1. A method of performing colorimetric analysis of a test fluid to evaluate associated physiological parameters, said method comprising: receiving, by a processor of a colorimetric device, a first image of a test strip captured at a first height before dipping the test strip into the test fluid, and a second image of the test strip captured at a second height after dipping the test strip into the test fluid; determining, by the processor, a plurality of first and second geometric parameters respectively associated with the test strip based on analysis of the captured first and second images; deriving, by the processor, an image resizing factor based on the plurality of first and second geometric parameters and generating one of a resized first image and a resized second image based on the image resizing factor thus derived; determining, by the processor, first and second colorimetric values respectively associated with the resized first and the resized second images by: deriving one or more RGB pixel values associated with each pixel of the resized first and the resized second image; determining a plurality of device dependent pixel values of the resized first and the resized second images based on each of the one or more derived RGB pixel values; converting the plurality of device dependent pixel values thus determined into a corresponding device independent pixel values associated with the resized first and the resized second images; and determining the first and second colorimetric values associated with the resized first and the resized second images upon conversion; and evaluating, by the processor, one or more physiological parameters associated with the test fluid based on change in luminosity determined based on the one or more predetermined colorimetric values, the one or more first and the second colorimetric values.