Total Transport Systems Limited has informed the Exchange regarding Appointment of M. P. Chitale & Co as statutory auditors of the company at the ensuing Annual General Meeting of the Company for F.Y. 2024-2025 on September 01, 2025.
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Total Transport Systems Limited announced multiple outcomes from its August 6, 2025 board meeting. The company reported consolidated revenue of Rs. 14,744.19 lakhs for Q1 FY26 (vs Rs. 14,600.20 lakhs in Q1 FY25) and net profit of Rs. 293.71 lakhs, a sharp jump from Rs. 23.42 lakhs a year earlier. The company accepted the resignation of S R B C & Co LLP as statutory auditor, which was due to a fee disagreement — the company offered Rs. 30 lakhs for FY26 against the auditor's existing fee of Rs. 60 lakhs, making it commercially unviable for the firm to continue. S R B C was only about 2 years into its 5-year term, making this a mid-term exit. The board recommended appointing M. P. Chitale & Co as the new statutory auditor for a full 5-year term, subject to shareholder approval at the AGM on September 1, 2025.
The strong Q1 profit growth (net profit up over 12x year-on-year) is a positive for shareholders. However, the mid-term auditor exit over a fee dispute and the need for shareholder approval of a new auditor may raise short-term governance questions, though M. P. Chitale & Co is a well-established firm. Investors should watch for shareholder approval at the upcoming AGM.