Not sure if there's a function, but this is pretty effective way:
MyPart:= trunc(100 * 1.00 / 3) / 100;
Should return 0.33.
edit:
But because of float is imperfect in general, it could return 0.330000001 or 0.32999999, which are both equally right. You should format the string too
label1.caption := format('%.2f', [1/3]);