In plain words
The poet, of the Lord: Dark in colour, he bears on his chest the red Lady of the great lotus [Śrī Mahālakṣmī], and he is great in grace. Who can know that grace? Mahābali, as hostile as the sword-bearing demon [Rāvaṇa], he did not slay, but sent on his way to dwell long in [the nether world, a realm as fine as] the realm of the king of the gods.