Hello Rajesh,
If you like XL Reporter, you may want to take a look at BI360 (see web-site here http://www.solverusa.com and Youtube videos here: http://www.youtube.com/solverusa).
A number of the former, key XL Reporter developers are behind this tool and it is also Excel-based but a lot more modern than XL Reporter. In addition it offers access to run the reports on the web as well as on a mobile app. It comes pre-integrated to SAP Business One for live reporting. It also offers full consolidations, budgeting and dashboards.
Thanks,
Nils