Google Cloud Function failed with timeout - node.js

Question

I have a Pub/Sub triggered cloud function that calls an API end-point and logs the message. But I am not seeing all log messages being logged in console except everything right before calling API.
Once the API is called I am logging the response, and exception messages in case of any error.
It is logging: Function execution took 120015 ms. Finished with status: timeout Earlier the default timeout was set to 60 sec, later I increased it to 120 sec. Still the problem persist.
I am not understanding the issue here since it is working locally without any issues.
Here I have custom module to log messages to Winston and GCP console (it doesn't have any issue and working fine).
Code calling the API module:
const console = require('./logging-utils');
const portal_api = require('./api-utils');
exports.triggerPortalNotifier = async (event, context) => {
try {
/*
.....
*/
console.metadata.cloudFunction = cf_name;
console.metadata.requestId = requestId;
console.metadata.organizationId = organizationId;
console.metadata.instanceId = instanceId;
console.logMessage(`Event received with payload: some message`);
var payload = {
//payload to API
}
var response = await portal_api.notifyPortal(payload);
console.logMessage(`Response received from portal API is: ${JSON.stringify(response.data)}`);
}
else {
throw new Error(`Invalid message received: ${_message}`);
}
}
catch (error) {
console.logMessage(`Portal API failed with exception: ${error}`);
throw new Error(`${error.message}`);
}
}
Code that make API request (using axios module)
require('dotenv').config();
const axios = require('./axios-instance');
const console = require('./logging-utils');
const nextgen_api = {
notifyPortal: async (payload) => {
try {
const config = {
headers: {
'Authorization': process.env.PORTAL_AUTHORIZATION_TOKEN,
'Content-Type': "application/json",
'Accept': "application/plain"
}
}
console.logMessage(`Input paylod for API end-point: ${process.env.PORTAL_API} => ${JSON.stringify(payload)}`)
const response = await axios.post(process.env.PORTAL_API, JSON.parse(JSON.stringify(payload)), config);
console.logMessage(`Response from API: ${JSON.stringify(response.data)}`);
return response;
}
catch (err) {
if (err.response && err.response.status !== 200) {
console.logMessage(`API call failed with status code: ${err.response.status} `);
throw new Error(`API call failed with status code: ${err.response.status} `);
}
else {
console.logMessage(`API call failed with ${err.stack}`);
throw new Error(`API call failed with status code: ${err.stack} `);
}
}
}
}
module.exports = my_api;
Message Response from API: ${JSON.stringify(response.data)} is not being logged.
Any help here is appreciated.