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Heavy Commercial Vehicles manufacturer Ashok Leyland Ltd. returned to profitability in the September quarter after it had reported a net loss during the same period last year.

Net profit for the period stood at Rs 199 crore which was higher than the CNBC-TV18 poll of Rs 182 crore. The company reported a net loss of Rs 83 crore last year.

The company's revenue of Rs 8,265 crore was also higher than expectations of Rs 8,031 crore. On a sequential basis, revenue increased 14.4 percent.

EBITDA margin expanded 340 basis points to 6.4 percent. The street was working with a figure of 5.9 percent. Gross margin for the company also expanded 130 basis points from the June quarter.

Ashok Leyland reported a market share of 32 percent for the September quarter, while its EBITDA per Vehicle increased 47 percent from the June quarter.

Brokerage firm Jefferies has maintained its buy rating on Ashok Leyland with a price target of Rs 180.

Shares of Ashok Leyland are trading 0.9 percent higher at Rs 147.90.