I have been playing around settings in the iTerm2 preferences to customize according to my needs, instead of creating a new profile I have made the changes to default profile itself.
I want to reset all the changes I have made and start the fresh with default profile again.
Using below two commands, we can accomplish that.
cd ~/Library/Preferences/ defaults delete com.googlecode.iterm2
Once we execute above commands in the terminal we need to restart the iTerm application for the changes to take effect.
Download the iTerm2 from https://www.iterm2.com.