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Unsecured senior notes (Tables)
 12 Months Ended
Mar. 31, 2025
Unsecured senior notes  
Summary of the unsecured senior notes

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 due

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

 
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, 2024 and 2025:

 

 

As of March 31,

 

 

Effective

 

 

2024

 

 

2025

 

 

interest rate

 

 

 

RMB

 

 

RMB

 

 

 

 

 

(in millions)

 

 

 

 

US$2,250 million 3.600% notes due 2024

 

 

16,252

 

 

 

—

 

 

 

3.68

%

US$2,550 million 3.400% notes due 2027

 

 

18,352

 

 

 

18,434

 

 

 

3.52

%

RMB8,400 million 2.650% notes due 2028

 

 

—

 

 

 

8,353

 

 

 

2.83

%

RMB5,000 million 2.800% notes due 2029

 

 

—

 

 

 

4,971

 

 

 

2.93

%

US$1,000 million 4.875% notes due 2030

 

 

—

 

 

 

7,205

 

 

 

5.01

%

US$1,500 million 2.125% notes due 2031

 

 

10,791

 

 

 

10,834

 

 

 

2.20

%

US$700 million 4.500% notes due 2034

 

 

5,013

 

 

 

5,034

 

 

 

4.60

%

RMB2,500 million 3.100% notes due 2034

 

 

—

 

 

 

2,485

 

 

 

3.17

%

US$1,150 million 5.250% notes due 2035

 

 

—

 

 

 

8,268

 

 

 

5.35

%

US$1,000 million 4.000% notes due 2037

 

 

7,176

 

 

 

7,203

 

 

 

4.06

%

US$1,000 million 2.700% notes due 2041

 

 

7,129

 

 

 

7,158

 

 

 

2.80

%

RMB1,100 million 3.500% notes due 2044

 

 

—

 

 

 

1,093

 

 

 

3.54

%

US$1,750 million 4.200% notes due 2047

 

 

12,540

 

 

 

12,586

 

 

 

4.25

%

US$1,500 million 3.150% notes due 2051

 

 

10,757

 

 

 

10,796

 

 

 

3.19

%

US$500 million 5.625% notes due 2054

 

 

—

 

 

 

3,597

 

 

 

5.67

%

US$1,000 million 4.400% notes due 2057

 

 

7,161

 

 

 

7,186

 

 

 

4.44

%

US$1,000 million 3.250% notes due 2061

 

 

7,170

 

 

 

7,195

 

 

 

3.28

%

Carrying value

 

 

102,341

 

 

 

122,398

 

 

 

 

Unamortized discount and debt issuance costs

 

 

644

 

 

 

838

 

 

 

 

Total principal amounts of unsecured senior notes

 

 

102,985

 

 

 

123,236

 

 

 

 

Less: current portion of principal amounts of unsecured senior
   notes

 

 

(16,261

)

 

 

—

 

 

 

 

Non-current portion of principal amounts of unsecured senior notes

 

 

86,724

 

 

 

123,236

 

 

 

 

 

22.
Unsecured senior notes (Continued)
Schedule of future principal payments due

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

 

 

Principal amounts

 

 

 

RMB

 

 

(in millions)

 

Within 1 year

 

 

—

 

Between 1 to 2 years

 

 

—

 

Between 2 to 3 years

 

 

18,492

 

Between 3 to 4 years

 

 

8,400

 

Between 4 to 5 years

 

 

5,000

 

Thereafter

 

 

91,344

 

 

 

 

123,236