@kishoremakke As best I can tell, the Lookup Activity only returns recordsfrom a stored procedure. Do you have the option to change the way the stored procedure returns the data currently defined by your OUT parameters as the result of a custom SELECT statement?
DECLARE @myVariable NVARCHAR(50) SET @myVariable = 'Some value'
SELECT @myVariable as [MyVariable]
If you are stuck with the way the current stored procedures are designed, you may try creating a wrapper stored procedure that converts the OUT parameters to a recordset. Alternatively, you could create an Azure Function that could execute the stored procedure and return the necessary results. Not ideal, but there may be a few options.