Auto to aviation, employee costs take the biggest hit

FROM AVIATION to automobiles, consumer durables to capital goods, and even alcoholic beverages, India Inc’s move to reduce employee costs to withstand the Covid slump had the deepest impact in non-essential manufacturing and services, according to filings of 40 leading BSE 100 companies that have announced their results for the quarter ended June 2020. Among them, the top five Auto to aviation, employee costs take the biggest hit that witnessed the biggest year-on-year drop in aggregate employee expenditure at a consolidated level across corresponding quarters are: Mahindra Finance (36.7%), Havells India (27%), Tata Motors (26%), HDFC Life Insurance (21%) and Maruti Suzuki India (15%. Close behind are InterGlobe Aviation (14.8%), Bajaj Finserv (13%) and United Spirits (12.9%).