Hi kunalpagdi,
Many Test Takers don't realize how much work has to actually go into their studies until they take the Official GMAT and don't score as high as they'd like. Thankfully, Business Schools don't care if you take the GMAT more than once, so doing so is not a big deal. You HAVE learned some things about how the Test is administered though, so you can use that knowledge to your advantage when you retest.
Before making any recommendations, I'd like to know a bit more about how you studied the first time:
1) What resources did you use?
2) How were you scoring on your practice CATs?
3) What were your Scaled Scores on your Official GMAT?
4) What is your goal score?
GMAT assassins aren't born, they're made,
Rich