A method includes generating a first executable program module based on source code modules and collecting profile information for the source code modules by executing the first executable program module. The profile information includes information pertaining to invocation of procedures in the first executable program module. The method further includes determining module grouping information for the source code modules based on procedure invocation patterns in the profile information and according to one or more inter-procedural optimization (IPO) heuristics. The method includes performing IPO based on the module grouping information to generate object code modules and generating a second executable program module based on the plurality of object code modules.