Delta Manufacturing Inc is considering purchasing a new machine to meet increasing demand. The relevant details of three machines are provided below. Assume all sales are cash transactions. Corporate income-tax rate is 31%. Interest on capital may be assumed to be 8%.

Particulars	Machine X1 (₹)	Machine Y1 (₹)	Machine Z1 (₹)
Initial investment	30,00,000	34,00,000	32,00,000
Estimated annual sales	6,00,000	5,50,000	6,50,000
Cost of production:
Direct material	55,000	50,000	65,000
Direct labour	45,000	40,000	55,000
Factory overhead	70,000	65,000	80,000
Administration cost	25,000	20,000	30,000
Selling & Distribution cost	15,000	12,000	18,000

The economic life of Machine X1 is 3 years while it is 4 years for the other two. The scrap values are ₹50,000, ₹40,000, and ₹45,000 respectively. You are required to identify the most profitable investment based on the payback period method.