Royal Enfield (Representative image)
Royal Enfield on September 17 laid off nearly 100 employees as part of its annual performance review. According to a report in CNBC-TV18 the employees are being disengaged as part of a review that began in April.
“Around 90-100 employees are being disengaged from the company as part of the normal annual performance evaluation process. This is part of the usual annual employee evaluation done every year. The company is extending all possible support to these employees,” said the company in a statement to CNBC-TV18.
Sources familiar with the matter revealed that the company has disengaged employees across functions and positions ranging from executives to senior managers.
However, the retrenchments are less than one percent of the 10,000 strong overall workforce of the company. According to Royal Enfield’s annual report, the company employs 5,000 permanent employees.
Eicher Motors in August reported a consolidated profit after tax of ₹237 crore for the quarter ended June, riding on improved sales. While Royal Enfield, a part of Eicher Motors, reported sales of 1,22,170 motorcycles in the first quarter, an over two-fold increase from 58,383 units sold in Q1 of last fiscal.Internet Explorer Channel Network