BENGALURU: Adani Enterprises reported a swing to third-quarter profit on Tuesday from a loss a year earlier, and said it had made no “material financial adjustments” in the wake of the US short seller report that roiled its shares.

The Adani group companies have been under pressure for the past three weeks after the report accused it of improper use of offshore tax havens and stock manipulation, allegations the company has denied.

The group’s seven listed stocks have together lost over $120 billion in market value since Jan. 24. The profit came on the back of boosts from its key coal trading division and its new energy businesses.

Shares surged 9% after the results. The company’s consolidated profit stood at 8.20 billion Indian rupees ($99.11 million) for the quarter ended Dec. 31, compared with a net loss of 116.3 million rupees a year earlier.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for its mainstay coal trading business saw a whopping four-fold surge, while that of the Adani New Energy segment more than doubled.

The coal trading division benefited from a rise in volumes as well as higher coal prices, while Adani New Energy segment saw a surge in volumes and prices of solar modules, the company said.

Adani slashes growth targets amid rout sparked by Hindenburg

Global coal prices remained at elevated levels for most of 2022 as European buyers were willing to pay a premium and make up for the absence of cargoes from Russia, their main supplier of LNG and coal.