For $N = 2$ in $(1,1)$ dimensions this apparently means, for example
$$\Phi(X) = \Phi(X_0(\sigma_1),X_1(\sigma_1);X_1(\sigma_2),X_2(\sigma_2)) = X_0(\sigma_1)^{44} + \frac{2}{3} X_0(\sigma_2)^3 + X_0(\sigma_2) X_1(\sigma_1) + X_1(\sigma_2)^3.$$
Does 3.2 then mean, if $\mathcal{L} = \Phi(X)$, that
$$\Pi[X,\sigma_2] = \frac{\partial \mathcal{L}}{\partial X_0(\sigma_2)} = 2 X_0(\sigma_2)^2 + X_1(\sigma_1)?$$