Hi krish76,
GMAC has publicly stated that the Official Score that you earn on Test Day is within +/- 30 points of actual ability. Assuming a similar 'swing' in how your CATs function, your 2 CAT scores - along with your Official GMAT Score - show that you essentially performed the same each time (about 600 +/- a few points). Raising a 600 to a 700+ will likely take at least another 2 months of consistent, guided study - and you'll have to make significant improvements to how you handle BOTH the Quant and Verbal sections. Thankfully, you appear to have given yourself plenty of time to continue studying - which is good. Now you have to commit to a consistent study routine with an emphasis on learning and practicing the proper Tactics.
Before I can offer you the specific advice that you’re looking for, it would help if you could provide a bit more information on how you've been studying and your goals:
1) How have you scored on EACH of your CATs (including the Quant and Verbal Scaled Scores for EACH)?
2) Going forward, how many hours do you think you can consistently study each week?
3) When are you planning to apply to Business School?
4) What Schools are you planning to apply to?
While the ESR doesn't provide a lot of information, there are usually a few data points that we can use to define what went wrong (and what you should work on to score higher). If you send me your full ESR (through email or you can PM it to me), then I'll be happy to analyze it for you.
GMAT assassins aren't born, they're made,
Rich