Hello praveen,
Without more detailed information, it is difficult to answer. However, since you use a PIC controller, you do not have much computational power. I can assume that you use a sine-pwm lookup table to drive your output.
In that case, you will probably do calculate the PWM value each (pwm)cycle. So your feedback is not used during the 50Hz cycle, only afterwards.
Is that a correct assumption?
That would explain that you don't see a regulation within 1 50Hz cycle.