Walton Hi-Tech Industries PLC, a leading electrical and electronic appliance manufacturer, has announced plans to establish a facility to manufacture lithium-ion cells at a cost of nearly Tk 114 crore.

Local availability of the rechargeable batteries, widely used in portable electronics, electric vehicles, and other applications, will reduce import dependence, the company said in a press release on April 27.

It will also generate new employment opportunities and exports alongside enabling technological growth, it said.

Commercial production is expected to commence by mid-2026, Walton said after its board approved the project along with its unaudited earnings in the third quarter of the ongoing fiscal year.

Its net profit dropped to around Tk 392 crore in the January-March quarter of fiscal year 2024-25 from nearly Tk 422 crore in the same period of the year prior.

Meanwhile, the company's earnings per share (EPS) dropped to Tk 12.94 from Tk 13.93 previously.

In case of the first nine months of the current fiscal year, Walton's net profit dropped by around 8.5 percent year-on-year to Tk 696 crore.

The company's EPS during this period stood at Tk 22.99, down from Tk 25.17 previously.

The listed company attributed a number of factors for the drop, including high inflation, volatile global financial conditions, an increase in material costs, high financing costs, and the devaluation of the taka against foreign currencies.

It also cited the hike in value added tax (VAT) on refrigerators to 7.5 percent and introduction of a 7.5 percent VAT on air conditioners.

But Walton was optimistic about the fourth quarter, touting it as the peak sales season.

As of March 31, 2025, sponsors and directors held 65.07 percent of the company's shares while institutional investors held 0.55 percent, foreign investors 0.09 percent, and the public 34.29 percent, according to Dhaka Stock Exchange.

Walton began its journey in 1977. In early 2008, it commenced manufacturing refrigerators, freezers, air conditioners, and compressors before expanding into televisions and home and electrical appliances, its website says.

Its manufacturing plant and headquarters, spanning about 5 million square feet across 19 buildings, is located in Chandra, Kaliakoir, Gazipur.