The phrase is a mantra that praises and celebrates Lord Rama. Here's the meaning:
Shri Rama - This refers to Lord Rama, indicating his divine and auspicious nature.
Jaya Rama- This means victory to Rama, celebrating his triumph over evil and his divine qualities.
Kodanda Rama - Kodanda is the name of Lord Rama's bow. So, this part of the mantra specifically refers to Lord Rama as the wielder of the bow, symbolizing his valor and strength.
Overall, the mantra is a chant of reverence and adoration for Lord Rama, acknowledging his victory, divine attributes, and strength as depicted by his iconic bow.