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Income Taxes
 9 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 7 - Income Taxes

 

The Company determines its tax provision for interim periods using an estimate of its annual effective tax rate adjusted for discrete items, if any, that are considered in the relevant period. The Company updated its estimate of the annual effective tax rate, and if its estimated tax rate changes, the Company will be making a cumulative adjustment.

 

The Company’s effective tax rate (“ETR”) is 29.5% and 16.4% for the nine months ended December 31, 2025 and 2024, respectively. The movement in ETR was primarily due to the non-recognition of deferred tax benefits in the current period on losses incurred in certain subsidiaries having a lower jurisdictional tax rates resulting in higher tax expense in the current nine months ended December 31, 2025 as compared to nine months ended December 31, 2024.

 

The Company’s ETR is 22.9% and (236.8)% for the three months ended December 31, 2025, and 2024, respectively. The change in ETR was primarily due to the non-recognition of deferred tax benefits in the current quarter on losses incurred in certain lower-tax jurisdictions. In contrast, during the three months ended December 31, 2024, such benefits were recognized, resulting in a comparatively lower effective tax rate.