Low charge voltage

My alternator died and was rebuilt but now the voltage won’t go above 13.5 and will drop to 12.9 if I have all the electrical on. Battery voltage sits around 12.3. I have had autozone bench test the alternator and it passed the test. Anyone else have this issue?

 

Check for voltage drop between the alternatir and battery.

Engine running with loads on set your meter to Volts DC, one lead to the main alternator stud the other to battery Positive post, should be less than 0.5V

Also check from the alternator case to battery Negative post, should be less than 0.5V