New Delhi, Feb. 12 -- A number of India's loss-making new-age companies that listed in recent years moved into profitability or sharply reduced losses just ahead of their stock market debut, a Mint analysis has found.

This push was more by last-minute cost pullbacks, accounting adjustments, and one-off gains, less by changes that were sustained in years subsequent to their listings.

These moves, even though compliant with listing and accounting rules, have raised questions of how accurately pre-initial public offering (IPO) financials reflect the health of companies entering public markets.

New-age companies as a category refer to high-growth businesses that are technology-driven using innovative models to lower costs, deliver fast, an...