In plain words
The poet, to his heart: He who is the Lord [of Paramapadam], and who is also the earth, the wide sky, the wind, the roaring waters and the red fire, is, you see, the red-eyed Māl who took away the sorrow the great elephant [Gajendra] of beautiful eyes and crescent tusks was suffering [in the crocodile's jaws], and saved it. Know this, [O heart,] and be sure of it.