यच्चन्द्रमसो रोहितं रूपं तेजसस्तद्रूपंयच्छुक्लं तदपां यत्कृष्णं तदन्नस्यापागा-च्चन्द्राच्चन्द्रत्वं वाचारम्भणं विकारो नाम-धेयं त्रीणि रूपाणीत्येव सत्यम् ॥ ३ ॥
In plain words
Whatever red form the moon wears belongs to fire; whatever white belongs to water; whatever dark belongs to earth. The very idea of the moon has fallen away from the moon. Name and transformation are merely spoken words; only the three elemental forms are real.
Close to the Sanskrit
Whatever is the red form of the moon, that is the form of fire; what is white, that is of water; what is black, that is of food. Moon-hood has departed from the moon. Speech-originated is the modification, a name; the three forms alone are truth.