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Employee Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Amounts Recognized in Financial Statements Based on Actuarial Valuations

The following table sets forth the amounts recognized in the Company’s financial statements based on actuarial valuations carried out as of March 31, 2023 and 2022, respectively.

 

Change in benefit obligation

 

As of
March 31,
2023

 

 

As of
March 31,
2022

 

Projected benefit obligation at the beginning of the year

 

 

163,744

 

 

 

92,473

 

Interest costs

 

 

11,610

 

 

 

6,181

 

Service costs

 

 

124,010

 

 

 

67,258

 

Actuarial (gain) loss

 

 

16,627

 

 

 

11,317

 

Benefits paid

 

 

 

 

 

(9,508

)

Effect of exchange rate changes

 

 

(18,682

)

 

 

(3,977

)

Projected benefit obligation at the end of the year

 

 

297,309

 

 

 

163,744

 

Amounts recognized in the Consolidated Balance Sheets
   consist of:

 

 

 

 

 

 

Current liabilities (recorded under accrued expenses and other
   current liabilities)

 

 

3,008

 

 

 

4,706

 

Non-current liabilities (recorded under other liabilities)

 

 

294,301

 

 

 

159,038

 

Unfunded amount recognized

 

 

 

 

 

 

 

 

297,309

 

 

 

163,744

 

Schedule of Components of Net Defined Benefit Plan Costs

Net defined benefit plan costs include the following components for:

 

 

As of
March 31,
2023

 

 

As of
March 31,
2022

 

Interest costs

 

 

11,610

 

 

 

6,181

 

Service costs

 

 

124,010

 

 

 

67,258

 

Amortization of unrecognized prior service credit

 

 

 

 

 

 

Actuarial (gain) loss

 

 

16,627

 

 

 

11,317

 

Curtailment

 

 

 

 

 

 

Total

 

 

152,247

 

 

 

84,756

 

Summary of Principal Assumptions Used in Determining Gratuity

The principal assumptions used in determining gratuity for the Company’s plans are shown below:

 

 

As of
March 31,
2023

 

 

As of
March 31,
2022

 

Discount rate

 

 

7.39

%

 

7.18-7.26%

 

Rate of increase in compensation per annum

 

 

10

%

 

5.5-10%

 

Retirement age (in years)

 

 

60

 

 

 

60

 

Schedule of Expected Benefit Plan Payments

The expected benefit plan payments set forth below reflect expected future service:

 

Year ending March 31

 

Amounts

 

2024

 

 

7,404

 

2025

 

 

8,822

 

2026

 

 

16,239

 

2027

 

 

30,756

 

2028

 

 

39,932

 

2029-2033

 

 

381,364

 

 

 

484,517