vayiRazhala vALuruvi vandhAnai anjcha
eyiRilaga vAy madiththadhen nI? - poRi ugirAl
pUvadivai Idazhiththa ponnAzhik kaiyA! nin
sEvadi mEl Idazhiyach seRRu

Meaning:

pon Azhi kaiyA 			- O! Lord with the divine hand that holds the beautiful Chakra
Idu azhiththa 			- that removes
pU vadivai 			- the beauty of flowers.
anjcha 				- Making afraid (with Your form)
vAL uruvi vandhAnai 		- Hiranya who came with the sword
vayiRu azhala 			- that caused a burning feeling in the stomach (of devotees),
nin sEvadi mEl 			- (You kept him) on Your divine red feet;
Idu azhiya seRRu 		- even after killing by ripping him
poRi ugirAl 			- with the many colored finger nails
nI vAy maduththadhu en 		- why did You keep Your mouth
eyiRu ilaga 			- such that the sharp teeth shine?

Vyakhyana Saram:
Azhvar is asked - in the previous pasuram, you said that He has great affection for His devotees; how did you know that? Azhvar replies - seeing His great anger with Hiranya, I understood that.