Hi Giridharan,
"Iteration 1", "iteration 2", etc have no meaning. You need to record your results based on the mesh size. Likewise, you need to be specifying the absolute mesh size (in mm for example) and not percentage. (The mesh size by percentage changes from one model to another, so "100%" in one model does not equal 100% in another model -- even when the overall geometry is the same as in your case.) Set the absolute mesh size from "Mesh > 3DMesh Settings > Options > Surface > Type > Absolute mesh size".
When I ran both models at 5 mm mesh size, the stress results were 575 and 585 MPa and the pattern was identical in both models. In other words, the results were the same. (10 MPa out of 600 is insignificant in FEA. Differences in the pattern or differences of 5% to 10% are significant.)
As Marwan indicated, the next difference that you need to be aware of is that the model with one part will smooth the result between the fins and the column because they are one continuous part. The model with separate parts will smooth the results within each part, but by default they will not smooth the results across the part boundaries. To have a valid "apples to apples" comparison, you should turn the "Results Contours > Settings > Smoothing Options > Smooth across Part Boundaries" on. This will help to reduce any high stresses that occur in the corners of the fins.
The next thing that you may find as you make the mesh smaller and smaller is that the stress continues to increase. In the real world, the stress would level off at the theoretical value as the mesh becomes finer and finer. This does not happen in some models, especially at corners. You can think of corners as "0 radius fillets" which would have a stress concentration factor of infinity. The same thing happens mathematically in some models. The stress will continue to increase as the mesh gets smaller. If you see the stress go from maximum to a much smaller value over 1 element is an indication of this type of problem. When you see this occur, you have to ignore those high stresses. You can extrapolate the stress from nearby nodes to the corner to get a more reasonable estimate of the stress at the corner.