Surge in commercial & passenger auto sales & pick-up in industrial activity to up revenue by 14.7%: Auto industry is estimated to grow at 7.4% for FY16E & 12.9% for FY17E with CVs, tractors & PVs expected to grow at a CAGR of 14.5%, 9.0% & 11.7% respectively. Furthermore, IIP & core sector growth are exhibiting signs of recovery on the back of strong macro-economic factors and Timken, having a near perfect correlation with auto sales & IIP growth, is well poised to grow at a CAGR of 14.7% for FY15-FY17E.