Latest News | Ind-Ra Upgrades Runaya's Rating

New Delhi, Jun 8 (PTI) Aluminium sector firm Runaya on Tuesday said India Ratings and Research (Ind-Ra) has upgraded the company's rating on the back of substantial improvement in operational performance.

"India Ratings and Research... has upgraded Runaya long-term issuer rating to 'IND BBB' from 'IND BBB-' with 'Positive' outlook," the company said in a statement.

As per the ratings 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 FY'21.

In FY'22, 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 FY'22, further rating upgrade is expected, it added.

"The current rating upgrade is a reflection of the quality of the business that Runaya is building," Runaya co-founder and CEO Annanya Agarwal said.

Runaya's portfolio includes sustainability processing solutions for the aluminum industry, minor metals recovery, gas atomized metallurgical powders and other semi-finished products for the telecommunication cable and aluminum industries.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)