated statements of operations over the average remaining service period of the active employees expected to receive benefits under the plan. The following table provides the status of the defined benefit plans and the amounts recognized in the Company’s consolidated financial statements based on actuarial valuations carried out for the periods ending March 31, 2024 and March 31, 2023, respectively:
Schedule of defined benefit plans |  |  |  |  |  |  |  |
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Changes in employee benefit plan obligations |  |  |  |  |  |  |  |
Projected benefit obligation at the beginning of the year |  | $ | 1,357 |  |  | $ | 908 |
Interest cost |  |  | 98 |  |  |  | 52 |
Service cost |  |  | 449 |  |  |  | 338 |
Actuarial gains |  |  | 68 |  |  |  | 218 |
Benefits paid directly by employers |  |  | (47 | ) |  |  | (78 | )
Effect of exchange rate fluctuation |  |  | (19 | ) |  |  | (81 | )
Projected employee benefit plan at the end of the year |  | $ | 1,906 |  |  | $ | 1,357 |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |
Recorded in accrued compensation and related benefits, current |  |  | (203 | ) |  |  | (120 | )
Recorded in other liabilities |  |  | (1,701 | ) |  |  | (1,237 | )
Total project benefit obligation |  | $ | (1,904 | ) |  | $ | (1,357 | )
The change in defined benefit obligation for the years ended March 31, 2024 and 2023 is largely due to changes in actuarial assumptions pertaining to demographics and financial assumptions. Amounts included in the accumulated other comprehensive income as of March 31, 2024 and 2023 were as follows:
Schedule of accumulated other comprehensive income |  |  |  |  |  |  |  |
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Net actuarial loss |  | $ | 501 |  |  | $ | 516 |
Deferred tax benefit |  |  | (126 | ) |  |  | (129 | )
Total |  | $ | 375 |  |  | $ | 387 |
Changes in “Other comprehensive income/ (loss)” during the year ended March 31, 2024 and 2023 were as follows:
Schedule of other comprehensive loss |  |  |  |  |  |  |  |
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Net actuarial loss / (gain) |  | $ | 68 |  |  | $ | 218 |
Amortization of net actuarial (gain) |  |  | (85 | ) |  |  | (62 | )
Deferred tax expense / (benefit) |  |  | 5 |  |  |  | (39 | )
Unrecognized actuarial loss / (gain) on employee benefit plan obligations |  | $ | (12 | ) |  | $ | 117 |
Net defined benefit plan costs for the year ended March 31, 2024 and 2023 include the following components:
Schedule of net defined benefit plan costs |  |  |  |  |  |  |  |
|  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Service costs |  | $ | 449 |  |  | $ | 338 |
Interest costs |  |  | 98 |  |  |  | 52 |
Amortization of net actuarial loss |  |  | 85 |  |  |  | 62 |
Net defined benefit plan costs |  | $ | 632 |  |  | $ | 452 |
Assumptions The Company uses the Projected Unit Credit Method to measure liabilities and interest costs for defined benefit obligations. Under this method, accrued benefit amount is projected to calculate future expected cashflows, which is in turn discounted back at applicable discount rate assumption to arrive at present value of benefit obligation. The rate used to discount benefit obligations (both funded and unfunded) is determined by reference to market yields on government bonds at the balance sheet date. The currency and term of the government bonds should be consistent with the currency and estimated term of the benefit obligations. The weighted average assumptions used to determine the benefit obligations of the defined benefit plans as of March 31, 2024 and 2023 are presented below:
Schedule of weighted average assumptions used to determine benefit obligations |  | Year Ended March 31, |
|  | 2024 |  |  | 2023 |
Discount rate per annum |  |  | 8.28 | % |  |  | 7.31 | %
Rate of compensation increase per annum |  |  | 10.00 | % |  |  | 10.00 | %
Rate of employee turnover per annum |  |  | 20.00 | % |  |  | 20.00 | %
The table below shows the expected benefit plan payments to the current employees of the plan based on the employee’s past service up to the valuation date plus employee’s future service up to the date of payment:
Schedule of expected benefit payments |  |  |  |
Expected benefit payments during |  | As of March 31, 2024 |
Year 1 |  |  | 203 |
Year 2 |  |  | 278 |
Year 3 |  |  | 376 |
Year 4 |  |  | 524 |
Year 5 |  |  | 634 |
Year 6 to Year 10 |  |  | 3,053 |
The Company’s expected benefit plan payments are based on the same assumptions that were used to measure the Company’s benefit obligations as of March 31, 2023.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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