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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 10 Months Ended 12 Months Ended
Jun. 15, 2023
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2023
Operating activities        
Net profit $ 2,375 $ 82,088 $ 46,977 $ 12,422
Adjustments for:        
Income tax expenses 657 7,424 13,189 9,460
Depreciation of property, plant and equipment 251 3,800 2,711 910
Amortization of intangible assets 6 97 84 19
Depreciation of right-of-use assets 140 1,030 1,412 1,432
Loss/(gain) on disposal of property, plant and equipment 0 (357) 111 (18)
Allowance for/(reversal of) inventories obsolescence (6) (335) 571 5
Allowance for/(reversal of) expected credit losses   (3) 121 (11)
Finance costs 200 915 284 1,943
Finance income (74) (55) (339) (236)
Loss/(gain) on unrealized foreign exchange 134 (793) 493 739
Gain on bargain purchase   (49,429)    
Share of profits of equity method investments, net of tax       (3,427)
Changes in operating assets and liabilities:        
Trade receivables (2,727) (17,961) 18,975 (626)
Contract assets 1,139 (1,505) 764 (692)
Inventories (360) (20,817) (2,329) 2,642
Prepayment and other current assets (1,219) 418 809 (2)
Trade receivables due from related parties (428) 284   (53)
Trade and other payables (2,224) 26,157 (32,239) 5,006
Employee benefits obligation 24 11 59 16
Changes in operating assets and liabilities (2,112) 30,969 51,653 29,529
Interest received 74 55 339 235
Income taxes paid (852) (6,979) (11,490) (734)
Net cash provided by/(used in) operating activities (2,890) 24,045 40,502 29,030
Investing activities        
Proceeds from sale of property, plant and equipment   698   18
Cash payment for management buyout   (2,000)    
Acquisition of property, plant and equipment (1,200) (3,238) (2,863) (1,066)
Acquisition of intangible asset   (11)   (69)
Dividends received from equity method investments       3,402
Proceeds from disposal of equity method investments       10,774
Repayment from/(loan to) related parties 20,981     (15,743)
Amount due from a related party   (1,585) 1  
Net cash (used in)/provided by investing activities 19,781 (6,136) (2,862) (2,684)
Financing activities        
Proceeds from capital injection       13,551
Advances from potential investors   5,000    
Proceeds from loans and borrowings 874      
Proceeds from loans from related parties 8,845      
Repayment of loans from related parties (28,038)     (22,651)
Repayment of loans and borrowings   (3,874) (6,504) (500)
Interest paid (200) (211) (253) (1,942)
Payment of lease liabilities (197) (824) (1,302) (1,731)
Net cash (used in)/provided by financing activities (18,716) 91 (8,059) (13,273)
Effect of foreign exchange on cash, cash equivalents and restricted cash (75) (2,473) 820 150
Net increase/(decrease) in cash, cash equivalents and restricted cash (1,900) 15,527 30,401 13,223
Cash, cash equivalents and restricted cash at beginning of year/period 31,803 29,903 45,430 18,580
Cash, cash equivalents and restricted cash at end of year/period 29,903 45,430 75,831 31,803
Less: Restricted cash, non-current 1,150 367 1,189 1,150
Less: Restricted cash, current 1,087 1,593 1,692 1,126
Cash and cash equivalents at end of year/period $ 27,666 $ 43,470 $ 72,950 $ 29,527