Japan’s investment major SoftBank Group Corp posted its biggest quarterly profit in two years thanks to a strong influx of IPOs in Indian markets, Reuters reported. The ongoing euphoria in the Indian primary market has given its founder Masayoshi Son more ammunition for his next bet, it said.

The Tokyo-based investment giant reported net income of 1.18 trillion yen ($7.7 billion) for the September quarter, a sharp turnaround from last year’s net loss of 931 billion yen. Analysts had forecast average net income of about ¥295 billion for the period. The tech conglomerate’s gains were driven by higher share prices of listed Indian companies under its Vision Fund investment vehicles.

The results indicate that SoftBank’s more cautious investment strategy is starting to pay off. Masayoshi Son’s investment prowess had to taper off for a long time when rising interest rates saw the value of his high-growth tech start-up holdings fall.

Some of those valuations are starting to come back, helping the Vision Fund unit post an investment gain of 608 billion yen. The unit has reported profits in four of the past five quarters. A recovery in the yen against the dollar in the quarter generated a ¥289 billion gain as dollar-denominated obligations could be financed more easily in yen.

“After we were making big losses in the Vision funds, we were very conservative. So now we’ve been able to generate good returns as a result of learning from that,” SoftBank Chief Financial Officer Yoshimitsu Goto said after the earnings release.

“Our investment earnings were very strong this quarter,” Goto said, adding that he has high hopes for companies in his investment portfolio that are in the early stages of preparing for public listings.

The two Vision funds fully or partially divested $1.85 billion worth of investments. It has completely exited 10 portfolio companies, including Chinese artificial intelligence firm SenseTime and Indian payments firm Paytm.