Its time I got to know more about my PAL. The real FE figures were coming out. For the first fill I got around 30 kmpl. Then I tested extensively for the correct riding pattern by trial and error method. I started shifting gears at different RPMs and settled at 3K RPM after many trials and errors.
At 3000 RPM, the bike powerband feels linear till 6 to 7K RPM(theory may be subjective) and if one shifts gear at 3K RPM, the gear engages smoothly and one can feel the smoothness of engine. Got habituated to 3K shifts for the next few hundred Kms and when I checked the mileage I got a good 43-44 Kmpl.