SoftBank Group announced on Tuesday that it achieved quarterly profits for the second fiscal quarter ending in September, benefiting from a series of successful listings of its investments in India, as well as a rebound in the valuation of technology stocks that boosted the Vision Fund's investment portfolio.

The company's net income for the second fiscal quarter was 1.18 trillion yen (approximately $7.7 billion), compared to a net loss of 931 billion yen in the same period last year. This performance was far better than the average analyst expectation of 295 billion yen.

SoftBank's Vision Fund, reported that due to strong performance of Indian startups' initial public offerings, as well as the valuation increases in investments such as Coupang and Didi, the fund recorded a profit of 373 billion yen in the second fiscal quarter.

Independent analyst Devi Subhakesan from investorpte wrote in a report before the financial report was released that SoftBank is entering a 'harvest season in India'. She estimates that, based on Swiggy's IPO price, SoftBank's stake is valued at approximately $0.803 billion, which represents a 78% increase from its investment in January 2022.

SoftBank and the Vision Fund have also taken a more targeted investment approach, focusing on generative artificial intelligence. Their recent bets include OpenAI and Perplexity AI.

Kirk Boodry, an analyst at Astris Advisory, said, 'About half of the growth in the second quarter appears to be driven by Indian IPOs. If the IPO channel in the USA reopens and there is demand in the market for cryptocurrency companies, there may be a small boom. But what they plan to do with artificial intelligence could be more important.'