Described herein are polyamide compositions and processes for producing polyamide compositions, comprising: (i) a polyamide, (ii) an olefin-maleic anhydride copolymer (on its own or in a master batch form), and (iii) an impact modifier (or an elastomeric polymer with an optional compatibilizer), which exhibit enhanced ambient and low temperature impact strength complimented by excellent thermal, tensile and flexural properties.