BENGALURU (Reuters) – Adani Enterprises reported a swing to third-quarter revenue on Tuesday from a loss a 12 months earlier, and stated it had made no “materials monetary changes” within the wake of the U.S. quick vendor report that roiled its shares.

The Adani group firms have been underneath strain for the previous three weeks after the report accused it of improper use of offshore tax havens and inventory manipulation, allegations the corporate has denied.

The group’s seven listed shares have collectively misplaced over $120 billion in market worth since Jan. 24.

The revenue got here on the again of boosts from its key coal buying and selling division and its new vitality companies. Shares surged 9% after the outcomes.

The corporate’s consolidated revenue stood at 8.20 billion Indian rupees ($99.11 million) for the quarter ended Dec. 31, in contrast with a internet lack of 116.3 million rupees a 12 months earlier.

Earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) for its mainstay coal buying and selling enterprise noticed a whopping four-fold surge, whereas that of the Adani New Power section greater than doubled.

The coal buying and selling division benefited from an increase in volumes in addition to increased coal costs, whereas Adani New Power section noticed a surge in volumes and costs of photo voltaic modules, the corporate stated.

World coal costs remained at elevated ranges for many of 2022 as European consumers have been prepared to pay a premium and make up for the absence of cargoes from Russia, their predominant provider of LNG and coal.

($1 = 82.7400 Indian rupees)