Amber is a leading contract manufacturer for Air conditioners (AC) and AC Components. Most of the leading AC and Refrigerator companies are its clients. Performance in recent times has improved due to higher customs duty on imports and increased sales of air-conditioners which are more a necessity than luxury. We expect the company to report steady growth as demand for ACs remains strong and attractive opportunities to replace import of parts and finished ACs. Main risk factor is slow down in sales and loss of key clients. Subsidiaries in related field are also scaling up well. We have a neutral weight rating despite secular growth prospects due to rich valuations and negative impact of second Covid wave – 24-05-2021 Price: 2930.10 Rating: Neutral Weight Recommendation: Hold
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