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How to fix Fatal Error PHPExcel: Memory Limit Exhausted while reading XLSX file of 5M


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I am facing this problem while reading an XLSX files having 40,000 plus rows and 7 columns having 5MB+ file size with PHPExcel.

The error description is given here:
 

Fatal error: Allowed memory size of 67108864 bytes exhausted (tried to allocate 32 bytes) in .....

Can you please suggest me a solution to this problem?

Thanking you in anticipation.

Best Regards,
Rao Rafique.

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