What is 31/66 as a percentage? It is 46.97%. This tells you that the fraction is just under half of a whole.
The fraction 31/66 cannot be reduced any further, so it stays as it is. Since it is a little less than 1/2, the percentage reflects that by being a bit below 50%.
You might see this kind of number when comparing parts of a group, like 31 out of 66 students who passed a test. Saying 46.97% makes the information easy to understand at a glance.