Total Transport Systems Limited has informed the Exchange regarding Cessation of M/s S R B C & Co LLP as Statutory Auditors of the company w.e.f. August 06, 2025.
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Total Transport Systems announced the resignation of its statutory auditor S R B C & Co LLP, effective August 6, 2025. S R B C was appointed in September 2023 for a 5-year term but resigned mid-term, citing that the company's offered audit fee of Rs. 30 lakhs for FY26 (down from their existing Rs. 60 lakhs) was not commercially viable. The company has recommended appointing M. P. Chitale & Co as the new statutory auditor for a 5-year term, subject to shareholder approval at the AGM on September 1, 2025. The board also approved Q1 FY26 results — consolidated revenue rose modestly to Rs. 14,744.19 lakhs (from Rs. 14,600.20 lakhs YoY), while net profit jumped sharply to Rs. 293.71 lakhs (from Rs. 23.42 lakhs YoY), translating to an EPS of Rs. 1.81 versus Rs. 0.15 in the same quarter last year. Standalone net profit stood at Rs. 274.90 lakhs (EPS Rs. 1.70).
The auditor change appears driven purely by a fee disagreement (50% fee cut offered by the company), not by any governance or audit-quality concerns, which is generally a neutral-to-mildly-negative signal for retail investors. Strong YoY profit growth in Q1 FY26 is a positive operational signal, though the sharp jump is partly compared to a weak base quarter last year.