sabhājitaḥ - honored; bhagavatā - by the personal expansion of the Supreme Lord (Vyāsadeva); kṛta - having done; āsana - of a seat; parigrahaḥ - the acceptance; tasmai - to him; tat - that; varṇayām āsa - he described; nārāyaṇa-mukhāt - from the mouth of Śrī Nārāyaṇa Ṛṣi; śrutam - what he had heard.

Vyāsadeva, the incarnation of the Personality of Godhead, respectfully greeted Nārada Muni and offered him a seat, which he accepted. Nārada then described to Vyāsa what he had heard from the mouth of Śrī Nārāyaṇa Ṛṣi.