adyānena mahā-vyālo
yaśodā-nanda-sūnunā
hato 'vitā vayaḿ cāsmād
iti bālā vraje jaguḥ
adya -- today; anena -- by Him; maha-vyalah -- a great serpent; yasoda -- of Yasoda; nanda -- and Maharaja Nanda; sununa -- by the son; hatah -- has been killed; avitah -- have been saved; vayam -- we; ca -- and; asmat -- from that demon; iti -- thus; balah -- the boys; vraje -- in Vrindavana; jaguh -- sang.
Actually, Lord Krishna had killed the demon Aghasura one-year earlier, but the boys, bewildered by the mystic potency of Brahma for one year, did not notice the time passing and thus thought that on that very day Lord Krishna had killed the demon Aghasura and was now returning home with them.