माचरति ।धर्मत्राणाय शतमावर्तनानि प्रादुर्भावा अस्येति शतावर्तः; नाडीशते प्राणरूपेण वर्तत इति वा ।पद्मं हस्ते विद्यते इति पद्मी ।पद्मनिभे ईक्षणे दृशावस्येति पद्मनिभेक्षणः ॥
In plain words
...he acts. To guard dharma he turns back into the world a hundred times over — a hundred manifestations are his: so he is Śatāvartaḥ. Or else: he moves within the hundred nāḍīs as the breath itself. A lotus rests in his hand: so he is Padmī. His two eyes are eyes like lotuses: so he is Padmanibhekṣaṇaḥ.
Close to the Sanskrit
...he acts. For the protection of dharma a hundred turnings — manifestations — are his: thus, Śatāvartaḥ. Or: in the hundred nāḍīs he abides in the form of prāṇa — thus. A lotus is present in his hand: thus, Padmī. Lotus-resembling are the two eyes, his two eyes: thus, Padmanibhekṣaṇaḥ.