Credit: Steve Granitz/WireImage

Muy caliente, mama!

One month after welcoming a baby boy, Penelope Cruz dazzled on the red carpet at Sunday's Academy Awards.

Walking hand-in-hand with her Oscar-nominated husband Javier Bardem, Cruz, 36, showed off her enviable figure in a curve-hugging red L'Wren Scott design. The new mom accessorized her awards show ensemble with yellow oval and pear shaped chandelier earrings and a pink sapphire ring, both by Chopard.

It is Cruz's first red carpet appearance since she gave birth to their first child last month in L.A., reportedly named Leo Encinas.

Although the Spanish superstar couple have remained fairly mum about their new family, Bardem couldn't help but gush while accepting a Goya Award in his native Spain Feb. 13.

"I dedicate [this award] to my wife and son for awakening my heart and smile every day," Bardem, 41, said.

Up for a Best Actor Oscar for his work in Biutiful, Bardem's status as a first-time dad should help ease his nerves -- and perhaps his odds -- says Sandra Bullock.

"It does help when you haven't had any sleep, so Javier will be the most relaxed. He'll just be smiling, happy as a clam," Bullock -- who adopted son Louis Bardo in January 2010 -- joked to E!'s Ryan Seacrest.