Shares of Safari Industries (India) rose more than 3% on January 10 after the company announced that it would increase the capacity of its Gujarat factory to 300,000 units per month. Together with subsidiary Safari Manufacturing Limited, the company said the group’s total production capacity is currently at 525,000 per month.

The stock was trading 3.5% higher at Rs 1,770 per share at 12:30 pm on the National Stock Exchange. It staged a stunning rally over the past six months, up 77%.

“Following the completion of various trial runs and increased production rates, we have successfully commenced commercial production/manufacturing of additional luggage from January 9,” the company said in an exchange document.

On January 2, the company said it had almost doubled the capacity of Safari Manufacturing Limited from 125,000 to 225,000 pieces per month.

Safari’s total capacity of 525,000 units per month still trails market leader VIP Industries, which has an annual capacity of 10.25 lakh.

Safari Industries’ net profit rose 144.26 per cent to Rs 25.94 crore in the quarter that ended September 2022 from Rs 10.62 crore in the same period last year. Sales rose 66.96% to Rs 314.88 crore during the same period.