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DLF Profit Falls 27 Per Cent, Hit By Slowing Home Sales

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DLF, India's top real estate developer, posted a 27 per cent fall in its consolidated net profit for the July-September quarter, hit by slowing home sales in Asia's third-largest economy.

"In the current economic and high interest rate environment, the company expects a slow absorption of product in the market," DLF said in a statement to the exchange.

The New Delhi-based developer, founded by billionaire K.P. Singh, said net profit for he fiscal second quarter was Rs 100 crore compared with Rs 138 crore a year earlier. The profit fell short of analyst expectations of Rs 140 crore, according to Thomson Reuters I/B/E/S. Total revenue was Rs 1,956 crore, down from Rs 2,040 crore posted during the same period last year.

On 30 October, Oberoi Realty, India's second-largest developer by market value, posted a 48 per cent fall in net profit for the September quarter - its worst quarterly profit decline in nearly two years - hit by a drop in sales.

(Reuters)