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

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.

Yep, either split the excel file into multiple files, or increase the memory limit in your php.ini