Hi, Asitabha,
you have at least two options:
1. you create two loops and first one will be the excel one and you will search in the second loop (SAP one) for the component#. In case you find it you jump out of the loop and continue with whatever steps you need.
2. you create one loop - the excel one - and you will use filter collection action (Utility Collection Manipulation) which will return an empty collection (no match found) or non empty collection (match found) and you continue based on that.
Regards,