"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 late on Wednesday.

The New Delhi-based developer, founded by billionaire KP Singh, said net profit for the fiscal second quarter was 1 billion rupees compared with 1.38 billion rupees a year earlier. The profit fell short of analyst expectations of 1.4 billion rupees, according a source.

Total revenue was 19.56 billion rupees, down from 20.4 billion rupees posted during the same period in 2012.

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


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