śrī-nārada uvāca
namas tasmai bhagavate
kṛṣṇāyāmala-kīrtaye
yo dhatte sarva-bhūtānām
abhavāyośatīḥ kalāḥ
sri-naradah uvaca -- Sri Narada said; namah -- obeisances; tasmai -- to Him; bhagavate -- the Supreme Lord; krishnaya -- Krishna; amala -- spotless; kirtaye -- whose glories; yah -- who; dhatte -- manifests; sarva -- of all; bhutanam -- living beings; abhavaya -- for the liberation; usatih -- all attractive; kalah -- expansions.
Srila Sridhara Svami remarks that Narada's addressing Sri Narayana Rishi as an incarnation of Lord Krishna is perfectly appropriate, in accordance with the following statement of Srimad-Bhagavatam (1.3.28): ete camsa-kalah pumsah/ krishnas tu bhagavan svayam. "All of the above-mentioned incarnations [including Narayana Rishi] are either plenary portions or portions of the plenary portions of the Lord, but Lord Sri Krishna is the original Personality of Godhead."
In his commentary on this verse, Srila Visvanatha Cakravarti has Lord Narayana Rishi asking, "Why do you offer obeisances to Krishna instead of Me, your guru, who am standing here before you?" Narada explains his action by saying that Lord Krishna assumes all-attractive incarnations like Sri Narayana Rishi to end the conditioned souls' material life. By offering obeisances to Lord Krishna, therefore, Narada honors Narayana Rishi and all other manifestations of Godhead as well.
This prayer of Narada's is the essential nectar he has extracted from the personified Vedas' prayers, which themselves were churned from the sweet ocean of all secrets of the Vedas and Puranas. As the Gopala-tapani Upanishad (Purva 50) recommends, tasmat krishna eva paro devas tam dhyayet tam rasayet tam bhajet tam yajed iti. om tat sat: "Therefore Krishna is the Supreme Godhead. One should meditate on Him, relish the taste of reciprocating loving exchanges with Him, worship Him and offer sacrifice to Him."