Harsha, I think you are missing the point. As mentioned previously, the new time range (which has the Quarter totals) isn't being used in the Snapshot Staging module. Snapshot staging has the model calendar which doesn't have Quarter totals.
For some reason, the existence of Quarter in one of the time ranges (even if that time range isn't being used anywhere) is causing the time formula to deviate from its obvious behavior. Let me know if this clarifies the issue.