What does L mean?

Inductance (L) is the property of an inductor that induces a voltage across the component when the current flowing through it changes. The unit of inductance is the henry (H), named after American scientist Joseph Henry.
Inductance is a property of current-carrying conductors, such as a coil of wire, that results in the generation of voltage in the conductor itself as well as in nearby conductors when the current flowing through it changes. This is due to the build-up and collapse of a magnetic field around the coil as the current changes.
The induced voltage in the same coil is called self-inductance and that in nearby conductors is called mutual inductance.
Mathematically, inductance is defined as the ratio of the induced voltage across the component to the rate of change of the current flowing through it.
L = V / di/dt, where V is the induced voltage, and di/dt is the rate of change of current.

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