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Employee Benefit Plans (Tables)
12 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Amounts Recognized in Financial Statements Based on Actuarial Valuations

Change in benefit obligation

 

 

 

 

As of
 March 31,
2024

 

 

As of
March 31,
2023

 

Projected benefit obligation at the beginning of the year

 

 

 

 

 

297,309

 

 

 

163,744

 

Interest costs

 

 

 

 

 

21,664

 

 

 

11,610

 

Service costs

 

 

 

 

 

80,183

 

 

 

124,010

 

Actuarial (gain) loss

 

 

 

 

 

(120,120

)

 

 

16,627

 

Benefits paid

 

 

 

 

 

(10,358

)

 

 

 

Effect of exchange rate changes

 

 

 

 

 

(4,151

)

 

 

(18,682

)

Projected benefit obligation at the end of the year

 

 

 

 

 

264,527

 

 

 

297,309

 

Schedule of Amounts Recognized in the Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets consist of

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

14,128

 

 

 

3,008

 

Non-current liabilities (recorded under other liabilities)

 

 

 

 

 

250,399

 

 

 

294,301

 

Unfunded amount recognized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

264,527

 

 

 

297,309

 

Schedule of Components of Net Defined Benefit Plan Costs

Net defined benefit plan costs include the following components for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of
 March 31,
2024

 

 

As of
March 31,
2023

 

Interest costs

 

 

 

 

 

21,664

 

 

 

11,610

 

Service costs

 

 

 

 

 

80,183

 

 

 

124,010

 

Actuarial (gain) loss

 

 

 

 

 

(120,120

)

 

 

16,627

 

Total

 

 

 

 

 

(18,273

)

 

 

152,247

 

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,
2024

 

 

As of
March 31,
2023

 

Discount rate

 

 

 

 

7.39%

 

 

7.39%

 

Rate of increase in compensation per annum

 

 

 

 

10.00%

 

 

10.00%

 

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

 

2025

 

 

 

 

 

 

 

14,192

 

2026

 

 

 

 

 

 

 

42,589

 

2027

 

 

 

 

 

 

 

60,284

 

2028

 

 

 

 

 

 

 

67,591

 

2029

 

 

 

 

 

 

 

77,097

 

2030-2034

 

 

 

 

 

 

 

463,729

 

 

 

 

 

 

 

 

 

725,482