parapadanilayoSsau padmayA ra~NganAtha:
	pulinataTamavApya tvAm bhuvamchApayitvA |
chiramabhilakshitArtham prApya lokArya manye
	kalayati darahAsam phullavaktrAravinda: ||

Meaning:

lokArya 			- O! Lokacharya.
asau ra~NganAtha: 		- That Ranganatha
parapada nilaya: 		- who has Paramapadam (Sri Vaikuntham) as His place
padmayA 			- together with Sri Mahalakshmi
avApya 				- reached
pulinataTam 			- the sandy banks (of Kaveri).
bhuvam ApayitvA 		- He brought forth in this world
tvAm cha 			- you as well.
prApya 				- Attaining (therefore)
chiram abhilakshita artham 	- the task wished for a long time (of saving chetanas),
phulla vaktra aravinda: 	- with the divine face like that of a blossomed lotus
darahAsam kalayati 		- (He) smiles,
manye 				- I think.

Vyakhyana Saram:
Sri Ranganatha is resting in the banks of Kaveri river at Srirangam for one purpose - to save all the chetanas and lift them from this samsara to His divine abode. Until He completes that, He will not leave from there. However, His task is immense - to catch the chetanas who try to slip away in every possible manner. So, how could He close His divine eyes and truly rest or have a smile on His divine lips?

Desikan states that He is able to do both now because He has brought forth into this world Pillai Lokacharyar, who with his divine Sri Suktis is correcting many chetanas and leading them to the Lord. They are now attaining good things in this world and reaching His abode. Desikan says that because of that He is now able to close His divine eyes and have a smile on His divine lips.