All Adani stocks – Adani Ports, Adani Power, Adani Entp have been hitting new highs and today too, if Narendra Modi becomes PM, these stocks will literally be on fire, irrespective of their fundamentals, given the closeness of the promoter with Modi.

Adani Ports declared its Q4 and FY14 numbers yesterday during market hours and were Ok. Consolidated net sales came in at Rs.1079 crore, up 12% (YoY) and net profit for the quarter was at Rs.530 crore, up 18% sequentially but down 25% (YoY).  The YoY net profit is bound to look bad  as in Q4FY13, the company has an exceptional gain of Rs.419 crore through profit in sale of its Abbot Point operations. Forex gain during the quarter was at Rs.114 crore. Port operations reported a robust 15% (QoQ) and 20% (YoY) rise in turnover though it took a hit on the EBIT – at Rs.460 crore, it was down 12% sequentially and down 16% YoY. EBIT margins were also lower at 41.78% v/s 54.59% in Q3 and 59.91% in Q4FY13.

The company’s borrowings as at 31^st March 2014 stood at Rs.11,693 crore, up from Rs.10,662 crore in Fy13. Interest cost for the quarter was at Rs.188 crore, down 4% sequentially but up 16% YoY. For FY14, interest outgo was at Rs.766 crore, which is 17% of the net revenue earned. It ended the fiscal with a 31% rise in net revenue at Rs.4581 crore and 7% rise in net profit at Rs.1740 crore.

Consolidated cargo  during the quarter  rose 12% (YoY) at 28.85 MMT and in FY14, Mundra Port crossed 100 MMT mark by handling 101.12 MMT cargo, the only commercial port in India to achieve  this milestone. In case of containers, it handled 0.71 million TEUs with 49%  growth. The Dahej port  handled 7.89 MMT cargo, up 4% while Hazira port showed a drop of 75%. Its coal terminal at Visakhapatnam was completed 8 months ahead of schedule and its terminal at Murmugao was also completed.