JSW Steel Ltd.’s quarterly profit surged almost three times, driven by higher volumes, lower input costs and increased consumption in the local market. The company’s shares climbed to a record.

The group’s net income totaled 23.4 billion rupees ($285 million) during the April-June quarter, compared with just 8.38 billion rupees a year earlier, the company said on Friday. The earnings beat an average profit of 11.6 billion rupees estimated by analysts.

The improvement in earnings followed the company’s move to boost capacity and Prime Minister Narendra Modi’s push to expand the country’s infrastructure, keeping demand for key materials, including steel, elevated. Weaker input prices are expected to ease cost pressures going forward.

Raw material costs declined 9.1% during the quarter from a year earlier and energy expenses dropped 15%. Revenues rose 11% to 422.1 billion rupees, the company said in the statement.

The steelmaker also appointed Swayam Saurabh as its chief financial officer designate.

JSW Steel’s group production rose 11% from a year earlier between April and June, while Indian demand grew about 10% during the same period.

“India is favourably placed to secure new manufacturing investments as global supply chains realign,” the company said in the earnings statement. “The strong economic momentum continues, driven by infrastructure spends by the government, and positive business and consumer sentiments.”

Shares advanced as much as 3% in Mumbai. Analysts have eight buy recommendations on the company, eight holds and 16 sells, according to data compiled by Bloomberg.

JSW Steel’s net debt increased to 667.97 billion rupees during the quarter, driven mainly by higher working capital, it said.

(Updates with details and management comments throughout.)