Yes. The common thing that gets put around is that they weren't profitable because of all the troops one had to garrison them with, etc...
I think this comes about mainly because people look at it from a government perspective, rather than a general economic one. From a government perspective what shows up is that colonies tended to be very small government affairs, with very low taxation on an already somewhat low tax base. Take India for example, taxation around 1% GDP was considered the maximum, and the British actively dropped a lot of their potential income to keep the Indians happy. In the end about the only things the Indian government ended up doing were guaranteeing profits on some railways built privately, building a few of their own, providing famine relief, a basic civil service (as in, 1,000 guys plus a few ten-thousand lower officials in a land of 300 million), and paying for the British Indian Army (about 240,000 men). It was actually to the point that Indian development was probably under-realised because the British were too hands-off (though that in itself was a necessary fact of colonial rule).
The thing about this is though, it's a very 'gamey' perspective. By that I mean it's like looking at a province in EU and realising it doesn't provide the tax income to cover its stability cost, etc... The thing that really needs to be looked at with colonies is the wider economic effect, which certainly made them desirable. Some turned into massive agricultural regions, other valuable minerals, and still others cash crops or oil. Certainly some weren't really worth their maintenance (i.e., Bechuanaland is mostly desert, Somaliland also of dubious value, Libya too lacking in resources before the post-war), yet even here they offered prestige value, naval basing, and protection for other colonies.
There's also the French perspective, which was that colonies were valuable because they ultimately contributed to the homeland by becoming part of it (as opposed to the British long-term model of colonies gaining self-governance).
As for India, I've heard the theory that had India had remained divided between different Europeans it would have been much easier to maintain a European presence due to the lack of a unite Pan-Indian Movement. Otherwise India is simply too large and too populous for any one European country to rule effectively indefinitely.
Honestly, in this case you simply wouldn't be likely to have a modern conception of India. The nation as it is now defined is an arbitrary creation of British rule subsequently divided on independence as best as possible. If three different powers (for example) had ruled India then you'd probably have three different Indian entities.