Jaguar Land Rover expects free money move of round 500 million kilos ($622 million) for the total monetary yr.

Whereas that’s half the forecast of greater than 1 billion kilos it gave again in 2022, it considerably exceeds a more moderen estimate as provide chain snarls that dented enterprise within the second quarter eased.

JLR, which is owned by Tata Motors of India, missed expectations within the second quarter however has crushed its second-half steering for each quantity and money move versus what was forecast in November of 2022 as the availability of chips progressively improved, a spokesperson mentioned through e mail. Earlier this week, JLR mentioned money move within the closing quarter of its fiscal yr, which ended March 31, can be greater than 800 million kilos.

The worldwide semiconductor scarcity has undermined the posh carmaker’s turnaround because it struggles to work by a debt discount plan. Whereas JLR has ramped up manufacturing of its Vary Rover and Vary Rover Sport fashions, it’s nonetheless feeling the results from a chip dearth that has beset the whole business over the previous two years.

In November, the loss-making producer mentioned it was reducing output of the Vary Rover Velar and Jaguar F-Tempo fashions made within the U.Ok. to give attention to on higher-margin fashions.

Tata Motors additionally mentioned Thursday, when it issued fourth-quarter gross sales steering, that JLR’s preliminary estimated money steadiness was greater than 3.7 billion kilos as of March 31 whereas internet debt was about 3 billion kilos

JLR’s retail gross sales rose 30 p.c from a yr earlier to 102,889 models within the fourth quarter whereas wholesales, excluding its three way partnership in China, elevated 24 p.c year-on-year to 94,649 models. The automaker’s order ebook stays sturdy at 200,000 models, Tata Motors mentioned.