@Padmaja Nadendla,
You mentioned you have a SQL table, but what type of database is it? Are we talking SQL Server or something else (ex. Oracle)? There are various VBOs on the Digital Exchange that can be used for querying different databases including dedicated VBOs for SQL Server, Oracle, SQLite, MySQL, PostgreSQL, etc. It might be beneficial to have a look at one of the dedicated VBOs.
As for the size of your table, you could always break your query up such that you pull 10K records at a time instead of all 60K at one time. That would give the process the ability to parse additional events and should get you away from any timeouts.
Cheers,
Eric