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Segment information (Tables)
 12 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule of each segment's revenue, income from operations and adjusted EBITA

 

Year ended March 31, 2021

 

 

China
commerce (i)

 

 

International
commerce

 

 

Local
consumer
services (i)

 

 

Cainiao

 

 

Cloud

 

 

Digital media
and
entertainment

 

 

Innovation
initiatives and
others

 

 

Total
segments

 

 

Unallocated (ii)

 

 

Consolidated

 

 

(in millions of RMB, except percentages)

 

Revenue

 

 

501,379

 

 

 

48,851

 

 

 

35,746

 

 

 

37,258

 

 

 

60,558

 

 

 

31,186

 

 

 

2,311

 

 

 

717,289

 

 

 

—

 

 

 

717,289

 

Income (Loss) from
   operations

 

 

197,232

 

 

 

(9,361

)

 

 

(29,197

)

 

 

(3,964

)

 

 

(12,479

)

 

 

(10,321

)

 

 

(7,802

)

 

 

124,108

 

 

 

(34,430

)

 

 

89,678

 

Add: Share-based
   compensation expense

 

 

14,505

 

 

 

4,223

 

 

 

4,972

 

 

 

1,956

 

 

 

10,205

 

 

 

3,281

 

 

 

2,518

 

 

 

41,660

 

 

 

8,460

 

 

 

50,120

 

Add: Amortization of
   intangible assets

 

 

1,922

 

 

 

206

 

 

 

7,852

 

 

 

1,195

 

 

 

23

 

 

 

922

 

 

 

83

 

 

 

12,203

 

 

 

224

 

 

 

12,427

 

Add: Anti-monopoly Fine

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,228

 

 

 

18,228

 

Adjusted EBITA (iii)

 

 

213,659

 

 

 

(4,932

)

 

 

(16,373

)

 

 

(813

)

 

 

(2,251

)

 

 

(6,118

)

 

 

(5,201

)

 

 

177,971

 

 

 

(7,518

)

 

 

 

Adjusted EBITA
   margin (iv)

 

 

43

%

 

 

(10

)%

 

 

(46

)%

 

 

(2

)%

 

 

(4

)%

 

 

(20

)%

 

 

(225

)%

 

 

 

 

 

 

 

 

 

 

Year ended March 31, 2022

 

 

China
commerce (i)

 

 

International
commerce

 

 

Local
consumer
services (i)

 

 

Cainiao

 

 

Cloud

 

 

Digital media
and
entertainment

 

 

Innovation
initiatives and
others

 

 

Total
segments

 

 

Unallocated (ii)

 

 

Consolidated

 

 

(in millions of RMB, except percentages)

 

Revenue

 

 

591,580

 

 

 

61,078

 

 

 

44,616

 

 

 

46,107

 

 

 

74,568

 

 

 

32,272

 

 

 

2,841

 

 

 

853,062

 

 

 

—

 

 

 

853,062

 

Income (Loss) from
   operations

 

 

172,536

 

 

 

(10,655

)

 

 

(30,802

)

 

 

(3,920

)

 

 

(5,167

)

 

 

(7,019

)

 

 

(9,424

)

 

 

105,549

 

 

 

(35,911

)

 

 

69,638

 

Add: Share-based
   compensation expense

 

 

7,078

 

 

 

1,569

 

 

 

2,556

 

 

 

1,396

 

 

 

6,297

 

 

 

1,520

 

 

 

1,839

 

 

 

22,255

 

 

 

1,716

 

 

 

23,971

 

Add: Amortization of
   intangible assets

 

 

2,817

 

 

 

95

 

 

 

6,154

 

 

 

1,059

 

 

 

16

 

 

 

809

 

 

 

456

 

 

 

11,406

 

 

 

241

 

 

 

11,647

 

Add: Impairment of
   goodwill

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

25,141

 

 

 

25,141

 

Adjusted EBITA (iii)

 

 

182,431

 

 

 

(8,991

)

 

 

(22,092

)

 

 

(1,465

)

 

 

1,146

 

 

 

(4,690

)

 

 

(7,129

)

 

 

139,210

 

 

 

(8,813

)

 

 

 

Adjusted EBITA
   margin (iv)

 

 

31

%

 

 

(15

)%

 

 

(50

)%

 

 

(3

)%

 

 

2

%

 

 

(15

)%

 

 

(251

)%

 

 

 

 

 

 

 

 

 

 

26.
Segment information (Continued)

 

 

Year ended March 31, 2023

 

 

China
commerce (i)

 

 

International
commerce

 

 

Local
consumer
services (i)

 

 

Cainiao

 

 

Cloud

 

 

Digital media
and
entertainment

 

 

Innovation
initiatives and
others

 

 

Total
segments

 

 

Unallocated (ii)

 

 

Consolidated

 

 

(in millions of RMB, except percentages)

 

Revenue

 

 

582,731

 

 

 

69,204

 

 

 

50,112

 

 

 

55,681

 

 

 

77,203

 

 

 

31,482

 

 

 

2,274

 

 

 

868,687

 

 

 

—

 

 

 

868,687

 

Income (Loss) from
   operations

 

 

172,191

 

 

 

(8,429

)

 

 

(23,302

)

 

 

(3,622

)

 

 

(5,151

)

 

 

(4,638

)

 

 

(9,409

)

 

 

117,640

 

 

 

(17,289

)

 

 

100,351

 

Add: Share-based
   compensation expense

 

 

7,969

 

 

 

2,716

 

 

 

3,672

 

 

 

2,218

 

 

 

6,561

 

 

 

1,756

 

 

 

1,658

 

 

 

26,550

 

 

 

4,281

 

 

 

30,831

 

Add: Amortization and
   impairment of
   intangible assets

 

 

4,702

 

 

 

93

 

 

 

5,609

 

 

 

1,013

 

 

 

12

 

 

 

1,008

 

 

 

844

 

 

 

13,281

 

 

 

223

 

 

 

13,504

 

Add: Impairment of
   goodwill

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,714

 

 

 

2,714

 

Add: Equity-settled
   donation expense

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

511

 

 

511

 

Adjusted EBITA (iii)

 

 

184,862

 

 

 

(5,620

)

 

 

(14,021

)

 

 

(391

)

 

 

1,422

 

 

 

(1,874

)

 

 

(6,907

)

 

 

157,471

 

 

 

(9,560

)

 

 

 

Adjusted EBITA
   margin (iv)

 

 

32

%

 

 

(8

)%

 

 

(28

)%

 

 

(1

)%

 

 

2

%

 

 

(6

)%

 

 

(304

)%

 

 

 

 

 

 

 

 

 

 
Schedule of reconciliation from the adjusted EBITA to the consolidated net income

The following table presents the reconciliation from the Adjusted EBITA to the consolidated net income for the years ended March 31, 2021, 2022 and 2023:

 

 

Year ended March 31,

 

 

2021

 

 

2022

 

 

2023

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

(in millions)

 

Total Segments Adjusted EBITA

 

 

177,971

 

 

 

139,210

 

 

 

157,471

 

Unallocated (ii)

 

 

(7,518

)

 

 

(8,813

)

 

 

(9,560

)

Share-based compensation expense

 

 

(50,120

)

 

 

(23,971

)

 

 

(30,831

)

Amortization and impairment of intangible assets

 

 

(12,427

)

 

 

(11,647

)

 

 

(13,504

)

Impairment of goodwill

 

 

—

 

 

 

(25,141

)

 

 

(2,714

)

Anti-monopoly Fine

 

 

(18,228

)

 

 

—

 

 

 

—

 

Equity-settled donation expense

 

 

—

 

 

 

—

 

 

 

(511

)

Consolidated income from operations

 

 

89,678

 

 

 

69,638

 

 

 

100,351

 

Interest and investment income, net

 

 

72,794

 

 

 

(15,702

)

 

 

(11,071

)

Interest expense

 

 

(4,476

)

 

 

(4,909

)

 

 

(5,918

)

Other income, net

 

 

7,582

 

 

 

10,523

 

 

 

5,823

 

Income tax expenses

 

 

(29,278

)

 

 

(26,815

)

 

 

(15,549

)

Share of results of equity method investees

 

 

6,984

 

 

 

14,344

 

 

 

(8,063

)

Consolidated net income

 

 

143,284

 

 

 

47,079

 

 

 

65,573

 
Schedule of depreciation and impairment of property and equipment and land use rights by segment

The following table presents the consolidated depreciation and impairment of property and equipment, and operating lease cost relating to land use rights by segment for the years ended March 31, 2021, 2022 and 2023:

 

 

Year ended March 31,

 

 

2021

 

 

2022

 

 

2023

 

 

 

RMB

 

 

RMB

 

 

RMB

 

 

(in millions)

 

China commerce (i)

 

 

9,790

 

 

 

13,043

 

 

 

10,880

 

International commerce

 

 

1,180

 

 

 

1,473

 

 

 

1,757

 

Local consumer services (i)

 

 

1,161

 

 

 

1,237

 

 

 

1,314

 

Cainiao

 

 

872

 

 

 

992

 

 

 

1,147

 

Cloud

 

 

11,161

 

 

 

7,613

 

 

 

9,093

 

Digital media and entertainment

 

 

1,109

 

 

 

956

 

 

 

912

 

Innovation initiatives and others and unallocated (ii)

 

 

1,116

 

 

 

2,494

 

 

 

2,696

 

Consolidated depreciation and impairment of property and equipment, and
   operating lease cost relating to land use rights

 

 

26,389

 

 

 

27,808

 

 

 

27,799

 

 

(i)
For the year ended March 31, 2023, the Company reclassified the results of Instant Supermarket Delivery business, which was previously reported under the China commerce segment, to the Local consumer services segment in order to conform to the way that we manage and monitor segment performance. Figures for the years ended March 31, 2021 and 2022 were reclassified to conform to this presentation.
(ii)
Unallocated expenses primarily relate to corporate administrative costs and other miscellaneous items that are not allocated to individual segments.
(iii)
Adjusted EBITA represents net income before (i) interest and investment income, net, interest expense, other income, net, income tax expenses and share of results of equity method investees, (ii) certain non-cash expenses, consisting of share-based compensation expense, amortization and impairment of intangible assets and impairment of goodwill, and (iii) Anti-monopoly Fine, as well as equity-settled donation expense, which the Company does not believe are reflective of the Company’s core operating performance during the periods presented.
(iv)
Adjusted EBITA margin represents Adjusted EBITA divided by revenue.