Here is the example playbook to ensure file /tmp/testfile has PROFILE set to my_new_profile and OTHER set to my_new_other on both server1 and server2:
- hosts: server1, server2
  tasks:
    - lineinfile: dest=/tmp/testfile regexp={{item.regex}} line={{item.replace_with}}
      with_items:
        - regex: ^PROFILE=
          replace_with: PROFILE=my_new_profile
        - regex: ^OTHER=
          replace_with: OTHER=my_new_other
Using dynamic group and nested loop to create two files: testfile_host1 and testfile_host2 with lines present on all servers in my_dynamic_group group created earlier in playbook.
- hosts: localhost
  tasks:
    - add_host: name={{ item }} groups=my_dynamic_group
      with_items:
        - server1
        - server2
- hosts: my_dynamic_group
  tasks:
    - lineinfile: dest=/tmp/testfile_{{ item[0] }} regexp={{item[1].regex}} line={{item[1].replace_with}} create=yes
      with_nested:
        - [ 'host1', 'host2' ]
        - [
            { regex: '^PROFILE=', replace_with: 'PROFILE=my_new_profile' },
            { regex: '^OTHER=',   replace_with: 'OTHER=my_new_other' }
          ]