In plain words
May my guru Śrī Nīlakaṇṭha dwell lovingly in my heart. To praise the lotus-eyed Lord I have set each of the fifty-one letters into my words with love. Hari, salutation to Nārāyaṇa.
Word for word
May guru Śrī Nīlakaṇṭha be loving in my mind; here I praise the lotus-eyed One, and for that I have joined each of the fifty-one letters into my speech with love. Hari, salutation to Nārāyaṇa.