Adani’s flagship swings to profit amid short seller battle

Gautam Adani’s flagship firm swung to a profit and pledged to lower leverage as the Indian billionaire tries to win back investor confidence after a bruising report from a short seller wiped out more than $120 billion of his empire’s market value.

Adani Enterprises Ltd., based in the tycoon’s home city of Ahmedabad in western India, posted net income of 8.2 billion rupees ($99.1 million) for the quarter ended Dec. 31, it said in a filing Tuesday, compared with a loss of 116.3 million rupees in the same period last year. There weren’t enough brokerages tracking the company to derive an average profit forecast.