Adani Enterprises Ltd.’s quarterly profit slipped 50% signaling headwinds persist for billionaire Gautam Adani’s flagship firm after it battled a brutal short seller attack earlier this year.

The Ahmedabad-based company posted net income of 2.28 billion rupees ($27.4 million) for the quarter through September, compared with 4.6 billion rupees in the year-ago quarter, according to an exchange filing Thursday. There weren’t enough brokerages tracking the firm to derive an average profit forecast.

Revenue slipped 41% to 225 billion rupees, while total costs were also down 41% to 221.9 billion rupees. Shares pared day’s gains after the earnings were announced.

The tepid earnings at Adani Enterprises — known to incubate new businesses before spinning them off — come as the ports-to-power conglomerate was showing signs of recovery following a scathing report by Hindenburg Research. The US short-seller’s allegations of wide-ranging corporate frauds had at one point erased more than $150 billion of market value from the billionaire’s listed companies. Adani Group has strongly denied any wrongdoing.