Pasuram:

kozhunkodi mullaiyin kozhumalar aNavik
  kUrnthathu guNathisai mArutham idhuvO
ezhunthana malaraNaip paLLikoL annam
  Inpani nanaindha mirunjsiRaguthaRi
vizhungiya mudhalaiyin pilamburai pEzvAy
  veLLeyiRuRa athan vidaththinukkanungki
azhungiya Anaiyin arunthuyra keduththa
  arangaththammA paLLi ezundharuLAyE

Meaning:
The eastern wind is blowing after wading through the beautiful flowers of the healthy mullai creepers. The swans that sleep in flowers have woken up and are shaking their wings which are drenched in the morning dew. O Lord of Srirangam! who destroyed the great sorrow of the the elephant Gajendra whose leg was caught in the cavernous mouth of the crocodile and who was succumbing to the poison in its white sharp teeth, please wake up and grace us.

Vyakhyana Saram:
The eastern wind which is the sign of dawn is blowing and the swans that sleep in flowers are waking up. The eastern wind has captured the beautiful scent of the mullai flowers and is waking up the swans that are sleeping in the lotus flowers. You who protect those that surrender to You should wake up. Can You who came with great speed to destroy the sorrow of the elephant Sri Gajendra still be sleeping? Please wake up and give us Your grace, says Azhvar.

kozhungkodi ... :
The eastern wind has captured the fragrance of the flowers in the mullai creepers and is blowing, similar to those who massage the legs of the asleep to wake them up. Wading through the flowers of the mullai creepers, the wind while ignoring the stems and the petals has captured the fragrance alone ("pudu mAdhavi mIdhaNavi") and is blowing. Not only has the lotus which is directly related to the Sun bloomed; the mullai which is a creeper in the land has also bloomed; and the eastern wind has captured its fragrance and is blowing as if waking You up. Azhvar saying "idhuvO" is like the ministers of a king saying "idhuvO" to introduce the subjects to a king. The wind is something that is felt - presenting it as "idhuvO" seems to show that it has given up its nature of moving about and is waiting to do service to the Lord.

ezhunthana:
The swan pairs which ignore the dew and lay asleep in the lotus flowers have woken up. They woke after they felt the eastern wind. Azhvar uses the respectful word "paLLi" for swans because they are in the divine land of Srirangam. The swans are asleep in pairs because the flower bed becomes a bed of fire if they have to sleep in it alone ("menmalarppaLLi vempaLLiyAlO"). When these swans are waking up, should You who saved the Vedas as a Swan, not wake up?

Inpani nanaindha:
Drenched in the early morning dew; soaked in the dew ("ozhugu nuNpanikkodungkiya").

thamirunjsiRaguthaRi:
Shaking the wings drenched in the dew.

irunjsiRaguthaRi ... :
The male swan that had tucked its female swan within its wings, now shakes its wings and wakes up. These swans have woken up - shouldn't You who saved the Vedas once as a swan be waking up, asks Azhvar.

vizhungkiya ... :
Losing all his strength ("paramApadamApanna:"), Gajendra whose leg was caught in the cavernous mouth of the crocodile was succumbing to the poison of its teeth and was at the verge of drowning. He destroyed the great threat to that elephant and took the flower in its trunk in His feet before it could wilt. This made His devotees think of His great kindness and seek Him ("kaimmA thunbam kadintha pirAn"). That same Lord is now eternally resting at Srirangam waiting to help those that come behind. And we are here to see the divine waking up of this Lord, says Azhvar. Will you come so fast only if You hear that the elephant was caught in the crocodile's mouth? When all that the crocodile has done is to bite, why did Azhvar say vizhungiya ("swallowed")? This is similar to a mother screaming that her child has fallen into the water, even when it has gone only near a well.

pilamburai pEzhvAy:
The mouth of the crocodile that was like the mouth of a large cave.

veLLeyiRuRa:
The crocodile did not find much to eat where it was. So, it ate nothing but the sand in the bottom which rubbing against its teeth kept them razor sharp.

athan vidaththinukku ... :
Caught in the crocodile's teeth, the elephant was suffering greatly due to their poison.

arunthuyar keduththa:
He destroyed the elephant's great suffering ("atantrita camUpati prahitahastam").

arunthuyar:
No one had suffered a greater suffering. It can also be taken that the elephant had suffered a rare and good suffering - did it not bring the Lord Himself to help him?

arangaththammA ... :
How could You be sleeping at this place where all Your devotees are pleading for Your help? Should You be helping only when a single crocodile catches someone? Should You not be helping us who are stuck deep in the samsaric ocean and are caught in the mouths of five crocodiles which are the five senses? Please wake up and grace us, says Azhvar.