BENGALURU (Reuters) – Maruti Suzuki India on Monday posted more than doubled first-quarter profit, which also beat estimates, as the country's largest carmaker by volume benefited from higher sales of pricier and margin-boosting utility vehicles (UV).

The company posted a net profit of 24.85 billion rupees ($302.3 million) for the quarter ended June 30, compared to analysts' estimate of 24.75 billion rupees as per Refinitiv data.

Maruti's results follow smaller rival Tata Motors, whose profit also raced past estimates.

The company's net sales were up 22% at 308.45 billion rupees, led by a more than 50% rise in UV sales.

Meanwhile, the company said it would terminate its contract manufacturing agreement with Suzuki Motor Gujarat (SMG) and exercise the option to acquire the shares of SMG from parent Suzuki Motor Corp.