diṣṭyā saṁsāra-cakre 'smin
vartamānaḥ punar-bhavaḥ
upalabdho bhavān adya
durlabhaṁ priya-darśanam
diṣṭyā - it is also by great fortune; saṁsāra-cakre asmin - in this world of birth and death; vartamānaḥ - although I was existing; punaḥ-bhavaḥ - my meeting with you is just like another birth; upalabdhaḥ - being obtained by me; bhavān - you; adya - today; durlabham - although it was never to happen; priya-darśanam - to see you again, my very dear friend and brother.
Vasudeva had been imprisoned by Kaṁsa, and therefore, although present in Mathurā, he was unable to see Nanda Mahārāja for many years. Therefore when they met again, Vasudeva considered this meeting to be another birth.