BENGALURU (Reuters) - Indian consumer goods maker ITC reported fourth-quarter profit below expectations on Thursday, amid increasing competition from smaller rivals for shelf space which dented demand.

The company reported a profit of 50.20 billion rupees ($603.2 million) in the quarter ended March 31, compared to analysts' average expectations of 51.11 billion rupees as per LSEG data.

($1 = 83.2300 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru and Praveen Paramasivam; Editing by Varun H K)