NEW YORK ( TheStreet)- Infosys Technologies ( INFY), India's IT consulting and software services company, reported first-quarter net income of $326 million, a quarter-over-quarter decline of 6.6% and year-over-year growth of 4.2%.Revenue for the quarter was $1.36 billion, 4.8% higher than a quarter earlier and 21% higher than a year earlier. The company had to cut prices to retain and win customers, reducing net profits despite an increase in the revenue. Major clients of the company include Citigroup ( C), Microsoft ( MSFT), and BT Group ( BT). "While the global economic environment remains uncertain, we continue to see greater demand for services from our clients," said S. Gopalakrishnan, CEO and managing director. "The challenge for the industry is to enhance the investment to grow the business, given the uncertainty in the environment." In addition, , the weaker euro during the quarter weighed heavily on the company earnings. "The volatile currency environment is a concern for the industry," said V. Balakrishnan, chief financial officer. Infosys expect revenue for fiscal 2011 to grow in the range of 19% to 21%, above the previous guidance of 16% to 18% announced in April. Consolidated earnings are expected to be in the range of $2.42 and $2.52 a share, year-over-year growth of 5.2% to 9.6%, up from previous earnings estimates of $2.40 and $2.50 a share and a growth estimate of 4.3% to 8.6%. Infosys fell 3.4% in Mumbai trading, compared with a 0.3% decline in the BSE Sensex, the 30-share value-weighted index. The company's stock has a 9.8% weight on the index. Other India IT majors, Tata Consultancy Services, Wipro Limited ( WIT), and Patni Computer Systems ( PTI) are currently down 2.7%, 1.8%, and 1.2%, in Mumbai trading Tuesday.