janijaladhiparItAgAra lInAtmapa~Nktyai
	trividhaviShaya tR^ishNArAkshasIpIDitAyai |
bhuvanaguruvarodAt shrImatIm sUktibhUShAm
	pavanaja iva devyai pANibhUShAm svabhartu: ||

Meaning:

pavanaja iva 			- In the same way that Maruti gave to
devyai 				- Sita devi
sva bhartu: pANi bhUShAm 	- the ring in the hand of Her spouse Sri Rama,
janijaladhi parIta AgAra 
  lIn Atma pa~Nktyai 		- to the jIvAtmas that are surrounded by the ocean that is birth
trividha viShaya tR^ishNA 
  rAkshasI pIDitAyai 		- that are tortured by the three rakshasis (land, gold and lust),
bhuvanaguruvara: 		- Pillai Lokacharyar
adAt 				- gave
shrImatIm sUktibhUShAm 		- Srivachana Bhushanam that has beauty of words and meaning.

Vyakhyana Saram:
Sitadevi was kindapped by Ravana and placed in the middle of the ocean in the Asoka vana. There She was surrounded by rAkshasis who tortured in many ways trying to force Her to accept the improper advances of Ravana. To Her in this state came Hanuman bringing the message of the Lord and His ring.

In this situation, She represents the jIva; the ocean represents the samsAra with its birth and death; Hanuman represents the acharya who brings the message of the Lord to the suffering jIva (that He is the one who is looking for the jIva and trying to attain him). The rAkshasis torturing Her represent the desires of land, gold and lust, which torture the jIva and push them to an undesirable state which is represented by Ravana.

Here, Swami Desikan is saluting Swami Pillai Lokacharyar as the acharya who is bringing the message of the Lord to the suffering jIva samUha. Just as Maruti brought a ring from the Lord to Her, so too Pillai Lokacharyar has brought forth this jewel amongst granthas called Srivachana Bhushanam.