kāmaḿ vihṛtya salilād
uttīrṇāyāsītāmbare
bhūṣaṇāni mahārhāṇi
dadau kāntiḥ śubhāḿ srajam
kamam -- as pleased Him; vihritya -- having played; salilat -- from the water; uttirnaya -- to Him who had risen; asita -- blue; ambare -- a pair of garments (upper and lower); bhushanani -- ornaments; maha -- greatly; arhani -- valuable; dadau -- gave; kantih -- Goddess Kanti; subham -- splendidly beautiful; srajam -- a necklace.
The Lord played in the water to His full satisfaction, and when He came out Goddess Kanti presented Him with blue garments, precious ornaments and a brilliant necklace.
Srila Sridhara Svami quotes from the Vishnu Purana to show that the Goddess Kanti mentioned here is actually Lakshmi, the goddess of fortune:
varuna-prahita casmai
malam amlana-pankajam
samudrabhe tatha vastre
nile lakshmir ayacchata
"Sent by Varuna, Goddess Lakshmi then presented Him with a garland of unfading lotuses and a pair of garments colored blue like the ocean."
The great Bhagavatam commentator Srila Sridhara Svami also quotes the following statement from Sri Hari-vamsa, spoken by Goddess Lakshmi to Lord Balarama:
jatarupa-mayam caikam
kundalam vajra-bhushanam
adi-padmam ca padmakhyam
divyam sravana-bhushanam
devemam pratigrihnishva
pauranim bhushana-kriyam
"O Lord, please accept as divine ornaments for Your ears this single gold earring studded with diamonds and this primeval lotus called Padma. Kindly accept them, for this act of adornment is traditional."
Srila Visvanatha Cakravarti further points out that Goddess Lakshmi is the consort of the Lord's plenary expansion Sankarshana who belongs to the second vyuha.
