India Ratings and Research announced that it has upgraded Runaya Long-term Issuer Rating to 'IND BBB' from 'IND BBB-' with 'Positive' outlook.
As per the rating agency, the upgraded rating has been awarded to Runaya on the back of substantial improvement in operational performance. The upgrade reflects the timely commissioning of the patented Dross processing and Aluminium recovery Plant and value added slag conditioner plant during FY21. In FY22 the entire facility will be fully ramped up to achieve full potential and capacity and the agency expects significant improvement in credit metrics coupled with rising operating cashflows.
With the positive outlook on the enhanced rating and substantial improvement in the financial performance including commissioning of another facility in the third quarter of FY22 further rating upgrade is expected.
Annanya Agarwal, Co-founder and CEO, Runaya said, "We are elated with the way Runaya is disrupting the linear economy model currently existing in the industry to a circular economy model by deploying cutting edge technology and innovation in the resources sector with focus on sustainability solutions. The current rating upgrade is a reflection of the quality of the business that Runaya is building."
Runaya's vision is to deploy cutting edge technology to enable innovation, sustainability and efficiency improvement in the natural resources industry. Founded by Naivedya and Annanya Agarwal, the key focus is on executing projects that enable a circular economy and promote the concept of waste to wealth. In addition to ground support products, Runaya's portfolio includes sustainability processing solutions for the aluminium industry, minor metals recovery, gas atomized metallurgical powders and other semi-finished products for the telecommunication cable and aluminium industries.
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( With inputs from ANI )
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