Amber reported yet another quarter of stellar RAC volume growth (+89% yoy), led by harsh summers resulting in increased business from existing customers, as well as new client additions. Revenue and EBITDA beat was 40% and 37%, respectively. Gross margin contraction was unexpected, while it is attributed to product mix being Management remained upbeat on strong RAC volume growth in FY20 as industry inventory levels are at lower levels due to strong sales recorded in Q1. The integration of Sidwal has been done and it is progressing well to achieve the targeted synergies. Given robust Q1 volumes, we raise RAC volume growth assumption to 30% from 15%...