Engineering and construction major Larsen & Toubro today posted a 22 per cent year-on-year growth in profit after tax to Rs 992 crore for the third quarter of the current fiscal.

The company had registered a Rs 841 crore net profit in the October-December quarter of the previous fiscal, it said in a statement.

L&T's gross revenue grew to Rs 14,155 crore in the reporting quarter, a 23 per cent increase from Rs 11,492 crore in the year-ago period.

Order inflow rose by 28 per cent Y-o-Y to Rs 17,129 crore during the quarter, taking the size of the company's order book to Rs 1,45,768 crore as of December 31, 2011.

"The quarter witnessed project deferments, aggressive competition, slow reform process and sharp rupee depreciation. The recent increase in IPP numbers and easing of inflationary pressures, however, reflects some positive developments," the company said.