Data from spectrophotometric observations in the 485-1105 nm range at different times are used to determine the basic physical parameters of the continuum radiating layer of L 2 Pup: spectrophotometric temperatures, radii, and velocities of recession from the star's center. The phase dependences of these parameters over a cycle, during which the temperature varied from 2300 to 2900 K and the variations in radius were as high as 60%, are determined. The radius of the radiating layer is seen to vary irregularly, the radius of the layer is found to depend on wavelength, and the variations in the expansion velocity are evaluated.