Hi Kiran
I don't think it is possible. The meta data and TPZ file formats are different.
The following links shows you can only transport from a lower release a higher one, with specified restrictions.
Importing ESR Content - Configuring Process Integration After Installation - SAP Library
The link shows a transport from PI 7.1 to PI 7.0 itself is unsupported. Should be the same for PI 7.4 as well.
regards
AKD