Reports with hardcoded parameters performing better then those with bind variables

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Hello,

We have a peculiar problem, we have a query for gl balances report which when run by hardcoding the Legal entity and period runs fine fetching all our data within 30-40 seconds. However, the same query takes 4 minutes to run when we define a parameter in the Data Model and refer it as a bind variable in the report. Sample below:

Runs Quickly:

select * from table where column = 'ABC';

Performance Issue:

select * from table where column = :argument1

Has anyone faced such an issue earlier? Is there any configuration for this? or how can this be resolved.

Thanks,

Abhishek