Now or later?

 BLUF: I have been given a promotion with no raise, but I recently had an increase for a different reason.  Should I be asking for an additional increase now or later?

I have worked at an engineering firm for the past 2.5 years and have been recognized twice with pay increase for my performance.  Last year our firm had reached a size that necessitated the creation of a new layer of management (our 150 rule hit around 75 since the Engineering Mgr had almost 35 "directs").  My new department manager did not want the position and last month he and I were asked to trade places.

As the lead engineer of my department I now have 11 directs (including my former manager) and am in the process of hiring two more.  I report to the Engineering Manager who reports to the President.  In the last month I have added effective weekly staff meetings, O3's, a new interviewing process, and have dismissed a poor performer (still not sure if that was a good decision).  I am also the Engineer of Record on the company's most important project (according to the President).  

The Engineering Manager and I have not yet set any goals for my team other than getting projects back on schedule.  Some dates are missed, but overall we are getting back on track for a very aggressive project schedule.  There is no review process at our company.  No annual reviews, no annual raises, etc.

The feedback I have received from my directs and my Manager has mostly been positive, with some helpful feedback along the way for my growth as a young manager.  People seem to be appreciative of the changes and the work is getting completed with increased speed and quality thanks to the willingness of my team.

I received a raise four months ago for my role as the EOR on a critical project.  Now with the added responsibilities as Lead am I justified in asking for an increase so soon?  From the executive position, would this be seen as greed or practical?  I want to prove my worth to the company, but I wonder if waiting too long after taking the promotion to ask for a raise will indicate that I am satisfied with my current compensation.

The company is profitable and busy and does not appear to be facing the same economic hardship as other industries due to our specialty.  "What are the prime indicators of our success?", you ask.  We have been getting performance raises, profit sharing bonuses, we make annual improvements to our building, and have doubled our staff in 2 years time.

I look forward to your input,

- SS