Visagar Polytex disclosed a sharp rise in standalone net profit for the quarter ended September 2015. During the quarter, the profit of the company rose 63.89% to Rs 11.80 million from Rs 7.2 million in the same quarter previous year.

Revenues for the quarter rose 11.91% to Rs 224.77 million, compared with Rs 201 million for the prior year period.

The company markets its products under the brand name VIVIDHA and currently has a 2000 square feet flagship store in Kolkata.  Also, the company recently launched its new retail outlet - VIVIDHA in Mumbai. This is the company's 14th retail outlet in the country, others being present at Rajasthan, Gujarat and West Bengal.

Visagar Polytex also aims at partnering with aspiring women entrepreneurs through its recently launched franchisee model. This will bring aspiring women entrepreneurs on board who have flair for doing business. The scheme will be operated from the Mumbai's VIVIDHA showroom.

The company has invested around Rs 45 million CAPEX for this financial year.

Tilokchand Kothari, CMD, Visagar Polytex said, ''We are pleased to announce the quarter numbers and they are in line with the company's strategy of achieving profitable growth. The launch of retail outlet in Mumbai is significant aspect of our expansion plan and we target to achieve around Rs. 5-7 crore within next 12 months. We also plan to open about 200 stores in the next three years.''

Currently, the company has a total of 14 stores in Maharashtra, Rajasthan, West Bengal, Gujarat and also has wholesale presence in about 1500 stores.

Shares of the company gained Rs 0.25, or 0.36%, to trade at Rs 70.50. The total volume of shares traded was 2,800 at the BSE (12.14 p.m., Tuesday).