Anil,
As stu derby points out, SPs will save you a few network roundtrips per call, so your database logic should in general execute faster. But there are other factore to take into account when deciding whether or not go with SPs.
Probably the biggest one is the effect such a decision will have on your development practices. The sad fact is, SPs are considerably more painful to write,
test, debug, tune up and otherwise maintain as compared to handling all SQL in the Java code. And this "inconvenience" might far outweigh any benefits you could get on the performance side.
So, unless performance is an extremely critical factor, I would not be looking in that direction. And by the way, a non-SP solution would allow you to leverage very powerful techniques not available in stored procedures, such as in-memory caching, that might help you
boost the performance of your data access layer to such a degree that the SP-based version will pale in comparison.