The country’s second-largest real estate developer, Unitech Ltd, registered a 50.7 per cent decline in the net profit during the quarter ended September 30 due to sluggish demand in the housing sector. The net profit was reported at Rs 177.86 crore for the quarter, compared with Rs 358.92 crore in the corresponding quarter in the previous financial year.
Revenue for the period was recorded at Rs 509.49 crore, 48 per cent lower from the Rs 985.29 crore reported during the same three months in the previous year. However, when compared with the preceding April-June quarter, Unitech’s profit grew 12.73 per cent.