Noida-based fintech firm Pine Labs Ltd on Wednesday (December 3) reported a net profit of ₹5.97 crore in the second quarter, reversing a loss of ₹32 crore in the same period last year, due to lower depreciation and ESOP expenses.

Revenue for the quarter increased 17.8% to ₹650 crore compared with ₹552 crore a year earlier, supported by issuing, affordability and online payments businesses, which continued to grow faster than the in-store payments segment.

The company recognises revenue on a net basis after deducting payment processing fees and passthrough charges paid to banks and network partners. EBITDA rose to ₹75.3 crore from ₹32.2 crore in the year-ago quarter. The EBITDA margin improved to 11.6% in the second quarter, up from 5.8% last year.

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