Thanks Saurabh really appreciate your time on this issue.
I suspect the timezone in email is always in PST independent of report suite timezone. It would have been great, if report suite timezone can be used for this. So people getting this email wont get confused as they have their local timezone set when creating report suites which is being used for email timezone as well.
Not sure if any adobe team contacts are watching this discussion, i would suggest to request this as a bug or enhancement to Adobe:) and see if they have any feedback.
Thanks
Abraham