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Bank borrowings (Tables)
 12 Months Ended
Mar. 31, 2025
Bank borrowings  
Schedule of analysis of bank borrowings

Bank borrowings are analyzed as follows:

 

 

As of March 31,

 

 

2024

 

 

2025

 

 

 

RMB

 

 

RMB

 

 

(in millions)

 

Current portion:

 

 

 

 

 

 

Short-term other borrowings (i)

 

 

12,749

 

 

 

22,562

 

Non-current portion:

 

 

 

 

 

 

US$4.0 billion syndicated loan denominated in US$ (ii)(iii)

 

 

28,828

 

 

 

22,937

 

Long-term other borrowings (iii)

 

 

26,858

 

 

 

26,972

 

 

 

55,686

 

 

 

49,909

 

 

(i)
As of March 31, 2024 and 2025, the Company had short-term borrowings from banks which were repayable within one year or on demand and charged interest rates ranging from 1.4% to 4.6% and 0.8% to 4.8% per annum, respectively. As of March 31, 2024 and 2025, the weighted average interest rate of these borrowings was 2.6% and 2.0% per annum, respectively. The borrowings are primarily denominated in RMB.
(ii)
As of March 31, 2024 and 2025, 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). The Company repaid US$830 million (RMB6,067 million) of the loan in January 2025.
(iii)
As of March 31, 2024 and 2025, the Company had long-term borrowings from banks with weighted average interest rates of 3.5% and 3.9% per annum, respectively. The borrowings are primarily denominated in RMB.
Schedule of future principal payments for borrowings

As of March 31, 2025, the future principal payments for the Company’s borrowings were as follows:

 

 

Principal amounts

 

 

 

RMB

 

 

(in millions)

 

Within 1 year

 

 

22,562

 

Between 1 to 2 years

 

 

2,906

 

Between 2 to 3 years

 

 

5,098

 

Between 3 to 4 years

 

 

25,104

 

Between 4 to 5 years

 

 

5,572

 

Beyond 5 years

 

 

11,282

 

 

 

72,524