Unsecured senior notes (Tables)

12 Months Ended

Mar. 31, 2024

Unsecured senior notes

Summary of the unsecured senior notes

Bank borrowings are analyzed as follows:

	As of March 31,
	2023		2024
	RMB		RMB
	(in millions)
Current portion:
Short-term other borrowings (i)		7,466		12,749
Non-current portion:
US$4.0 billion syndicated loan denominated in US$ (ii)		27,393		28,828
Long-term other borrowings (iii)		24,630		26,858
		52,023		55,686

(i)As of March 31, 2023 and 2024, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.6% to 12.5% and 1.4% to 4.6% per annum, respectively. As of March 31, 2023 and 2024, the weighted average interest rate of these borrowings was 2.7% and 2.6% per annum, respectively. The borrowings are primarily denominated in RMB.

(ii)As of March 31, 2023 and 2024, the Company had a US$4.0 billion syndicated loan, which was initially entered into with a group of eight lead arrangers. The loan was priced at 85 basis points over LIBOR with maturity in May 2024. During the year ended March 31, 2024, the loan terms were modified such that the interest rate of the loan was adjusted to 80 basis points over Secured Overnight Financing Rate (“SOFR”) with a credit adjustment spread and the maturity of the loan was extended to May 2028. Certain related floating interest payments are hedged by certain interest rate swap contracts entered into by the Company. The proceeds of the loan were used for general corporate and working capital purposes (including acquisitions).

(iii)As of March 31, 2023 and 2024, the Company had long-term borrowings from banks with weighted average interest rates of 3.8% and 3.5% per annum, respectively. The borrowings are primarily denominated in RMB.

Schedule of future principal payments due

As of March 31, 2024, the borrowings will be due according to the following schedule:

	Principal amounts
	RMB
	(in millions)
Within 1 year		12,749
Between 1 to 2 years		4,807
Between 2 to 3 years		3,745
Between 3 to 4 years		5,242
Between 4 to 5 years		30,078
Beyond 5 years		11,894
		68,515

Unsecured senior notes

Unsecured senior notes

Summary of the unsecured senior notes

The following table provides a summary of the Company’s unsecured senior notes as of March 31, 2023 and 2024:

	As of March 31,						Effective
	2023			2024			interest rate
	RMB			RMB
	(in millions)
US$700 million 2.800% notes due 2023		4,800			—			2.90	%
US$2,250 million 3.600% notes due 2024		15,410			16,252			3.68	%
US$2,550 million 3.400% notes due 2027		17,397			18,352			3.52	%
US$1,500 million 2.125% notes due 2031		10,234			10,791			2.20	%
US$700 million 4.500% notes due 2034		4,754			5,013			4.60	%
US$1,000 million 4.000% notes due 2037		6,807			7,176			4.06	%
US$1,000 million 2.700% notes due 2041		6,761			7,129			2.80	%
US$1,750 million 4.200% notes due 2047		11,898			12,540			4.25	%
US$1,500 million 3.150% notes due 2051		10,206			10,757			3.19	%
US$1,000 million 4.400% notes due 2057		6,795			7,161			4.44	%
US$1,000 million 3.250% notes due 2061		6,803			7,170			3.28	%
Carrying value		101,865			102,341
Unamortized discount and debt issuance costs		665			644
Total principal amounts of unsecured senior notes		102,530			102,985
Less: current portion of principal amounts of unsecured senior    notes		(4,801	)		(16,261	)
Non-current portion of principal amounts of unsecured senior notes		97,729			86,724

21.Unsecured senior notes (Continued)

Schedule of future principal payments due

As of March 31, 2024, the future principal payments for the Company’s unsecured senior notes will be due according to the following schedule:

	Principal amounts
	RMB
	(in millions)
Within 1 year		16,261
Between 1 to 2 years		—
Between 2 to 3 years		—
Between 3 to 4 years		18,429
Between 4 to 5 years		—
Thereafter		68,295
		102,985