Earnings per share/ADS

12 Months Ended

Mar. 31, 2024

Each ADS represents eight ordinary shares.

Basic earnings per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of outstanding ordinary shares, adjusted for treasury shares. Basic earnings per ADS is derived from the basic earnings per share.

For the calculation of diluted earnings per share, net income attributable to ordinary shareholders for basic earnings per share is adjusted by the effect of dilutive securities, including share-based awards, under the treasury stock method. Potentially dilutive securities, of which the amounts are insignificant, have been excluded from the computation of diluted net income per share if their inclusion is anti-dilutive. Diluted earnings per ADS is derived from the diluted earnings per share.

Earnings per share/ADS (Continued)

The following table sets forth the computation of basic and diluted net income per share/ADS for the following periods:


	Year ended March 31,
	2022			2023			2024
	RMB			RMB			RMB
	(in millions, except per share data)
Earnings per share
Numerator:
Net income attributable to ordinary shareholders for computing net income per ordinary share — basic		61,959			72,509			79,741
Dilution effect on earnings arising from share-based awards operated by equity method investees and subsidiaries		(37	)		(38	)		(228	)
Net income attributable to ordinary shareholders for computing net income per ordinary share — diluted		61,922			72,471			79,513

Shares (denominator):
Weighted average number of shares used in calculating net income per ordinary share — basic (million shares)		21,558			20,980			20,182
Adjustments for dilutive RSUs and share options (million shares)		229			134			177
Weighted average number of shares used in calculating net income per ordinary share — diluted (million shares)		21,787			21,114			20,359

Net income per ordinary share — basic (RMB)		2.87			3.46			3.95
Net income per ordinary share — diluted (RMB)		2.84			3.43			3.91

Earnings per ADS
Net income per ADS — basic (RMB)		22.99			27.65			31.61
Net income per ADS — diluted (RMB)		22.74			27.46			31.24