Hindalco Industries climbed to a day high of Rs 1,059.60 on the NSE on Friday, after the company posted a sharp jump in June quarter profit.

Consolidated net profit rose 75% to Rs 7,013 crore, up from Rs 4,004 crore in the same quarter last year.

Total income grew 32% to Rs 85,882 crore from Rs 64,834 crore a year earlier, with strong contributions from both the aluminium and copper businesses.

Breaking it down further, both core segments beat what analysts were expecting.

Aluminium business earnings, measured before interest, tax and depreciation, came in at Rs 7,688 crore, comfortably ahead of a poll estimate of Rs 6,150 crore and well above last year’s Rs 4,080 crore.

The copper business also did better than expected, with earnings of Rs 918 crore against an estimate of Rs 800 crore, helped by strong prices for by-products like sulphuric acid.

It wasn’t a completely clean quarter though. Raw material costs rose 37% to Rs 60,499 crore, and net debt climbed to Rs 77,495 crore from Rs 64,841 crore in March, showing the company is spending and borrowing more even as profits grow.

There’s some useful context here too. Hindalco’s US subsidiary Novelis had already reported its own numbers earlier in the week, with adjusted earnings rising to 516 million dollars from 416 million dollars a year ago, helped partly by a hot mill in Oswego coming back online after a shutdown.

By the close on Friday, Hindalco shares stood at Rs 1,059.60 on the NSE, giving the company a market value of over Rs 2.38 lakh crore. The stock is now up more than 18% for the year so far.

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