यज्ञे वा वषट्क्रिया, 'यज्ञो वै विष्णुः' इति श्रुतेः ।येन वषट्कारादिमन्त्रात्मना वा देवान् प्रीणयति स वषट्कारः ।देवता वा, 'प्रजापतिश्च वषट्कारश्च' इति श्रुतेः ।'चतुर्भिश्च चतुर्भिश्च द्वाभ्यां पञ्चभिरेव च ।हूयते च पुनर्द्वाभ्यां स मे विष्णुः प्रसीदतु' इत्यादिस्मृतेश्च ।भूतभव्यभवत्प्रभुः भूतं भव्यं भवच्चेति भूतभव्यभवन्ति तेषां प्रभुः ।कालभेदमनादृत्य सन्मात्रप्रतियोगिकमैश्वर्यं तस्येति प्रभुत्वम् ।रजोगुणं समाश्रित्य विरिञ्चिरूपेण भूतानि करोतीति भूतकृत्; तमोगुणमास्थाय स रुद्रात्मना भूतानि कृन्तति कृणोति हिनस्तीति भूतकृत् ।सत्त्वगुणमधिष्ठाय भूतानि बिभर्ति पालयति धारयति पोषयतीति वा भूतभृत् ।प्रपञ्चरूपेण भवतीति, केवलं भवतीत्येव वा भावः ।भवनं भावः सत्तात्मको वा ।भूतात्मा भूतानामात्मा अन्तर्यामी, 'एष त आत्मा अन्तर्याम्यमृतः' इति श्रुतेः ।भूतानि भावयति जनयति वर्धयतीति वा भूतभावनः ॥भूतकृदित्यादिभिः गुणतन्त्रत्वं प्राप्तं प्रतिषिध्यते—पूतात्मा परमात्मा च मुक्तानां परमा गतिः ।
In plain words
Whether as the sacrificial rite or the exclamation vaṣaṭ, scripture declares that sacrifice itself is Vishnu. He is Vaṣaṭkara because he gladdens the gods through mantras beginning with vaṣaṭ, or because scripture links Prajāpati and Vaṣaṭkara, and smṛti declares: 'With four and four, with five, and again with two, the oblation is poured—may that Vishnu be gracious to me.' He is the Lord of past, future, and present because he rules all beings across all time, his sovereignty untrammeled by temporal divisions and rooted in pure existence. He is Bhūtakṛt, the maker of beings, when clad in rajas he creates as Brahma, and when clad in tamas he dissolves as Rudra. He is Bhūtabhṛt, the sustainer, when established in sattva he bears and nurtures all creatures. He is Bhāva as pure unconditioned existence taking the form of the universe. He is the Self of beings, the immortal inner controller of all, as scripture proclaims. He is Bhūtabhāvana, who brings forth and nourishes all creatures. To prevent any mistaken notion that these names imply subjection to the material gunas, the text then proclaims him Pūtātmā, Paramātmā, and the supreme goal of the liberated.
Close to the Sanskrit
In the sacrifice or as the vaṣaṭ-rite, by the śruti 'Yajña is indeed Vishnu', through that mantra-form beginning with vaṣaṭkara he pleases the gods—he is Vaṣaṭkara. Or deity, by the śruti 'Prajāpati and Vaṣaṭkara'. And by the smṛti 'Offered with four and four, and with five, and again with two—may that Vishnu be propased to me'. Lord of past, future, and present: past, future, and present are they, of them he is the lord. Disregarding distinctions of time, his lordship is relative to pure existence; thus lordship. Resorting to the quality of rajas, in the form of Viriñci, he makes beings, thus Bhūtakṛt; establishing in the quality of tamas, in the form of Rudra, beings he cuts, performs, destroys, thus Bhūtakṛt. Presiding over the quality of sattva, beings he bears, protects, holds, nourishes, thus Bhūtabhṛt. Becoming in the form of the universe, or solely becoming, thus Bhāva. Becoming is existence consisting of pure existence. Self of beings: the inner self of beings, by the śruti 'This is your self, the inner controller, immortal'. Bhūtabhāvana: one who brings forth, generates, and grows beings. By Bhūtakṛt and others, subjection to gunas which might have arisen is forbidden: Pūtātmā, Paramātmā, and the supreme destination of the liberated.