Update - I can achieve same using PWM (UDB component) but getting nothing in case of TCPWM component. Hence clock, period and compare value in the question is correct but issue is with TCPWM component.
You are using CySysPmDeepSleep(). Entering deep sleep without using PWM_Sleep() and PWM_Wakeup() will not work as expected. There will be no output during deep sleep.
It worked for me as of now. I need to read about CySysPmDeepSleep, PWM_Sleep and PWM_Wakeup and try to understand this behavior.
Thanks for your immediate response.