vatsAnvavAya varaNIya paya: payodhe:
	jAtodayau jagati kaustubha chandrabimbau |
manye jagatvitata kAnti kalAvilAsau
	lokArya sundaravarau kila kR^iShNa hR^idyau ||

Meaning:

manye 				- I meditate on
lokArya sundaravarau 		- Pillai Lokacharyar and Azhagiya Manavalap Perumal Nayanar, who are
kaustubha chandrabimbau 	- like the Kaustubha jewel and the Moon
jAta udayau 			- which were born
jagati 				- in this world
paya: payodhe: 			- from the milky ocean
vatsa anvavAya 			- known as Srivatsa lineage
varaNIya 			- which is desirable,
jagat vitata kAnti kalA vilAsau - who possess the shining light and arts that are famous in this world, and 
kR^iShNa hR^idyau 		- who are the sons of Vadakkuth Thiruveedhip Pillai who bring delight to his heart.

Vyakhyana Saram:
Pillai Lokacharyar and Azhagiya Manavalap Perumal Nayanar are the two illustrious sons of Vadakkuth Thiruveedhip Pillai. Lokacharyar was the name given to Nampillai by Kandhadai Thozhappar. When a son was born to Vadakkuth Thiruveedhip Pillai through the blessings of his acharya Nampillai, he named him Pillai Lokacharya in honor of his acharya. Later, a second son was born to him with the blessings of Sri Ranganathan Himself and he named him Azhagiya Manavalap Perumal Nayanar.

The two brothers stayed as brahmacharis throughout their lives and dedicated themselves to the growth of Ramanuja sampradhayam. They wrote amazing works such as Srivachana Bhushanam and Acharya Hrudhayam.

Swami Desikan is saluting these great acharyas of the sampradhayam in this shloka. It is to be noted that both these acharyas were much older than Desikan (by about 60 years or so). It is likely that Nayanar had attained paramapadham by the time Desikan arrived at Srirangam while Pillai Lokacharyar was very elderly and decorating the senior acharya position at Srirangam. Pillai Lokacharyar and Vedanta Desikan were key in saving our sampradhayam (Namperumal and the treatise Sruta Prakasika) during the islamic army's sacking of Srirangam.

In this shloka, the adjectives of possessing the shining light like the Kaustubha jewel and the arts like the Moon are directed toward both Pillai Lokacharyar and Azhagiya Manavalap Perumal Nayanar.