Company: ZCARW
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076590
Chunk: 48

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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.14% 
     7.13%
  
    Discount rate - independent service provider* 
     6.04% 
     7.09%
  
    Attrition rate - staff 
     39.24% 
     40.59%
  
    Attrition rate - independent service provider* 
     72.84% 
     79.88%
  
    Rate of increase in compensation levels - staff 
     13.31% 
     12.42%
  
    Rate of increase in compensation levels - independent service provider* 
     10.38% 
     11.94%

*Independent service provider are contract employees responsible
for maintaining the fleet of the Company.

During the quarter ended June 30, 2025
and June 30, 2024, actuarial gain was driven by changes in actuarial assumptions, offset by experience adjustments on present value of
benefit obligations.

The Company evaluates these assumptions
annually based on its long-term plans of growth and industry standards. The discount rates are based on current market yields on government
securities adjusted for a suitable risk premium.

    Expected benefit payments as of June 30, 2025 is as follows: 

    Year ended March 31, 

    2026 (July 1, 2025 till March 31, 2026) 
    $59,207 
  
    2027 
     64,038 
  
    2028 
     38,144 
  
    2029 
     23,247 
  
    2030 
     15,909 
  
    Thereafter 
     146,624 
  
    Total 
    $347,169 

24Employee benefit plans (unfunded) (Continued)

II. Compensated absences

The employees are permitted to encash a maximum of 45 days of
accumulated leave balance on separation. The Company has provided liability for compensated absences as per an actuarial valuation carried
out by an independent actuary as of the Balance Sheet dates. The amount of compensated absences cost is $34,594 for the quarter ended
June 30, 2025 ($44,591 for the quarter ended June 30, 2024).

III. Defined contribution plan

The Indian subsidiary makes provident fund
contributions which are defined contribution plans, for qualifying employees. Under the Schemes, the Indian subsidiary is required to