prahrādasya - of Prahlāda Mahārāja; anucaritam - characteristics (understood by reading or describing his activities); mahā-bhāgavatasya - of the great and exalted devotee; ca - also; bhaktiḥ - devotional service unto the Supreme Personality of Godhead; jñānam - complete knowledge of the Transcendence (Brahman, Paramātmā and Bhagavān); viraktiḥ - renunciation of material existence; ca - also; yāthārthyam - just to understand each of them perfectly; ca - and; asya - of this; vai - indeed; hareḥ - always in reference to the Supreme Personality of Godhead; sarga - of creation; sthiti - maintenance; apyaya - and annihilation; īśasya - of the master (the Supreme Personality of Godhead); guṇa - of the transcendental qualities and opulences; karma - and activities; anuvarṇanam - description within the disciplic succession; para-avareṣām - of different types of living entities known as demigods and demons; sthānānām - of the various planets or places to live; kālena - in due course of time; vyatyayaḥ - the annihilation of everything; mahān - although very great.

This narration describes the characteristics of the great and exalted devotee Prahlāda Mahārāja, his staunch devotional service, his perfect knowledge, and his perfect detachment from material contamination. It also describes the Supreme Personality of Godhead as the cause of creation, maintenance and annihilation. Prahlāda Mahārāja, in his prayers, has described the transcendental qualities of the Lord and has also described how the various abodes of the demigods and demons, regardless of how materially opulent, are destroyed by the mere direction of the Lord.