Hi @nichtaurelius & @wskinnermctc,
Thanks a lot, to both. I added the below steps as per your suggested expressions and got the expected results.

@wskinnermctc, Comments below on your queries please.
I wanted to ask what kind of column are you putting this into in SharePoint? Is it a type of single line text or is it a number type?
Yes, I am using a SharePoint list, and the column type is single line of text.
If it is a number type, I'm curious if you want 05:30:00 to be 5.3 or should it be 5.5 since 30 would be half of an hour? I don't know much about your data and everything, but just something I thought about.
Fow now I want, if the value in CSV file is 05:30:00 then I should get 5.30. Which we will interpret five hours and thirty minutes. However, your point is valid and if you have any workaround to divide the minutes and show the show the 05:30:00 to 5.5 hrs. then I would be glad to know how to get those results.
Many Thanks to both once again.!!