diṣṭyā - by fortune; tat-tanayaḥ - his son; sādhuḥ - who is a great saintly person; mahā-bhāgavataḥ - a great and exalted devotee; arbhakaḥ - although a child; tvayā - by Your Lordship; vimocitaḥ - released; mṛtyoḥ - from the clutches of death; diṣṭyā - also by great fortune; tvām samitaḥ - perfectly under Your shelter; adhunā - now.

By great fortune, Hiraṇyakaśipu’s son Prahlāda Mahārāja has now been released from death, for although he is a child, he is an exalted devotee. Now he is fully under the protection of Your lotus feet.