In plain words
The poet, of Tiruvaraṅgam: He went as a dwarf, a young bachelor student, put down Mahābali's insolence and received his kingdom [with the poured water], in a moment gave him the netherworld for his dwelling, and rejoiced [at having granted Indra's wish]: the temple of our Lord is Tiruvaraṅgam, where on the beautiful hoods of the serpent couch [Ādiśeṣa] rich gems flash out their light, as though young suns had risen over a blazing mountain of sapphire.