Real estate major Unitech on Saturday reported a fall of 50 per cent in its consolidated net profit at Rs 177.86 crore for the quarter ended September 30 due to lower property demand.

The company had posted a net profit of Rs 358.92 crore in the corresponding period last fiscal, the country's second largest realty firm said in a statement.

The total income also decreased to Rs 509.49 crore in the quarter under review, down 48.29 per cent from Rs 985.29 crore in the year-ago period, it added.

On sequential basis, the company, however, posted a 12.73 per cent growth in its net profit.

"Sequential growth in performance registered by the company is heartening and we hope to maintain this momentum going forward," Unitech Managing Director Sanjay Chandra said.

Unitech said its debt has come down by Rs 2,397 crore in the first half of the current fiscal. As on September 30, the total debt stood at Rs 6,659 crore and the company had Rs 740 crore as cash and bank balance.

In the April-September period, Unitech launched 30 projects comprising 21 million sq ft across the country, including Gurgaon, Noida, Chennai, Kolkata and Mumbai.

It has received bookings for 10 million sq ft of worth Rs 4,000 crore. "During the first half, the company has ramped up the construction activity at various project sites and it currently has over 60 projects under execution," Chandra said.