rudra-rūpa dhari - accepting the form of Lord Śiva; kare - performs; jagat saṁhāra - dissolution of the universal creation; sṛṣṭi - creation; sthiti - maintenance; pralaya - and dissolution; haya - take place; icchāya - by the will; yāṅhāra - of whom.

“The Supreme Lord in His form of Rudra [Lord Śiva] brings about the dissolution of this material creation. In other words, only by His will are there creation, maintenance and dissolution of the whole cosmic manifestation.