Thanks jiripolivka for your feedback.
First of all , I would apologize to all as there was a mistake in the circuit diagram I attached before. The photodiodes attached are reverse biased and not forward biased as shown in the circuit.
Also, I tried many different values of R1 and C1 to cope up with the filtering and biasing. And also, my photodiodes have been placed in a red coloured glass tube. But to no avail. I still think I must be having some problem with the Capacitor value because with distance the contact time of the laser light and the photodiode reduces and hence will not allow the capacitor to discharge completely and thereby not biasing the transistor. The transmitter rotates at a speed of 600 rpm. Hence, as per my calculation, the contact time of laser light and photodiode at 2 m is 23us and the same at 200 m is 397 ns and that at 400 m is 119 ns.
Is my assumption correct or its totally false? Kindly guide me through it as I am stuck to this problem.
Thanks and Regards.