Shares of Pine Labs Ltd. opened higher on Thursday, December 4, after the company posted steady quarterly results marked by strong operating momentum but only modest improvement in profitability.

The payments solutions company reported robust business traction during the quarter. Platform GTV rose 92% year on year to $48.2 billion, translating to about ₹424 thousand crore, while the number of transactions grew 44% to 1.9 billion.

Profitability, however, was largely stable. Adjusted EBITDA came in at ₹122 crore compared with ₹121 crore in the previous quarter. Net profit stood at ₹6 crore against ₹5 crore sequentially.

A sharp reduction in ESOP expenses provided some cushion. ESOP costs fell to ₹29 crore from ₹66 crore in the previous quarter, marking a 28% year-on-year decline. ESOP exp

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