Ravi have you thought about re-writing the VBScript in a more powerful real scripting language like Python, Perl, Ruby etc.
This could a standalone script that is called from your QTP script, some of the scripting languages can interface with Excel if that needs to be the output format, or you could output rawdata and write an Excel macro to import/summarise/format your output data ( see https://groups.google.com/forum/#!forum/python-excel)
I recently had to replace Excel as a log summariser (summaring http logs) as the logs were a few million lines long and splitting the log was not really an option. I chose Python and due to the way Python can read all the input data into memory (if you have enough RAM) I knocked over 10 minutes off the execution time.
As you can see from the Python code I used it's not totally dissimilar to VBScript in its syntax and commands
with open(filename) as file_:
for line in file_:
if line.find('/shop/') > -1:
if line.find(' " 200 ') > -1:
elif line.find(' " 301 ') > -1:
elif line.find(' " 302 ') > -1:
elif line.find(' " 404 ') > -1:
elif line.find(' " 500 ') > -1:
o.write( 'Untracked HTTP Code: ' + line + "\n")