In plain words
The poet, of the Lord: He has come into my mind: he who lies on the waters of the great ocean [of milk], who rests on the bosom of the Lady of the flower [Śrī Mahālakṣmī], whose chest wears cool tulasi, who in his wrath destroyed his enemies and rejoiced, whose colour is the brimming sea, the medicine that cures the hell that must surely come [this life of births].