Connect with us

Hi, what are you looking for?

Finance

Why Nestle’s Suresh Narayanan thinks consumption will have a ring of halo

Given a wide market and lower coffee penetration, there is o..

Given a wide market and lower coffee penetration, there is only one room and that is the room to grow, says Suresh Narayanan, CMD, Nestle India. He told ET Now that the secular nature of growth is satisfying and it has been across categories.

Edited excerpts:

You have had a stellar quarterly performance. I think you have stunned Street with a 60 per cent gross margin uptick. How are you going to sustain that?

It is ultimately the team, the partners, the distributors and everybody else who have made the results happen. It has been a very satisfying first quarter. And what is satisfying, especially is the secular nature of the growth, it has been across categories.

Normally, you would expect one or two categories to give us the growth, but this has been a growth across categories. So, milk and nutrition has grown, Maggi and the whole prepared food portfolio has also grown, chocolates and confectionery has grown and also the coffee and beverages have grown in volume terms.

What is important is to go back to the original strategy that we had set for ourselves which is very simple, which is to increase the salience of consumption through increased penetration and increased volume. So, that is really where the rubber hits the road and that is really where I believe that the team has done a terrific job. Our reported sales are at about 6.3 per cent. If you look at the comparable growth number taking GST into account, it is about 13.4 per cent.

The volume increase together with new launches and products has led to these happy results that we have had to report for the first quarter.

Nestle is paying a lot of money, over $7 billion to sell Starbucks products across the world. Does India feature in that plan?

Look, as of now, I am as much privy to the news as you are. There is clearly a global understanding for the sale. This is what the announcement has been, let us watch and wait the space.

I cannot believe your parent has not told you about where India features, it being a very important market for them?

Well, well, the parent is very clear, the parent has announced the birth of the new deal and I believe that as you might have read also that, the deal is to be fully consummated by the end of this year. Therefore, let us watch the space and I am sure we will have numerous interactions when we will share it with you.

As far as the coffee space goes, it is a space that is dominated by Nestle as well as HUL at the moment. I see a lot of Nescafe around in your office, how are you going to prevent the cannibalisation of Nescafe?

Well, you see, coffee has got different offerings. There is mainstream coffee, instant coffee that we have, there is premium coffee that we have, there is potion coffee which is there and there also brands like an Espresso which we do not sell in India, but which is also there.

So, I think it is fair to say each of the product dimensions we have got to offer has got a distinct proposition and it appeals to consumers and connoisseurs, depending on what coffee experience or what beverage experience they are looking forward to. So, honestly, in a market as wide as it is and with the kind of lower levels of penetration of coffee, there is only one room and that is the room to grow.

Have you given a new target, can you share what it is, what is it that you are looking at as far as coffee goes and can we expect new product launches?

Well, coffee clearly has been one of the star performers of the first quarter. I am happy to report that we have had very strong double-digit volume growth in coffee across geographies. Clearly, for us, it is an area which is as our global CEO has also put as one of the priority products in our portfolio. You will see that in due course of time we will be accelerating the pace of launches and premiumisation that we can play in the coffee space.

So, you will enter the premium market whether it is for an Espresso, for example, which is quite popular in the luxury segment?

Look, within instant coffee itself, I think there are opportunities that we are looking at.

And that is all for this. For the rest, you follow the different financial model…

Well, we will. One of the things that we have talked about in the past as well is the company is really valorising the power of innovation and renovation and in that cycle, the premiumisation of coffee also figures.

There is no doubt that you have also benefited from deflation of food articles, you have seen input prices go down. Look how milk is doing at the moment, that must have been a big contributor for the good results as well.

Sure. I think a benign commodity space price together with scale benefits because coming out of the Maggi issue we have increased our volume now. I think the advantages of scale also play into it. Part of the margin, of course, is also because of the base effect. GST because of the lower base effect also has contributed to the overall spread as far as the profitability is concerned.

You have mentioned GST, but I have to ask you how Nestle and a couple of other FMCG companies have been hauled up by the government, notices have been sent out for denying benefits of the lower GST to consumers, cheques apparently have been submitted, where does this entire controversy stand and why did not you pass on the benefits to your consumers?

Well, I think, let me clarify if you think then I will say it as succinctly and as simply as I can. Number one, is that as far as the word hauled is concerned, I am sorry but it is nowhere being hauled up. The discussions that we have had with the anti-profiteering authority have been extremely cordial, extremely professional, extremely candid and extremely transparent.

There is no question for an issue of a notice of any kind of misdemeanour that has been done. This was a discussion around how GST benefits have been passed on. We were committed and we were one of the first companies to announce that we are committed to passing on the benefits of GST down the stream.

Now, obviously there are operational issues as well when you pass on these benefits because the fact of the matter is that if there is, for example, on a brand a 50 paise benefit, it is very difficult to pass on a 50-paise benefit because of the issues of coinage.

Similarly, in some cases, if you change the grammage of the product, it changes the taste of the product and then you have a double whammy that you are giving extra grammage. But the consumer says look I do not like the taste of this product. So, these are all the practicalities which we have also explained and there is therefore a lead time…

Why did you change the grammage, I do not understand?

Well, because if you are not able to change a price point, you can either offer value to the consumer in two ways; either give more of the product or give it at a lower price. So, either of these options is available to a company.

The question of just cutting down the price…

Well, cutting down the price, if I were to, for example, look at a category where I get a benefit of let's say 5 per cent and that translates into a price impact of 45 naya paise or 50 naya paise. How am I going to pass it on? Even if I pass it on, there is no way in which the transaction is going to happen as far as the trade is concerned.

So, these are some of the practical issues. In the case of new production of stock, there was clearly a lead time for the right reasons, for operational reasons that you have to print the packaging material, produce it and produce the packs and put into the market. Then that goes and reaches the trade. So, in the interregnum, the amount of money that was involved is the discussion that we had with the antiprofiteering authority and suo motu we offered that you kindly suggest to us what do we do as far as this fund is concerned.

So, have you given that cheque?

What we have really done is the anti-profiteering authority has referred this matter to the Director General of Safeguards who are having a discussion with us on the quantum.

What kind of a quantum is the conversation?

Let me not give that at the moment because it is still undergoing the process of verification. I believe that the company is here in terms of its ethics, standards of compliance and governance to ensure we will do the very best to see that the benefits are passed on suitably.

And I think this is the spirit in which it being done. Once we get to know which account and how and when, the modalities get worked out.

But you did not set aside any money in the…

We have set aside. This money is not reflected in the results.

How much have you set aside that is part of your results?

It is not part of the results. What is reflected in my results is the 38 per cent improvement in profit after tax that you are seeing and the top line. These are set aside and these amounts are in the privy of the anti-profiteering authority.

If there is one play that is doing very well in stock markets or is the flavour of the season, it's clearly the consumption story. I think all FMCG companies, all the consumption related stocks, for example, have posted very good earnings. So is that the trend that is going to continue? Do you think you will carry on with the kind of earnings that you have displayed in the quarter and maybe even grow on it?

Look, I would not like to comment since we do not give any guidance on the future results of the company. I would like to say I think the consumption space is a very interesting space and in fact, as you yourself have rightly alluded, most of our peer groups have also declared good results. This is a consumption economy and the core of the economy remains consumption.

Consumption is a strong story. The kind of growth that we have seen on average in the last year or so has been in terms of volumes which are in high single digits. I do not see that this is going to substantially decelerate unless of course there is an economic headwind.

So, obviously things like the oil prices or the rupee would have some impact on this. But as of now, on the assumption of the reported satisfactory monsoon, increased government spending, the benefits of the Pay Commission, increased urbanisation and aspiration, opening up of tier-2 and tier-3 towns, I still believe that consumption will be a relatively strong story for this economy.

And what about some analysts who always fear that maybe Nestle is not well suited to capitalise on the rural growth and the recovery we are seeing in rural India, what do you have to say?

Look, the fact of the matter is that we have a portfolio and we developed the portfolio in order to address the segment of consumers who best choose the brands that we seek to offer. Now, it is fair to say that for the rural play of Nestle, we do have products in rural India. But our rural play is probably lower than some of the other peer group companies.

As far as we are concerned, I think urban India and the next 600 towns that are being talked about in both the McKinsey and other reports, I think there is enough opportunity for companies like Nestle to, in fact, grow in the market.

So, is that also a conscious decision also because your strategy will not be negative on the margins?

No, see any growth strategy has to be sustainable. Sustainable means that you have to have both a top line and a bottom line that you can carry sustainably into the future.

As far as we are concerned, our introduction of products, our play on nutrition, our play on valued added products are all with a very clear direction to ensure we increase penetration and volumes and offer value to the consumer. This also benefits in terms of generating the fuel for growth and profitability.

So, there will not be a compromise of one for the other.

Original Article

[contf]
[contfnew]

ET Markets

[contfnewc]
[contfnewc]

161 Comments

161 Comments

  1. seo meo

    December 12, 2021 at 8:57 am

    I am extremely impressed with your writing skills and also with the layout on your blog.Is this a paid theme or did you modify it yourself? Anyway keep up the nice quality writing, it’s rare to see a nice blog like thisone today.

  2. open singapore company

    December 13, 2021 at 9:50 pm

    Rolex owns a high factor within throughout the world watch business sector.

  3. nipple orgasm

    December 14, 2021 at 2:45 am

    Thanks so much for the article. Really Cool.

  4. singapore secretarial fee

    December 14, 2021 at 10:21 am

    Thẳng Bóng Đá Ngày Hôm Nay, Liên Kết Xem Soccer Trực Tuyến 24h fb88Đội tuyển nước Việt Nam chỉ cần một kết trái hòa có bàn thắng nhằm lần loại hai góp mặt tại World Cup futsal. Nhưng, nhằm làm được như vậy

  5. phan mem crm quan ly cham soc khach hang

    December 14, 2021 at 2:47 pm

    Hello, of course this piece of writing is in fact nice and I have learned lot of things from it about blogging. thanks.

  6. 무료야동사이트

    December 14, 2021 at 9:32 pm

    Hi! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Nonetheless, I’m definitely delighted I found it and I’ll be bookmarking and checking back often!

  7. seo new york

    December 14, 2021 at 10:51 pm

    Great post. I used to be checking constantly this blog and Iam inspired! Extremely helpful info particularly the final phase 🙂 I take careof such information much. I was looking for this particular information for a long time.Thanks and good luck.

  8. garage door repair near me

    December 15, 2021 at 5:24 pm

    This is one awesome article post.Much thanks again. Awesome.

  9. ips news

    December 15, 2021 at 11:37 pm

    Very neat blog.Really thank you! Awesome.

  10. this website

    December 18, 2021 at 3:00 pm

    Hello There. I found your blog using msn. This is an extremely well written article.I will be sure to bookmark it and come back to readmore of your useful information. Thanks for the post. I’ll definitely comeback.

  11. check out

    December 18, 2021 at 7:05 pm

    Hi there, its nice paragraph regarding media print, we allknow media is a great source of facts.

  12. arhitetkura

    December 18, 2021 at 10:33 pm

    deworming chickens with ivermectin ivermectin cvs

  13. business law near vancouver

    December 19, 2021 at 8:15 pm

    Great post however I was wondering if you could write a litte more on thistopic? I’d be very thankful if you could elaborate a littlebit more. Many thanks!

  14. Tattoo Artists

    December 19, 2021 at 11:03 pm

    I do not even know how I ended up here, butI thought this post was great. I don’t know who youare but definitely you are going to a famous blogger if you aren’t already 😉 Cheers!

  15. gradjevina

    December 20, 2021 at 9:42 am

    It’s going to be finish of mine day, except before finish I am reading this enormous piece of writing to improve my know-how.

  16. free ebooks

    December 20, 2021 at 7:03 pm

    I really liked your post.Thanks Again. Keep writing.

  17. Wholesale CBD

    December 20, 2021 at 11:51 pm

    Cool article it’s really. Friend on mine has long been awaiting just for this content.look here

  18. real real estate

    December 21, 2021 at 2:29 pm

    Hi there, just became aware of your blog through Google, and foundthat it is truly informative. I am gonna watch out for brussels.I’ll be grateful if you continue this in future.A lot of people will be benefited from your writing.Cheers!

  19. Recommended Reading

    December 21, 2021 at 3:49 pm

    Thank you for another fantastic post. Where else could anyone get that kind of info in such an ideal manner of writing? I have a presentation next week, and I’m at the search for such information.

  20. cheap driveway pavers

    December 21, 2021 at 11:59 pm

    This is one awesome blog article. Fantastic.

  21. visit

    December 22, 2021 at 6:35 am

    Thanks for helping out, fantastic information. «Riches cover a multitude of woes.» by Menander.

  22. Candles

    December 22, 2021 at 10:09 am

    I really enjoy the article post.Really looking forward to read more. Cool.

  23. una patches cbd reviews

    December 24, 2021 at 9:05 pm

    A round of applause for your blog article. Keep writing.

  24. elite power cbd gummies uk

    December 25, 2021 at 1:37 am

    Really appreciate you sharing this article post.Thanks Again. Will read on…

  25. best fat burner in the market

    December 25, 2021 at 11:46 am

    Thanks so much for the post.Really thank you! Awesome.

  26. Test Water For Lead

    December 26, 2021 at 1:50 am

    Im obliged for the article.Much thanks again. Will read on…

  27. see more

    December 27, 2021 at 4:23 pm

    Nice post. I was checking continuously this blog and I’m impressed! Extremely useful info particularly the last part 🙂 I care for such information much. I was seeking this particular info for a long time. Thank you and best of luck.

  28. dvagusya.com.ua

    December 27, 2021 at 6:47 pm

    With a robust on line existence and easy membership needsFree Account – New Free Accounts And Password Listfree account

  29. more info

    December 28, 2021 at 10:31 am

    Very interesting information!Perfect just what I was searching for! It as the Brady Act taking manpower and crime-fighting capability off the streets. by Dennis Martin.

  30. Thanks for sharing, this is a fantastic article.Really thank you! Really Great.

  31. child screen time effects

    December 29, 2021 at 12:25 pm

    Everyone loves it when people come together and share views.Great blog, continue the good work!

  32. pest control penang

    December 29, 2021 at 1:18 pm

    This is a very good tip especially to those fresh to the blogosphere. Short but very precise info… Thank you for sharing this one. A must read post!

  33. portable aircon malaysia

    December 29, 2021 at 9:22 pm

    Thanks for the auspicious writeup. It in truth wasa entertainment account it. Look complicated to more added agreeablefrom you! By the way, how can we be in contact?

  34. Hi! I could have sworn I’ve been to your blog before but after browsingthrough many of the articles I realized it’s new to me.Nonetheless, I’m certainly pleased I found it and I’ll be book-markingit and checking back regularly!

  35. which crypto to invest in

    December 30, 2021 at 8:11 pm

    Hey, thanks for the article post.Really thank you! Want more.

  36. invest in cryptocurrency

    December 30, 2021 at 10:16 pm

    I read this pece of writing completely regarding the compafison off most recent and earlier technologies, it’s awesome article.

  37. สล็อต เว็บ ตรง

    December 31, 2021 at 11:04 am

    I think this is a real great post.Much thanks again. Really Great.

  38. ttdownloader

    December 31, 2021 at 5:05 pm

    I truly appreciate this blog article.Really looking forward to read more. Much obliged.

  39. ambbetx

    January 1, 2022 at 2:44 am

    I am so grateful for your post.Really thank you! Much obliged.

  40. marriage advice

    January 2, 2022 at 6:12 pm

    This is one awesome post.Thanks Again. Really Great.

  41. Thank you for your blog article.Much thanks again. Cool.

  42. how to find a realtor license number

    January 3, 2022 at 4:45 pm

    I am extremely impressed with your writing skills as well as with the layout on your blog. Is this a paid theme or did you customize it yourself? Anyway keep up the nice quality writing, it’s rare to see a nice blog like this one these days..

  43. cabinet enclosure coolers supplier

    January 3, 2022 at 7:10 pm

    Muchos Gracias for your blog article.Really looking forward to read more. Really Great.

  44. custom printing Cincinnati

    January 4, 2022 at 3:33 pm

    I wanted to thank you for this excellent read.

  45. mel bet

    January 4, 2022 at 5:21 pm

    online essay writer best essay writing services essay writing service canada

  46. Britney Kelly

    January 6, 2022 at 10:59 am

    I need to to thank you for this good read!! I certainly enjoyed every little bit of it. I’ve got you bookmarked to check out new stuff you postÖ

  47. mrt golovnogo mozga

    January 6, 2022 at 12:30 pm

    WOW just what I was looking for. Came here by searching for thomas681.nacionligo.com/archives/2 Vi Hillyer Nabal

  48. mv.org.ua

    January 6, 2022 at 3:13 pm

    I need to to thank you for this excellent read!! I definitely loved every bit of it. I have got you bookmarked to check out new stuff you postÖ

  49. sonavel reviews

    January 8, 2022 at 11:40 pm

    Im obliged for the blog post.Much thanks again. Want more.

  50. https://twrecoverytools.com

    January 11, 2022 at 1:45 pm

    I do agree with all the concepts you have introduced to your post. They are very convincing and can certainly work. Still, the posts are very short for starters. May you please prolong them a little from next time? Thank you for the post.

  51. https://nebraskahistory.org

    January 11, 2022 at 5:00 pm

    Thanks designed for sharing such a good opinion, article is nice, thats why i haveread it fully

  52. to read more

    January 12, 2022 at 11:18 am

    I am not sure where you’re getting your info, but great topic.I needs to spend some time learning much more or understanding more.Thanks for wonderful information I was looking forthis info for my mission.

  53. check out

    January 12, 2022 at 2:48 pm

    I do not even know how I ended up here, but I thought this post wasgreat. I do not know who you are but definitely you are going to a famous blogger if you are not already😉 Cheers!

  54. more information

    January 13, 2022 at 6:36 am

    I am extremely impressed with your writing skills as well as with the layout on your blog. Is this a paid theme or did you modify it yourself? Either way keep up the nice quality writing, it?s rare to see a nice blog like this one nowadays..

  55. to read more

    January 13, 2022 at 10:02 am

    Hi there, I check your new stuff daily. Your writing style is awesome,keep up the good work!

  56. Tax Accountant UK

    January 13, 2022 at 12:52 pm

    I needed to thank you for this very good read!! I definitely loved every little bit of it. I’ve got you book-marked to check out new things you post…

  57. Tattoo Artists

    January 14, 2022 at 7:20 am

    Hi there i am kavin, its my first time to commenting anyplace, when i read this post i thought i could alsocreate comment due to this good piece of writing.

  58. du an fiato premier

    January 14, 2022 at 9:28 am

    I really liked this article, thank you for sharing it. I’ll return for more. See you soon!

  59. for more details

    January 14, 2022 at 10:55 am

    Aw, this was a very good post. Spending some time and actual effort to produce a good article?but what can I say? I procrastinate a lot and never manage to get nearly anything done.Here is my blog: forum.chrisricard.net

  60. self assessment tax return 2020-21

    January 14, 2022 at 12:27 pm

    It’s nearly impossible to find knowledgeable people for this subject, however, you sound like you know what you’re talking about! Thanks

  61. Looking forward to reading more. Great blog.Really thank you! Fantastic.

  62. does keto strong xp work

    January 15, 2022 at 10:04 am

    wow, awesome blog.Much thanks again.

  63. keto strong xp where to buy in canada

    January 15, 2022 at 2:50 pm

    A big thank you for your blog.Much thanks again.

  64. Affordable Company Incorporation

    January 15, 2022 at 10:06 pm

    I think this is a real great blog post.Really thank you! Want more.

  65. ซุปเปอร์สล็อต

    January 17, 2022 at 1:46 am

    Really informative blog.Really thank you! Keep writing.

  66. Roof Cleaning Orlando

    January 17, 2022 at 7:43 am

    Hi, all is going perfectly here and ofcourse every one is sharing facts, that’s truly excellent, keep up writing.

  67. 마사지

    January 17, 2022 at 11:13 pm

    Im obliged for the article. Really Cool.

  68. todo en imagenes

    January 18, 2022 at 7:43 am

    I will right away snatch your rss as I can not find your e-mail subscription linkor newsletter service. Do you’ve any? Please let me realize so that I may subscribe.Thanks.

  69. cua thep van go alux

    January 18, 2022 at 9:34 am

    Ketones are launched by the liver into the blood.

  70. New York City

    January 18, 2022 at 1:13 pm

    Muchos Gracias for your blog article.Really thank you! Cool.

  71. xu ly nuoc thai sinh hoat

    January 18, 2022 at 2:10 pm

    I will right away seizse your rss as I can’t in findiing your e-mail subscription link or newsletter service.Do you’ve any? Kindly permit me know in order that I may just subscribe.Thanks.

  72. to yen nguyen chat

    January 18, 2022 at 5:12 pm

    where can i get hydroxychloroquine hydroxychloroquine clinical trial

  73. is ezdigest scam

    January 18, 2022 at 5:45 pm

    I think this is a real great blog article. Great.

  74. keto burn max uk reviews

    January 18, 2022 at 9:43 pm

    I really liked your article. Much obliged.

  75. is ezdigest scam

    January 18, 2022 at 11:46 pm

    I truly appreciate this blog post.Really thank you! Will read on…

  76. does glowic really work

    January 19, 2022 at 8:34 am

    Hey, thanks for the article post.Really thank you! Really Cool.

  77. metrolagu123

    January 19, 2022 at 10:08 am

    I loved your blog.Really thank you! Much obliged.

  78. is restria safe

    January 19, 2022 at 10:31 am

    Say, you got a nice article post.Really thank you! Want more.

  79. https://www.doubledpartyrentalsllc.com/

    January 19, 2022 at 11:38 am

    Hello, this weekend is pleasant in favor of me, asthis time i am reading this great informative posthere at my residence.

  80. raising canes survey

    January 19, 2022 at 12:26 pm

    Thank you for your blog post.Really looking forward to read more. Want more.

  81. autotrade gold robot trading

    January 19, 2022 at 1:07 pm

    Thanks so much for the blog article.Really thank you! Great.

  82. www.2dadsbouncehouses.com/items/dunk_tank/

    January 19, 2022 at 1:50 pm

    medicine erectile dysfunction erectile dysfunction medicinesmedication for ed dysfunction

  83. penis ring vibrator

    January 19, 2022 at 2:34 pm

    Appreciate you sharing, great article. Fantastic.

  84. best male sex toys

    January 19, 2022 at 4:55 pm

    Great, thanks for sharing this post.Much thanks again. Fantastic.

  85. anal plug

    January 19, 2022 at 6:44 pm

    Thanks-a-mundo for the article.Thanks Again. Want more.

  86. Bounce house rentals O`Fallon MO

    January 19, 2022 at 7:22 pm

    Piece of writing writing is also a excitement, if you beacquainted with afterward you can write otherwise it is difficult to write.

  87. rechargeable kegel balls

    January 19, 2022 at 8:30 pm

    Thanks for sharing, this is a fantastic blog.Really thank you! Really Cool.

  88. penis pump

    January 19, 2022 at 9:19 pm

    Really enjoyed this blog article.Thanks Again. Will read on…

  89. canadian male toys

    January 19, 2022 at 10:50 pm

    Great blog.Thanks Again. Cool.

  90. thrusting rabbit

    January 20, 2022 at 12:17 am

    I really enjoy the blog article.Much thanks again. Want more.

  91. kegel balls

    January 20, 2022 at 12:39 am

    Enjoyed every bit of your post.Thanks Again. Really Great.

  92. monogamy game

    January 20, 2022 at 2:38 am

    A round of applause for your article.Thanks Again. Want more.

  93. inflatable water slides

    January 20, 2022 at 2:58 am

    An intriguing discussion is definitely worth comment. I believe that you need to write more on this subject, it might not be a taboo matter but generally people don’t talk about such topics. To the next! Many thanks!!

  94. bondage restraints

    January 20, 2022 at 3:00 am

    Enjoyed every bit of your post. Want more.

  95. Paul Day

    January 20, 2022 at 9:06 am

    I feel you’re on the right trajectory with your post. You’ve got a plenty of entertaining content that new viewers may appreciate.

  96. judi bola online24jam terpercaya

    January 20, 2022 at 9:08 am

    Thanks-a-mundo for the blog article. Really Great.

  97. realistic penis

    January 20, 2022 at 10:05 am

    Thank you ever so for you blog article.Much thanks again. Really Great.

  98. Check it out!

    January 20, 2022 at 10:40 am

    สล็อตออนไลน์เกมออนไลน์ที่สร้างความเพลิดเพลินให้ผู้เล่นได้เป็นอย่างดีอีกทั้งภาพและเอฟเฟคสุดหรูหราทำให้ให้ขึ้นมาเป็นเกมยอดฮิตได้ไม่ยาก UFABET ได้รวมรวมสล็อตทุกค่ายไว้ภายในเว็บไซต์แล้วเรียบร้อย รอคอยให้คุณเข้ามาสัมผัสความสนุกสนานที่มาพร้อมการผลิตรายได้

  99. autotrade gold

    January 20, 2022 at 11:02 am

    I am so grateful for your blog article.Really thank you! Great.

  100. daftar classic game slot

    January 20, 2022 at 2:47 pm

    Thanks for sharing, this is a fantastic blog post. Keep writing.

  101. is metalean complete scam

    January 20, 2022 at 4:56 pm

    A big thank you for your blog post.Much thanks again. Awesome.

  102. is blood pressure 911 a good product

    January 20, 2022 at 6:42 pm

    I think this is a real great article post. Much obliged.

  103. 美国 程序 代写

    January 20, 2022 at 9:47 pm

    Really enjoyed this blog post.Thanks Again. Want more.

  104. japanese floor lamp

    January 21, 2022 at 3:28 am

    Ziyaret Et: Youtube Abone Ve İzlenme Arttırma

  105. demo slot

    January 21, 2022 at 5:02 am

    Fantastic blog post. Much obliged.

  106. Your means of describing all in this paragraph is truly nice, every one can without difficultyknow it, Thanks a lot.

  107. https://www.jumpandsliderental.com/

    January 21, 2022 at 8:00 am

    medicine accutane – how to get accutane in canada pharmacy canadian accutane

  108. Aubrey Robson

    January 21, 2022 at 9:14 am

    I like this blog it’s a master piece! Glad I noticed thison google.

  109. that site

    January 21, 2022 at 1:08 pm

    Thanks-a-mundo for the post.Really looking forward to read more. Great.

  110. portuguese in brazil

    January 21, 2022 at 2:32 pm

    I need to to thank you for this very good read!! I absolutely loved every little bit of it. I have you saved as a favorite to check out new things you post…

  111. curar piercing

    January 21, 2022 at 5:58 pm

    That is a great tip particularly to those fresh to the blogosphere. Brief but very accurate info… Thanks for sharing this one. A must read article!

  112. does gluco freeze work

    January 21, 2022 at 8:10 pm

    Enjoyed every bit of your post.Really thank you! Really Great.

  113. สล็อตแตกง่าย

    January 22, 2022 at 4:55 am

    I really like and appreciate your article post.Really looking forward to read more. Want more.

  114. www.gowpcare.com/

    January 22, 2022 at 5:10 am

    Hello! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no data backup. Do you have any methods to prevent hackers?

  115. Facts

    January 22, 2022 at 10:40 am

    I am so grateful for your post.Really thank you!

  116. this

    January 22, 2022 at 1:13 pm

    Hi. Interesting post! I’m really enjoy this. It will be great if you’ll read my first article on AP!) sample essay equal pay for womens soccer

  117. jelly dildos

    January 22, 2022 at 1:37 pm

    I am so grateful for your article. Really Great.

  118. view more

    January 22, 2022 at 4:45 pm

    I am curious to find out what blog platform you are utilizing?I’m having some minor security problems with my latest blog and I’d like to findsomething more safe. Do you have any suggestions?

  119. product reviews

    January 22, 2022 at 4:58 pm

    A round of applause for your article.Much thanks again. Cool.

  120. realistic american dildo

    January 22, 2022 at 10:52 pm

    Hey, thanks for the post. Great.

  121. click here

    January 23, 2022 at 5:08 am

    This is a really good tip particularly to those fresh to the blogosphere. Brief but very accurate info… Appreciate your sharing this one. A must read post.

  122. This blog was… how do I say it? Relevant!! Finally I’ve found something which helped me. Thanks a lot!

  123. is regal keto legit

    January 23, 2022 at 9:35 am

    Enjoyed every bit of your blog. Much obliged.

  124. mens stroker

    January 23, 2022 at 3:19 pm

    Thanks a lot for the blog.Really thank you! Really Great.

  125. site

    January 23, 2022 at 3:41 pm

    Hello my loved one! I wish to say that this article isamazing, nice written and include almost all vital infos. I would like to look more posts like this.

  126. Raio opiniones

    January 23, 2022 at 7:16 pm

    I appreciate you sharing this blog article.Really thank you! Much obliged.

  127. Top Snapchat Women

    January 23, 2022 at 10:29 pm

    Muchos Gracias for your post. Really Cool.

  128. tax on property Income UK

    January 24, 2022 at 3:01 am

    ed treatment pills – edstronglp.com best erectile dysfunction pills

  129. best nft marketplace for photography

    January 24, 2022 at 4:36 am

    Thanks for the blog article.Much thanks again. Will read on…

  130. you can try here

    January 24, 2022 at 7:12 am

    Wow a good deal of beneficial advice.how to write a review essay essay writing helper professional personal statement writers

  131. additional hints

    January 24, 2022 at 9:09 am

    Banana Bikes has been renting scooters since 2012 and even used to offer lessons for beginner riders. While they don’t offer this service any-more, if you want some basic training you can head to the Honda Driving Safety School. With Banana Bikes, you’re in good hands as they have over a Google Review Score of 4.8 after 500 reviews. Not bad! I popped in during peak season, and the staff speak good English. You can request certain bikes and get them to message on FB when they become available.

  132. https://alcodru.com

    January 24, 2022 at 9:34 am

    It’s an amazing paragraph in support of all the internet viewers; they will take benefit from it I am sure.

  133. Really enjoyed this post.Much thanks again. Really Great.

  134. สล็อตแตกง่าย

    January 25, 2022 at 4:35 am

    I really like and appreciate your article.Really thank you! Want more.

  135. Lowest Price

    January 25, 2022 at 12:42 pm

    I like it when individuals get together and share views. Great blog, continue the good work!

  136. Watch repairs and servicing

    January 25, 2022 at 5:20 pm

    Heya! I’m at work browsing your blog from my new iphone 4!Just wanted to say I love reading through your blog and lookforward to all your posts! Carry on the outstanding work!

  137. goo gl

    January 25, 2022 at 8:54 pm

    Having read this I believed it was extremely enlightening. I appreciate you taking the time and effort to put this article together. I once again find myself spending a lot of time both reading and commenting. But so what, it was still worthwhile!

  138. Internal linking to the site

    January 26, 2022 at 8:30 am

    smiths pharmacy canadian pharmacies selling voltaren

  139. silego

    January 26, 2022 at 9:21 am

    Im thankful for the blog.Really thank you! Will read on…

  140. car detailing shawnee, ks

    January 26, 2022 at 10:18 am

    Really enjoyed this blog.Thanks Again. Awesome.

  141. IconNicholson

    January 26, 2022 at 11:09 am

    Great, thanks for sharing this article post.Much thanks again. Will read on…

  142. My Review Here

    January 26, 2022 at 12:33 pm

    P.S My apologies for getting off-topic but I had to ask!

  143. Send money to Nigeria,

    January 26, 2022 at 1:07 pm

    This is one awesome blog post. Will read on…

  144. androidfact.com

    January 26, 2022 at 1:19 pm

    Thank you ever so for you blog post.Really looking forward to read more.

  145. donitasparks

    January 26, 2022 at 3:50 pm

    Major thankies for the blog article. Really Great.

  146. mobile tyres

    January 26, 2022 at 5:50 pm

    Im thankful for the blog article.Really looking forward to read more. Great.

  147. 24 hour tire repair service near me

    January 27, 2022 at 12:55 am

    I really liked your article.Really thank you! Great.

  148. just go to

    January 27, 2022 at 12:51 pm

    Thanks for sharing your thoughts on bebone. Regards

  149. https://bit.ly/3uLahCJ

    January 27, 2022 at 5:28 pm

    Great, thanks for sharing this blog.Really thank you! Really Great.

  150. https://www.backyardpartyrentalsllc.com/

    January 27, 2022 at 7:13 pm

    Normally I do not read post on blogs, but I would like to say thatthis write-up very pressured me to check out and do so!Yoour writing taste haas been amszed me. Thank you, verygreat post.My blog; Hiking

  151. best travel Esim

    January 27, 2022 at 8:45 pm

    Thank you for your article post.Really thank you! Awesome.

  152. iot reseller

    January 27, 2022 at 11:42 pm

    I really like and appreciate your blog.Much thanks again. Awesome.

  153. usps commercial pricing

    January 28, 2022 at 9:15 am

    Im obliged for the blog article.Really thank you! Really Cool.

  154. Hello, all the time i used to check blog posts here early in the dawn, since i like to gain knowledge of more and more.

  155. Western Jewellery

    January 28, 2022 at 7:04 pm

    I think this is a real great blog.Much thanks again. Really Cool.

  156. Cincinnati tent rentals

    January 28, 2022 at 8:33 pm

    I do agree with all of the concepts you have introduced to yourpost. They are really convincing and can definitely work.Still, the posts are very brief for beginners. May youplease lengthen them a little from subsequent time? Thanksfor the post.

  157. bitcoin superstar canada

    January 28, 2022 at 9:50 pm

    I really liked your blog.Really thank you! Much obliged.

  158. cable utp nivel 6

    January 28, 2022 at 10:24 pm

    An intriguing discussion is worth comment. I do think that you ought to publish more on this subject, it may not be a taboo matter but usually people don’t talk about such topics. To the next! Many thanks.

  159. Esther Burke

    January 28, 2022 at 11:48 pm

    Im obliged for the post.Really looking forward to read more. Really Great.

  160. love doll

    January 29, 2022 at 8:16 am

    Very neat blog post.Thanks Again. Much obliged.

Leave a Reply

Your email address will not be published.