Indian billionaire Gautam Adani’s main company made a profit in the fiscal quarter ending December 2022, earnings reports showed Tuesday, with the businessman stressing that his business will recover.

The Adani Group lost about $120 billion of its value after US firm Hindenburg Research accused it last month of using tax havens to manipulate share prices.

Indian regulators confirmed on Monday that they are investigating allegations made in the report of securities fraud and insider trading.

The group is working to restore market confidence, pledging $1.1 billion in early loan repayments as shares of its listed companies bounce back.

Tuesday’s data showed that flagship Adani Enterprises reported a net profit of Rs 8.2 billion ($99 million) in the three months to December, compared to a Rs 116 million loss a year earlier.

“Our success is the result of our strong governance, strong regulatory compliance, robust operations and robust cash flow,” Adani said in the report.

“Current market fluctuations are temporary,” he added, noting that the company is looking to maintain “moderate” pressure and look for growth opportunities.

The company’s revenue rose 42% year on year to 269 billion rupees ($3.3 billion).

Shares of Adani Enterprises closed up 1.9% in Bombay.

The founder of the company was the richest man in Asia until last month, when a loss in the stock markets dealt a painful blow to his personal wealth, dropping him from third to 23rd on the Forbes Billionaire Tracking list.

According to Hindenburg Research, Adani falsely boosted the value of his divisions’ shares by funneling money through foreign tax havens.

“This egregious stock manipulation and account fraud scheme is the largest fraud in corporate history,” she said.

In turn, the Adani Group felt that it was the victim of a “brutal” attack on its reputation.

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