New Delhi, Oct. 13 -- Two-wheeler manufacturers are expected to lead earnings growth among Indian automakers in the September quarter, even as rising commodity costs are likely to limit the benefits of strong vehicle sales, according to a report by Jefferies.

The report said the demand boost following the Goods and Services Tax (GST) changes continued during the quarter, supporting double-digit wholesale volume growth across most vehicle categories.

"2Ws should continue to lead," the report said, highlighting the segment's stronger expected earnings performance compared with passenger vehicle manufacturers.

The brokerage expects pre-exceptional profit before tax (PBT) at TVS Motor Company to rise 45 per cent year-on-year, followed by 2...