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Toll Brothers quarterly profit falls 24%

Aug 20 (Reuters) - U.S. luxury homebuilder Toll Brothers Inc posted a 24% fall in quarterly profit on Tuesday, hit by slower demand and shrinking gross margins from home sales.

Net income fell to $146.3 million, or $1.00 per share, in the third quarter ended July 31 from $193.3 million, or $1.26 per share, a year earlier.

Revenue fell 7.7% to $1.77 billion. (Reporting by Dominic Roshan K.L. in Bengaluru)