Amber Enterprises - AC Contract Manufacturer

Probably has to do with seasonality of operations of the plant. This results in lower utilization during offseason. Below report probably provides the clue:

http://backoffice.phillipcapital.in/Backoffice/Researchfiles/PC_-Amber_Enterprise_C_Update-_Sep_2019_20190916161241.pdf

“During the season (December to May) the plant operates at a utilisation of 70-75%; c.40% offseason”

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