Export Excel in VF Page - Image not getting displayed while using dynamic image URL

Question

I am exporting a VF page as Excel document. While I export excel file, Image cell contains blank data. Below is my VF page code. It is working fine if I am using static url (<img alt="Image" src="https://myorgurl/resource/DefaultProfileImage" />) instead of dynamic Image url.

<apex:page controller="Users_Profile" contentType="application/vnd.ms-excel#Users.xls">
    <table border="0" cellspacing="0" cellpadding="0" style="width:100%;">
        <thead>
            <tr>
                <th>Profile Image</th>
                <th>Name</th>
                <th>City</th>
                <th>State</th>
            </tr>
        </thead>
        <tbody>
            <apex:repeat value="{!lstUsers}" var="user">
                <tr>
                    <td>
                        <img alt="Image" src="{!BaseUrl}{!URLFOR($Resource.DefaultProfileImage)}" />
                    </td>
                    <td>{!user.Name}</td>
                    <td>{!user.City__c}</td>
                    <td>{!user.State__c}</td>
                </tr>
            </apex:repeat>
        </tbody>
    </table>
</apex:page>

I have tried XML structure instead of HTML tags in VF page to get this resolved but it is not working. I referred following answered questions but did not get solution for this.

1. Image not getting displayed in exported excel from VF page
2. How to display image from Static Resource in Excel sheet (generated from VF Page)