The Almighty Lord Narayana assumed the "Narasimha Avathar" to save his baktha "Prahalatha" from his father "Hiranya" who was vested with great powers, who was bent on destroying his son "Prahalatha" for his unshakable belief and bakthi on Lord Narayana, who at all the times chanted "Om Namo Narayanaya". The almighty flashed from a pillar imminently to save his child with compassion and destroyed Hiranya. This revealed to mankind that the lord is everywhere and anywhere and total submission to the almighty is the only way to get rid of the perils and evils of life.
Lord Narashima after his debut presented in various forms, like Sri Lakshmi Narasimha, Sri Yoga Narasimha, Sri Ugra Narasimha and etc.,
It is said that after Hiranya vatham, when Lord Narasimha descended to the south, at Devarmalai, his ugram was pacified by Devars by performing Thirumanjanam with the holy water taken from Moksha Teertha, created for the purpose by the Devars. This place initially known as Devarmari ("Mari in Tamil means to intercept) now came to be known as "Devarmalai".
Another interesting information is that before the Mahabharatha Udham, it is said that Lord Krishna as per his Guru Sandipini's instruction, has done Thirumanjanam with the holy water taken from Moksha teertha, which was created by Devars for Narasimha aradhana.