Ripped video too big

I had a VHS from which I ripped a video.

The video is ripped to m4v with following information

Dimensions: 768x574

Codec: H.264, QuickTime Text

Color profile: SD(6-1-6)

Duration: 20:11

All of this is okay but the size of the file is 528MB. Since the quality is not good, i am not sure why the file is so big. Can someone please advise on how to make this file smaller?