Error in "Extract values to point" in arcpy

I am working on spatial interpolation. To extract values for my required points, I am using "Extract values to points" tool from Spatial interpolation toolbox. The tool is working good in ArcMap 10.5. But when I try to use the tool from ArcPy. Same value is generated for each point in test set.
Here is my code:

#point extraction
# Set local variables
inPointFeatures = "test.lyr"
inRaster = "out1"
outPointFeatures = "extractvaluespts.dbf"

# Check out the ArcGIS Spatial Analyst extension license
arcpy.CheckOutExtension("Spatial")

# Execute ExtractValuesToPoints
ExtractValuesToPoints(inPointFeatures, inRaster, outPointFeatures,
                  "INTERPOLATE", "VALUE_ONLY")

My code for test point layer is as follow:

   ##XY layer for test
# Set the local variables
in_Table = "test.csv"
x_coords = "LONGITUDE"
y_coords = "LATITUDE"
z_coords = ""
out_Layer = "test"
saved_Layer = r"C:UsersmycDesktopthesis combineweather parametersmax tempwith elevationchk1test.lyr"

# Set the spatial reference
spRef = r"Coordinate SystemsGeographic Coordinate SystemsWorldWGS 1984.prj"

# Make the XY event layer...
arcpy.MakeXYEventLayer_management(in_Table, x_coords, y_coords, out_Layer, spRef, z_coords)

# Print the total rows
print(arcpy.GetCount_management(out_Layer))

# Save to a layer file
arcpy.SaveToLayerFile_management(out_Layer, saved_Layer)

I am unable to understand the reason behind this error?

P.S. When I work with geostatistical analyst tool set and GA to points, it works perfect, but I require to use raster calculator that’s why I cannot use Geostatistical analyst. How can I fix this?