the errors pretty straight forward, i think:
The specified string is not in the form required for an e-mail address
you probably have an exchange server, and in the From Address of the profile you created, you have (for example) "srinath.vanama" instead of "srinath.vanama@yourdomain.com", so it works for some internal tests, as Exchange converts it to teh proper email, but not for external emails.
Lowell