An OLE DB error has occurred. Error code: 0x80040E37 - SSIS

I know that similar question has existed in SO before but none of them help with my issue.

What I am trying to do: I have an OLE DB source and excel destination. The destination points to a template and pushes out SQL data to that fine. Now, I want to generate excel file in a separate folder with timestamp in the file name.

What I did: In the 'Excel connection manager', I set the excel file path as

"S:\\ETL Lab\\CreateNewExcel\\ExportData_"+REPLACE((DT_STR, 20, 1252)(DT_DBTIMESTAMP)@[System::StartTime], ":", "")+".xls" 

This location is same as where my template exists. Also after adding this path, I don't see any error. But When I execute the package I am seeing the below errors:

Error: 0xC0202009 at Data Flow Task, Excel Destination [2]: SSIS Error Code DTS_E_OLEDBERROR.  An OLE DB error has occurred. Error code: 0x80040E37.
Error: 0xC02020E8 at Data Flow Task, Excel Destination [2]: Opening a rowset for "Sheet1$" failed. Check that the object exists in the database.
Error: 0xC004701A at Data Flow Task, SSIS.Pipeline: Excel Destination failed the pre-execute phase and returned error code 0xC02020E8.

Any help on how this can be fixed? :(