We certainly do that and have been for a number of years - we use Adobe Acrobat to make the PDFs. We import XML and transform adding all the link we need and then compose and print. By just using a different print profile we can get an online PDF. 

That I know but here I need one PDF with some blank pages added for Print purpose and in another PDF I need to generate the variables in different colors, etc and all I want to generate these different outputs with single XML loading to XPP. Is this possible? 

That is certainly possible but you will have to import the xml file into 2 different jobs/divisions, each with a different style setup (and possibly different transformations)
If it was only for the colored variables, you could do things within a single division using different color specs.
But if you want in one case to generate blank pages and in another case you don't want that to happen, you will have to use 2 different setups.

If things are not too wildly different from each other you can potentially import your xml and use style setup 1, compose and print. And then change the division ticket to use a different style setup and compose and print again.
This method has the advantage that if you have to make corrections within XPP, you keep everything in the same division. Whereas when you import twice, you will have to make the corrections twice ( = a bad idea)

Thanks Bart for the explanation but is it possible to run additional transformation table only for VPDF to render the colored variable based on some attributes within XML. Creating two different job/division will use the whole cycle of xychange again and I donot want to the whole xychange cycle for each output.

Well then you use method 2 as explained above.

Just 1 import, compose and print.

Change division ticket to  use alternate style, compose and print.

And you are done

In other words, your different "style" can be using a whole different bundle of specs where you now do different things based on things like attributes within the XML data.

It would be composition's task to give you the alternate results that you desire (for each different "style").

Jonathan Dagresta
SDL XPP Engineering