New Delhi, Feb. 12 -- India's second-largest maker of commercial vehicles, Ashok Leyland, beat Street estimates to post its highest-ever profit for the October-December period on the back of lower input costs and a resurgence in demand for trucks during the quarter.

The company also turned net debt-free as of 31 December, with a net cash position of Rs.958 crore compared to a net debt of Rs.1,747 crore a year ago.

The truck and bus maker said it will invest Rs.200 crore in its lending unit, Hinduja Leyland Finance, and Rs.500 crore in its electric vehicle arm, Optare, which makes electric buses under the Switch brand.

Ashok Leyland maintained just over 30% share of India's medium and heavy commercial vehicles (MHCV) market during the A...