Meaning
Mahalakshmi Ashtakam is an eight-verse hymn to Goddess Mahalakshmi composed by Lord Indra. It salutes Mahalakshmi as Mahamaya, seated on Shri Peetha, holding conch-discus-mace, mounted on Garuda, omniscient, bestower of all boons, giver of Siddhi and Buddhi, the primordial Shakti, the form of Parabrahman, and the Mother of the Universe. Each verse ends with the refrain 'Mahalakshmi namo'stu te' (Salutations to you, O Mahalakshmi).
Benefits
Reciting once destroys great sins. Reciting twice bestows wealth and grains. Reciting thrice destroys powerful enemies. Devoted recitation grants all Siddhis and sovereignty. Mahalakshmi remains ever pleased. Recitation on Fridays and during Diwali is especially auspicious.