TOTAL TRANSPORT SYSTEMS LIMITED has informed the Exchange about Resignation of Statutory Auditor

Auditor resigned mid-termManagement Changes View source PDF Explain this filing

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AI summary

Total Transport Systems' board met on August 6, 2025 and approved two key items. First, S R B C & Co LLP resigned as statutory auditor with immediate effect, citing that the company's offered audit fee of Rs. 30 lakhs for FY26 (down from their existing Rs. 60 lakhs) was too low to continue. S R B C had been appointed in September 2023 for a 5-year term, so this is a mid-term exit about 2 years in. The board has recommended 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 auditor's resignation letter confirms there are no governance, fraud, or audit-quality concerns, only the fee issue. Alongside, the company posted Q1 FY26 consolidated revenue of Rs. 14,744.19 lakhs (vs Rs. 14,600.20 lakhs YoY) and net profit of Rs. 293.71 lakhs, a sharp jump from Rs. 23.42 lakhs in the same quarter last year.

Likely market impact

For shareholders, this is a fee-driven auditor change rather than a governance red flag, which limits negative impact on the stock. The replacement with M. P. Chitale & Co, a well-established 1956-founded firm, should ensure continuity. Q1 FY26 earnings are a positive surprise, with net profit growing more than 12x year-on-year on flat revenue, reflecting improved margins in the multimodal transport segment.